Presenting quotations

Aug 26, 2007

  1. arnguy
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    When presenting quotations on individual health insurance do you guys/gals quote the standard rates? Do you, in addition, mention the preferred rates with the caveat that they might not get the preferred rates but should receive the standard rates? Does the presentation differ if face-to-face or via telephone? I am asking these questions inasmuch as I plan to segue into individual health from group health which is GI.
     
    arnguy, Aug 26, 2007
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  2. salpro22
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    I ALWAYS quote standard. I insert a line saying something along the lines of having a lower premium if they get a preferred rating, but I wouldn't count on it. This way if it bites me in the ass their cool with or if they do get the rating their happy.

    YMMVMOFO
     
    salpro22, Aug 26, 2007
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  3. arnguy
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    Thanks, J.R.:)
     
    arnguy, Aug 26, 2007
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  4. TXINSURANCE
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    I would never quote Standard unless I had a reason to do so such as height / weight, condition, etc.

    If you are quoting standard that is great because when I call and quote preferred I will get the sale...lol...

    It is too competitive to not quote preferred, not to mention not accurate. What does the carrier quote? What does EHEALTH quote? Preferred.

    This is not unethical at all, actually just the opposite in my opinion.

    If I see someone is +25% or +40% due to height / weight I will tell them. Same with Tobacco. This is far more than the carrier or EHEALTH will do. I don't quote STANDARD much other than h/w because there are too many variables in underwriting.

    Over 85% of my cases are issued preferred anyhow so this isn't a big issue. That number may be lower in states I do that don't waiver.

    If you are quoting the higher rate you are going to have a rough ride selling individual health insurance particularly non face to face. Competition is high and you need to quote accurate.

    Just my opinion everyone has their own spin of course.
     
  5. somarco
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    somarco That Medicare Expert Guy

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    I use Quotit which defaults to Preferred with no way to override. Default rates (except for tobacco) are all they are going to see from me until we have a meeting of the minds.

    Prospects don't listen. I grew tired of hearing they placed their business with another agent that quoted them a lower rate for the same plan.

    Now they get street rates until it is time to get serious about underwriting, loads, waivers, etc.

    Makes my life easier.
     
    somarco, Aug 26, 2007
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  6. TXINSURANCE
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    Norvax is the same and yes I agree it is the only practical way to do business.

    The one I get sick of is "EHEALTH had a lower rate for the same plan" - of course they are comparing different plans or EHEALTH has wrong rates as usual.
     
  7. salpro22
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    salpro22, Aug 26, 2007
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  8. CHUMPS FROM OXFORD
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    Actually, I quote based on the information I have. If mo meds or conditions are listed, preferred it is. HBP? Standard. If my quote is wrong, it is because of the misinformation I received. When explained properly, most people are OK with that.
     
  9. TXINSURANCE
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    Why would only 5% of your clients qualify for preferred when over 85% of mine do? Are you advertising on marlboro.com again or obesity.com ? lol...

    I have NO problem telling someone they will be rated due to h/w, tobacco, or medical issue - that is my job. I have information that they do not and I need to share this with them so they can make an educated decision on budget, deductible, etc., etc.,

    This is no different then someone buying a home or car and running their credit report and finding they are not top tier... same principals apply...

    MD must be a no waiver state is all I can think of and the carriers you are writing rate up for every sniffle... I hope you are commissioned on the rate up with these carriers for all of your hard work... lol...

    5% preferred is way out of range if you pull stats from any major carrier (which I have done in the past... it helps to know clerical people at major carriers...)

    Rate ups are not as common in waiver states - that might be the discrepancy. I don't market a lot in non waiver states at this time.

    Enjoy the conversation either way.
     
  10. somarco
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    somarco That Medicare Expert Guy

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    You must have some incredible filters or only prospect in health clubs.

    Statistically speaking, carriers reject 20 - 30% of apps. Of those, fewer than 15% qualify for preferred rates.

    Or maybe your market is the under age 30 Tonik/Belay crowd .. ..
     
    somarco, Aug 26, 2007
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