Presenting quotations

California is also a "no waiver" state and yes they can rate up for sneezes and sniffled. My experience currently falls right in line with Somarcos numbers above:

20-30% decline
40-50% rated above standard rate (depending on carrier and conditions)
5-20% get top tier rating, mostly in very good health and/or young

I have had to re-evaluate my numbers lately because they were skewing much higher on the deline, then I realized I was counting HIPAA eligibles that I put through underwriting in the mix. Most if not all of those are declined, although I get an occassional offer which usually comes in below the HIPAA rate and is a "taker".
 
TX

I think your numbers represent the ability to get waivers. The numbers should be better in waiver states since far more often the condition creating a rate-up will be excluding, eliminating the need for the rate-up.
 
I think your numbers represent the ability to get waivers. The numbers should be better in waiver states since far more often the condition creating a rate-up will be excluding, eliminating the need for the rate-up.

Agreed.

I have a strong preference for waiver ability, but we can start a new thread for that one...

:-)
 
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...

HaHa, I have no idea. I could speculate and say you are ONLY signing up healthy people outside of Gold's gym or you have found a carrier that gives preferred rating for everybody. If it is the latter I'd appreciate the name of company.

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.,

I didn't mention tobacco or medical issues. I just said that I quote standard because I assume (based on stats) that most people are over-weight until I talk with the person.

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...

I agree, but I'm also not going to tell somebody they are going to get 5% without talking with them first. I prefer to gives ranges.

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...

I write in PA, MD and VA to name a few. All 3 states operate differently and PA is the worst.

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...)

So you are telling me that insurance carriers say that 85 out of 100 clients get preferred? I'd love to see the numbers and reasoning behind that based on demographics. That is great news from the clients perspective but it doesn't seem to be the norm. My average clients is between the ages of 38-45. Show me 100 people and I guarantee you at least half of them have had some type of medical issues in the past 5-10 years that prohibit them from getting preferred rates.

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.

It is all based on the state and the market. I take it you prefer riders vs. rate-ups.
 
It is all based on the state and the market. I take it you prefer riders vs. rate-ups.
100% prefer riders but that could be another thread some time...

I didn't always have this position until I went to non-rider states then it changed when the data came in.
 
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.

Absolutely, I quote based on my UW questions. However, I always tell them the rates can change based on company UW. I also explain how other agents often quote the best rate regardless just to get in and get an application, most appreciate the honesty, also tell them buying the lowest price is a dangerous thing to do with HI.
 
Been in this business for almost 15 years and if you include the years where Schmega started doing rate ups while I was with them, and my last year that I have represented all carriers, the 85% number is WAAAAAAYYYY OFFFFFFFFFF! I would say more like 15-20% TOPS!

I can't see how it's even remotely possible that this many people would qualify for anyones "preferred rates". ANY meds taken, now or in the past...height/weight issues...not having recent physicals, etc + adding in that numerous people who shop for Ins are doing so because they are looking to fix current ills...hmmm, I would sooner believe in Santa Claus, the Easter Bunny and Ryan Seacrest being Hetero than 85% of Individual applicants qualifying for Preferred status.
 
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