SSI Billing

[MKAGENT]

New client has 3 policies scheduled to draft in August and would rather replace and write one with me.

She is asking if she can stop the August draft if she takes the new policy with me.

Should I reach out to the new carrier sales support and ask them?

How complicated is replacing three policies and ending the SSI drafts on each as we transition into the new policy?

Any advice would be great as this is my first final expense sale with SSI Billing and replacements.

 

[DonP]

Call carrier your replacing and have client take off check draft and direct bill quarterly .The social security drafting is no different than any other drafting as far as cancelling . When your at clients house get a cancellation letter signed. When your policy issued mail or fax in the cancel letter saying “ cancel policy and mail any cash value “. The main thing is take off check draft so you don’t have a double draft of your policy and the one your replacing .Also if you can’t get a more favorable plan issued they can always restart the plan there on .

 

[jdeasy]

New client has 3 policies scheduled to draft in August and would rather replace and write one with me.

She is asking if she can stop the August draft if she takes the new policy with me.

Should I reach out to the new carrier sales support and ask them?

How complicated is replacing three policies and ending the SSI drafts on each as we transition into the new policy?

Any advice would be great as this is my first final expense sale with SSI Billing and replacements.

Your upline should be helping you with this.

It's going to depend on which companies you are replacing whether they will stop an August 1st or 2nd draft on July 30th. By faxing there is no way it will be stopped. You have to call those 3 companies and ask for the draft to be stopped. They will tell you if it will be stopped in 2 days.

Then, what about the cash value in the current policies? Do you have the surrender forms?

 

[MKAGENT]

Upline helped me. Thanks!

 

[shonceman]

Do like Don said. Call each carrier with your client on the line and cancel the draft, but not the policy. Then, as JD says, make sure to ask whether they can get it stopped for the August draft. You’re running a little too close to the draft date for some companies.

Surrender forms come from the existing carriers. But I wouldn’t mention anything about cash value or surrender forms yet. That would muddy the water. Just wait until the new policy is issued, then get the ball rolling on cash surrenders.

 

[noah]

SL is driving a hard bargain when you call in with the client. Even after the insured gives an authorization to the CS rep they want to know the full name and relationship between the agent and insured. They are prepared to place you on hold and get an in house agent on the phone to create an unpleasant conversation. If you hang up they will call the insured immediately to sniff out a replacement because they are extremely overpriced. Make sure you are in complete command in that house and the insured understands what’s going on and doesn’t get confused.They also want something in writing with the insured’s DOB,SS #……….
Fine,I fax a signed “stop draft and place me on direct bill in the mail”. I snail mail the hard copy.
You usually need 48-72 hours during the week to get this done.
If the draft is sooner you must get the job done on the phone.

 

[MKAGENT]

Client was able to call in on her own and request the change from draft to direct pay giving her 30 days to decide while she applied for the new policy. Thank you for all of your help.

 

[jdeasy]

You had her stop the drafts on her own?

And before being approved?

 

[DonP]

You had her stop the drafts on her own?

And before being approved?

Cica clarified it yesterday in email . No chargebacks on as earned . Anyone who takes only 6 months advancement with chance of 3 month chargeback is crazy . With cica terrible drafting and using them direct express with no ss billing chargebacks very real . Our clients get paid this Friday as the 3rd on day . Cica won’t draft until Monday or Tuesday . Will be interesting

 

[jdeasy]

Cica clarified it yesterday in email . No chargebacks on as earned . Anyone who takes only 6 months advancement with chance of 3 month chargeback is crazy . With cica terrible drafting and using them direct express with no ss billing chargebacks very real . Our clients get paid this Friday as the 3rd on day . Cica won’t draft until Monday or Tuesday . Will be interesting

Thanks for the info. Wrong thread though!