Stonebridge Med Supps..anyone Currently Selling?

[number9]

Stonebridge is just ramping up there sales and writing applications with them can be very frustrating! For the birthday GI rule they want a copy of the clients bank statement as well as a copy of there previous companies ID card. My partner gave them a bank statement that ended in May and he requested a July 1 effective date. They wanted a copy of the June bank statement before they would issue the policy. If you ask for a July effective date and the issue it in June they immediately draft the initial premium which can result in the client paying for there current plan and there new one in the same month. They are a pain if you ask for reissue policy with a different effective date. In one case my partner wrote 2012 on the app instead of 2013 he had to write a whole new application and resubmit it. If you make a minor mistake on an application they don't hesitate to ask for a new application. In another case we had them log an application in start underwriting it and then they lost the application completely. We have decided to write our business elsewhere until they get there act together!

 

[Daytona_Guy]

In Missouri it is said to be full comp on the annual anniversary GI. Does anyone know if this is true or not? Also what is the best contract out here for Missouri? We have been offered 20%

Yes, that is true, full comp in MO on the anniversary GI.
And yes, that's what most are giving (20% in MO), which is only less in MO due to their unique underwriting opportunities.

Volume is starting to flow from MO, already, as agents are learning about this.

 

[plannerman]

Stonebridge is just ramping up there sales and writing applications with them can be very frustrating! For the birthday GI rule they want a copy of the clients bank statement as well as a copy of there previous companies ID card. My partner gave them a bank statement that ended in May and he requested a July 1 effective date. They wanted a copy of the June bank statement before they would issue the policy. If you ask for a July effective date and the issue it in June they immediately draft the initial premium which can result in the client paying for there current plan and there new one in the same month. They are a pain if you ask for reissue policy with a different effective date. In one case my partner wrote 2012 on the app instead of 2013 he had to write a whole new application and resubmit it. If you make a minor mistake on an application they don't hesitate to ask for a new application. In another case we had them log an application in start underwriting it and then they lost the application completely. We have decided to write our business elsewhere until they get there act together!

I would bet that it will be crazy over there for awhile. Looks like we are going to go ahead and contract and use sparingly and sort of "feel them out."

 

[number9]

Stonebridge app guaranteed issue took 14 days to get the first review. Then they want a ridiculous requirement. I don't see this getting better. We don't have the reduced rates and 22% commission yet, yikes.

 

[tins]

Stonebridge app guaranteed issue took 14 days to get the first review. Then they want a ridiculous requirement. I don't see this getting better. We don't have the reduced rates and 22% commission yet, yikes.

I sent in 2 apps on 6-17...both are G.I.
Still pending, neither has been looked at yet. Stonebridge is having some serious growing pains as they try to enter the med Supp market.

 

[JimmyUt]

They just got approved in Utah. What niche other than an occasionally lower price are they filling. I am not sure contracting is worth it since they have no e-app

 

[glazarev]

We recently enrolled the new client in Pennsylvania. Worked fine, except client waited for a long time to get his ID card.

 

[tins]

They just got approved in Utah. What niche other than an occasionally lower price are they filling. I am not sure contracting is worth it since they have no e-app

Good commissions and low premiums. I'm interested to see where they will stand after a year or 2.
In Missouri, they do not seem to have any sweet spots with the underwriting (no real negatives either).

 

[Chazm]

Guess they are getting approved in FL. Doubt they'll be lower than UHC and Bcbs tho

 

[xtreme24]

The new commission schedule I have (7-22-13) now shows MO only paying 4.88% on 65-79 GI.