Which Prospects Have GI As Only Option?

[SunnyDaze]

I will appreciate learning of appropriate prospects for GI plans.

Thanks to anyone who can enlighten me on the poor souls who are in rough enough shape, that GI is the only way to go.

 

[moonlightandmargaritas]

I will appreciate learning of appropriate prospects for GI plans.

People that can't qualify for a fully underwritten plan.

 

[Josh]

People that can't qualify for a fully underwritten plan.

The only exception to that of course would be folks that can quality for non-GI coverage.




To answer your question, it's going to depend on the state and what carriers are available. Grab a stack of applications from different carriers and it'll get you a feel for what the knock out questions are going to be and who will qualify where. There is no specific guidelines for that and each state has different approved products, so it's tough to give you a specific answer.

 

[SunnyDaze]

The only exception to that of course would be folks that can quality for non-GI coverage.




To answer your question, it's going to depend on the state and what carriers are available. Grab a stack of applications from different carriers and it'll get you a feel for what the knock out questions are going to be and who will qualify where. There is no specific guidelines for that and each state has different approved products, so it's tough to give you a specific answer.

Josh, thank you for addressing that other comment.

What I am trying to get to here....is there a class of people who, in general, can only get GI, wherever?

I would like to specialize in GI, as one of my interests. I understand the low commissions, no renewals, chargebacks.

I would not go to hospice and sign folks up. I would attempt to find those who had an expectation of living a few years, at least.

If there are other carriers for these people, what would be the purpose of needing a GI plan, at all? There is something I am missing.

I only have a few carriers' applications here. How would I get more to look at?

Thank you for your response, Josh.

 

[Josh]

Most folks have a few carriers they like. One for clean cases, one for trouble cases, and one for GI. Not everyone is interested in learning all the ins and outs of each product so what they do is stick to what they know and focus on that. The reason why GI premiums stay anywhere reasonable is because some good risk does get mixed in there as well. Not everyone on a GI plan is limited to a GI only plan, but they certainly have had some options taken away.

For something quick and dirty Fidelity has their graded product info (along with everything else) online. Fidelity Life Association . If you look at the knockout questions on their graded product ( http://fidelitylife.com/agents/pdfs/GDB/GDBAtAGlanceM3010.pdf ) you'll get a good idea for what most carriers are going to look at as knock out questions. Frankly, most companies aren't going to be much different, so between what you already have and the link I posted it should give you a good idea of what you're looking at.

I think that answers everything, but let me know if it doesn't.

 

[SunnyDaze]

Most folks have a few carriers they like. One for clean cases, one for trouble cases, and one for GI. Not everyone is interested in learning all the ins and outs of each product so what they do is stick to what they know and focus on that. The reason why GI premiums stay anywhere reasonable is because some good risk does get mixed in there as well. Not everyone on a GI plan is limited to a GI only plan, but they certainly have had some options taken away.

For something quick and dirty Fidelity has their graded product info (along with everything else) online. Fidelity Life Association . If you look at the knockout questions on their graded product ( http://fidelitylife.com/agents/pdfs/GDB/GDBAtAGlanceM3010.pdf ) you'll get a good idea for what most carriers are going to look at as knock out questions. Frankly, most companies aren't going to be much different, so between what you already have and the link I posted it should give you a good idea of what you're looking at.

I think that answers everything, but let me know if it doesn't.

You gave me plenty for now. Thanks for your help.

 

[jdeasy]

I will appreciate learning of appropriate prospects for GI plans.

Thanks to anyone who can enlighten me on the poor souls who are in rough enough shape, that GI is the only way to go.

Mostly it will be people that are on oxygen daily, have cancer currently, have had heart surgery within the last 12 months, in the hospital now, in a nursing home now and stuff like that.

Barring any or all of the above they can get graded or even immediate coverage in most states with the proper company that takes their condition.

You are looking at a pretty narrow field to work with. There are only three true GI companies out there for most states, MoO, Americo and Vantis. Agents can't sell MoO, so you are limited your market to two companies. Only one if you want to give your clients the best deal. There are some states with additional GI options, NC is one that I know of.

There are some companies that offer a good deal on ROP plans, AmCon comes to mind. It's not GI though.

 

[0b1kanobee]

Mostly it will be people that are on oxygen daily, have cancer currently, have had heart surgery within the last 12 months, in the hospital now, in a nursing home now and stuff like that.

What about people who have had a procedure or diagnosis of some sort OR who are getting ready to have some sort of procedure or haven't yet got definitive results of procedures?

I have this lady who I have been trying to get insurance on for over a year. She seems to always have some type of new procedure or having to go to some new specialist or have some new test or not received the results of a certain test or some kind of definitive result.

She has something in her lung (growth) that doesn't really get any bigger but they are too afraid to operate so they just monitor it thus they really don't know EXACTLY what it is 100% She gets an MRI like 2x a year.

I haven't been able to get this lady a policy. She is 56 Y.O. non-smoker and good on everything else like height, weight, ect.

 

[jdeasy]

What about people who have had a procedure or diagnosis of some sort OR who are getting ready to have some sort of procedure or haven't yet got definitive results of procedures?

I have this lady who I have been trying to get insurance on for over a year. She seems to always have some type of new procedure or having to go to some new specialist or have some new test or not received the results of a certain test or some kind of definitive result.

She has something in her lung (growth) that doesn't really get any bigger but they are too afraid to operate so they just monitor it thus they really don't know EXACTLY what it is 100% She gets an MRI like 2x a year.

I haven't been able to get this lady a policy. She is 56 Y.O. non-smoker and good on everything else like height, weight, ect.

You are going to run into those. I would bet that I could get her covered somewhere. Maybe not? I wouldn't fool with it for a year or even a month. If everyone said no to immediate or level I would just send her to MoO or Vantis.

 

[SunnyDaze]

Mostly it will be people that are on oxygen daily, have cancer currently, have had heart surgery within the last 12 months, in the hospital now, in a nursing home now and stuff like that.


Thanks, jd. That is the kind of information I am looking for.