What's Your Favorite Accident Plan?
- Thread starter TxOnline
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Accident policies and the companies that sell them are a dime a dozen. I've changed over the years and match the plan that = the deductible. I usually base it on price and exclusions.
Started with VBA - never had a problem, good comm, always paid claims, but there more expensive. Then started selling Get Insured thru Vimo, well priced, lower comm but they came out with exclusions on snowboarding, snow skiing, and a few others. That's why people own these things.
Now I'm trying to sell NACD, good price, excellent comm, and more choice of plan types including CI. I don't have any experience with them yet.
You can see each of the plans on my website page
Replace COBRA Health Insurance | Supplemental Health Plans
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how much % Thunder Bill?
Without digging it out, and depends on your contract, I believe VBA is 35%, Vimo 20%, NACD 40%
Beware of plans that "limit" per service reimbursement (Aflac). I prefer the plans that pay 100% regardless of the expense type/costs. You want it to pay that deductible.
The reason I use American General's plan is beause it is not coordinated with other insurance, they have easy to fill out claim forms for the clients and they are quick to pay claims.
It's the only accident plan I've sold in the last several years that I haven't gotten a complaint about paperwork, etc. That being said none of them are perfect. I've had a couple of plans that I used when I first got in the business that turned out to be a nightmare for claims, lost a couple of clients because of that.
The other thing I like is it's age based and if you have an older couple the premium is very reasonable.
It's the only accident plan I've sold in the last several years that I haven't gotten a complaint about paperwork, etc. That being said none of them are perfect. I've had a couple of plans that I used when I first got in the business that turned out to be a nightmare for claims, lost a couple of clients because of that.
The other thing I like is it's age based and if you have an older couple the premium is very reasonable.
Im not a fan of the VBA especially compared to American General. You get way more coverage for the dollar with the american general plan and it pays both the client and the agent better.
I personally have had each plan for me and my family and the language for the VBA plan is just a bunch of crap. Now they are eliminating common accidents like skiing and snow boarding!? I have made a claim with American general that I got paid on in 14 days but would not have paid me with VBA. Last but not least the agency that runs the VBA product thinks that they should hold the first $500 in as earned commission before they start paying you...pass.
I personally have had each plan for me and my family and the language for the VBA plan is just a bunch of crap. Now they are eliminating common accidents like skiing and snow boarding!? I have made a claim with American general that I got paid on in 14 days but would not have paid me with VBA. Last but not least the agency that runs the VBA product thinks that they should hold the first $500 in as earned commission before they start paying you...pass.
I don't think Yagents was talking about VBA when he said they are adding exclusions on snowboarding and skiing. As far as I know, VBA has no such exclusions.
They do, however, caution agents against using a marketing plan of sitting at the bottom of a ski run or at a motocross track taking applications.
I don't know anything about the others mentioned, but a nice benefit of VBA is CallMD.
Edit: I see NACD has something similar. Bill, please let us know how it works out.
They do, however, caution agents against using a marketing plan of sitting at the bottom of a ski run or at a motocross track taking applications.
I don't know anything about the others mentioned, but a nice benefit of VBA is CallMD.
Edit: I see NACD has something similar. Bill, please let us know how it works out.
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I am currently doing the same thing with my health clients. I have this "exclusive" product that Brokers Alliance has through WRL. It is a death benefit with living benefits riders INCLUDED at NO additional charges!! This pairs up great with the higher deductible health plans to minimize the out of pocket for your health clients!! With this WRL product your client can access up to 90% of the death benefit for Critical illness and up to 2% of the death benefit monthly for the chronic illness. They will also cover some payments if you become unemployed!! I strongly suggest that if you are selling health insurance you need to look at this product!!
As for the accident plan, I like the American General and you can use Brokers Alliance for that as well. Give us a call 800-290-7226 ext 146.
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