Hello. First of all, I want to introduce myself. I am currently a captive agent with a company I will not mention, considering going independent. In the process of researching my options, I found this forum, and so far it has been a huge resource to me, so thank you. I have also been in the industry for quite a while, so I am very aware of some of the other stuff out there, which is why I am very confused on this situation.
Anyways, here is the scenario - I have a client who I signed up for a med sup back in December, T65, who had an active date 4/1/10. The most important thing to her - 100% coverage. Price was not an importance to her. Fast forward to 3 months ago. An independent sat down with her, and talked her into getting a G plan with Bankers Fidelity. The price is cheap - $87 a month, and I wont lie, overall it is a good deal. At the time, she decided to stay with me because no one had even heard of the company before, including her doctor, plus she loves the fact i live 5 minutes from her. We canceled everything out, and thought she just had the one. Wrong. two days ago I got a phone call that she still had the other insurance, the broker was back at her home, trying to get her to keep it. Now, here is where my question comes in. When you have an arsenal of companies you work with, including Family Life, Gerber, MoO, Continental, why would you work with Bankers fidelity? They are a very small company, according to AM Best. Financial size is 25 to 50 mill and have a B++ rating. I cant find the ratings for Family Life, but why not go towards Gerber - they have about the same pricing, have an outstanding rating, and they only have one mark against them for med sups and its that they are in their first year. I know that Family Life and Gerber is booming around here, where as Bankers Fidelity is not. Any insight would be wonderful!
Anyways, here is the scenario - I have a client who I signed up for a med sup back in December, T65, who had an active date 4/1/10. The most important thing to her - 100% coverage. Price was not an importance to her. Fast forward to 3 months ago. An independent sat down with her, and talked her into getting a G plan with Bankers Fidelity. The price is cheap - $87 a month, and I wont lie, overall it is a good deal. At the time, she decided to stay with me because no one had even heard of the company before, including her doctor, plus she loves the fact i live 5 minutes from her. We canceled everything out, and thought she just had the one. Wrong. two days ago I got a phone call that she still had the other insurance, the broker was back at her home, trying to get her to keep it. Now, here is where my question comes in. When you have an arsenal of companies you work with, including Family Life, Gerber, MoO, Continental, why would you work with Bankers fidelity? They are a very small company, according to AM Best. Financial size is 25 to 50 mill and have a B++ rating. I cant find the ratings for Family Life, but why not go towards Gerber - they have about the same pricing, have an outstanding rating, and they only have one mark against them for med sups and its that they are in their first year. I know that Family Life and Gerber is booming around here, where as Bankers Fidelity is not. Any insight would be wonderful!
You can't package things with MAPD or PDP but Med supps you can.
