Standard Life and Casuality

Nov 11, 2015

  1. Newby
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    Newby Guru

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    Hey just pulled out of the Med Sup market?

    I was just beginning to like them.
     
    Newby, Nov 11, 2015
    #1
  2. smokin goose
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    smokin goose Guru

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    Dang. Really? .
     
  3. kstein
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    kstein Guru

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    Post a link or pub please.
     
    kstein, Nov 11, 2015
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  4. senior-advisor-indiana
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    senior-advisor-indiana Guru

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    I'm still waiting on their e-app....
     
  5. bpenn9
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    bpenn9 Guru

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    Goodness I just rewrote a couple just Monday. For the love of chickens. Well atleast I only have a handful with them.
     
    bpenn9, Nov 11, 2015
    #5
  6. jdeasy
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    They sent emails to all contracted agents yesterday that they were leaving the agent channel of med sups.

    I'm not sure what that means other than agents can't sell it anymore. Seems the effective date of the stop is Dec 15? Might be off on that. I deleted the email and threw all my SLAC materials in the trash.

    I wonder if they will still sell direct to consumers?

    I'm sure someone kept the email.
     
    jdeasy, Nov 12, 2015
    #6
  7. cedwards
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    cedwards Super Genius

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    Standard Life And Casualty Insurance Company Discontinuing Agent Distribution of Medicare Supplement Business


    Standard Life And Casualty Insurance Company has made the recent decision to increase its strategic focus on the life insurance (final expense), short term medical, and ancillary insurance product lines. Due to this increased focus on these product lines, Standard is discontinuing agent distribution of its Medicare Supplement business. This change in distribution is effective December 15, 2015.
    While this change does impact agents currently appointed to sell the Standard Medicare Supplement product, there is absolutely no impact on existing business. Standard will continue to service all existing policies by providing the high level of service that policyholders and agents currently receive.
    As this change is implemented, there are several key dates and milestones.
    Commissions
    • In order for new business to be eligible for a commission advance, the application and policy must be received, processed, and issued by November 30, 2015. All business issued after this date will be paid on an as earned basis.
    • Commissions will continue to pay as earned for all previously issued business.
    Agent Contracting
    • All new agent contracting will cease on November 16, 2015. In order to get contracted and appointed, the agent’s contract must be dated, signed, and received by November 16, 2015.
    • Medicare Supplement contracts and/or appointments for all contracted agents will be terminated between December 16, 2015 and December 31, 2015.
    o Agents contracted with Standard to only sell Medicare Supplement will have both their contract and their appointment terminated.
    o Agents contracted with Standard to sell both Medicare Supplement and other Standard product lines will only have their Medicare Supplement contract terminated. However, this will not impact their Standard appointment.
    Medicare Supplement Applications
    • In order for agent distribution business to be processed and issued, applications for prospective policyholders must be signed, dated, and received by Standard in its administrative office by December 15, 2015. Any new applications, including plan changes, received after December 15, 2015 will be returned. Standard’s administrative office may be contacted as follows:
    o Telephone: 1-855-406-9081
    o Facsimile: 1-855-414-1100
    o Mail: P.O. Box 14308, Clearwater, FL 34698-4308
    • No agent distribution business will be issued after December 31, 2015. This means that all pended business submitted prior to December 15, 2015 has 16 days to be resolved and issued or the business will be declined.
    Policyholders will continue to be allowed to reinstate a lapsed policy as per policy provisions, provided payment bringing the policy current is made within 60 days from the last paid-to-date. After 60 days, coverage will not be available.
    Standard apologizes for any inconvenience this may cause and your support and business with Standard is greatly appreciated. If you have any questions regarding this transition as well as for any existing policies, please contact us at 1-855-406-9081.
    This communication supersedes all prior communications from Standard Life and Casualty Insurance Company.
     
    cedwards, Nov 12, 2015
    #7
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