Re-Write Question

Jul 30, 2008

  1. indmedins
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    indmedins Guru

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    Quick question. If someone is on with a certain carrier and is paying, let's say $650/mo for a copay plan, and a year later goes online and fills out an application with the same carrier for a new plan (non copay to save money) at $500/mo during anniversary time, can they take advantage of new business rates? Or, will the carrier come back with a higher rate?

    This paticular case is with GR. Thx in advance.
     
  2. InsuranceBenefitsGroup
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    InsuranceBenefitsGroup Guru

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    Their application would get bounced. They cannot reapply with GR for six months from the date they terminated. I know where you're going with your question as it's a common inquiry. Here's an example:

    Say your client is on a $2500 Plan 100 and they want to save money due to rate increases. They can keep the Plan 100 and move up to a $3500 or a $5000 deductible. They can also move to a lesser plan such as the Plan 80, Saver 80, or CoPay Saver. That's it.

    If they dumped GR, went to another carrier, then came back 6 months later and reapplied for the $2500 Plan 100,
    their rate would be cheaper. (unless they moved in rating class or started smoking)
     
  3. SamIam
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    SamIam Guru

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    If you do alot of business you can rewrite with the same carrier and no you don't have to wait six months. We offer this option for our agents on several carriers. I should note I am a recruiter with the group and GTL is one of the carriers we offer rewrites along with 12 month advances and with good commision rates. Contact me if you want more info.

    Sam
    [email protected]
     
    SamIam, Jul 30, 2008
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  4. taterpeeler
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    taterpeeler Guru

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    just write them with someone else.... why go into brain overload..... and the bonus... new 1st year commish
     
  5. InsuranceBenefitsGroup
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    I just fell off my chair. LOL. No comment. (pertaining to SamIAm)
     
    Last edited: Jul 31, 2008
  6. 2112Greg
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    2112Greg Guru

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    Yea, that was almost subtle how he slipped that one in there...(keyword being 'almost')

    :D
     
    2112Greg, Jul 31, 2008
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  7. Crabcake Johnny
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    Crabcake Johnny Guru

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    Why am I rewriting with the same carrier? The 2 year review period starts over so there's no protection there and you're on renewal commish. When I rewrite it's with another carrier as long as their's no adverse UW decisions to deal with.
     
  8. indmedins
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    indmedins Guru

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    I didn't have a choice to re-write her. I was going to place her with a different carrier. She went ahead and filled out an application online with GR during work yesterday, no consultation with me first. Oh well, I am used to that.


    To reply to IBG. She had the Copay Select with a $5K ded for $668/mo. She submitted an application online with GR for the Plan100 $1500 ded for $501/mo yesterday (big price drop). Do you think they will bounce that application on her? I planned to move her back to GR in a year or two when she got her next rate increase.
     
  9. somarco
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    somarco That Medicare Expert Guy

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    Why would anyone write with GTL when there are so many name brand carriers with real experience in major med?

    Must be for the commissions . . .
     
    somarco, Jul 31, 2008
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  10. Crabcake Johnny
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    Why would it be the commissions when everyone's offering the same commish as GTL
     
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