Why Choose a Bankers Fidelity Med Sup Over Some Others?
- Thread starter wicked22
- Start date
lisaann66
New Member
Price should not be the single reason to select one carrier over an other. We need to educate, educate, educate, our lovely seniors.
Cheap today doesn't necessarily mean cheap tomorrow! What is the rate increase history of the Company. I dedicate time in my presentation to educate folks on exactly what that means and do very well at overcoming the price objection. Ask a 75 year old what they purchased an ATTAINED F or G Plan for when they first enrolled and what they are paying now? I've come the realization that my target Market needs to be these folks. I contract with a company that offers both rate structures.
Regarding Bankers, they are on my LIST for this week. Swayed a potential client (I had yet to meet) to sign the application because he states that her premium will never increase due to age. Last time I checked Bankers in CA doesn't offer ISSUE rates. I've checked everywhere and find nothing that indicates they are now offering ISSUE rates. I have tried calling Bankers direct and can't get an answer from anyone. If someone knows anything about this please let me know.
Wicked:
Bankers Life & Casualty ratings are currently a D+ as per TheStreet.com Ratings. Here in CA, that is who underwrites their MS business. Bankers Fidelity Life and other subsidiaries are listed on their Streets website. Most are all D ratings and one a D-. You may want to double check who exactly is writing the policy and use it to your benefit.
If it were my client I would educate on exactly what financial ratings of any carrier mean to her, as far as security and peace of mind that claims get paid.
I'm hoping after my potential client gets her Bankers policy and realizes it's not ISSUE that I will be obtaining her business. Of course, if Bankers is now offering ISSUE then all is not lost. I will just have to show her the value of having "Me" as an agent in addition to the benefit of having an ISSUE policy. That should get the job done!
Cheap today doesn't necessarily mean cheap tomorrow! What is the rate increase history of the Company. I dedicate time in my presentation to educate folks on exactly what that means and do very well at overcoming the price objection. Ask a 75 year old what they purchased an ATTAINED F or G Plan for when they first enrolled and what they are paying now? I've come the realization that my target Market needs to be these folks. I contract with a company that offers both rate structures.
Regarding Bankers, they are on my LIST for this week. Swayed a potential client (I had yet to meet) to sign the application because he states that her premium will never increase due to age. Last time I checked Bankers in CA doesn't offer ISSUE rates. I've checked everywhere and find nothing that indicates they are now offering ISSUE rates. I have tried calling Bankers direct and can't get an answer from anyone. If someone knows anything about this please let me know.
Wicked:
Bankers Life & Casualty ratings are currently a D+ as per TheStreet.com Ratings. Here in CA, that is who underwrites their MS business. Bankers Fidelity Life and other subsidiaries are listed on their Streets website. Most are all D ratings and one a D-. You may want to double check who exactly is writing the policy and use it to your benefit.
If it were my client I would educate on exactly what financial ratings of any carrier mean to her, as far as security and peace of mind that claims get paid.
I'm hoping after my potential client gets her Bankers policy and realizes it's not ISSUE that I will be obtaining her business. Of course, if Bankers is now offering ISSUE then all is not lost. I will just have to show her the value of having "Me" as an agent in addition to the benefit of having an ISSUE policy. That should get the job done!
- 19,035
Price should not be the single reason to select one carrier over an other. We need to educate, educate, educate, our lovely seniors.
Cheap today doesn't necessarily mean cheap tomorrow! What is the rate increase history of the Company. I dedicate time in my presentation to educate folks on exactly what that means and do very well at overcoming the price objection. Ask a 75 year old what they purchased an ATTAINED F or G Plan for when they first enrolled and what they are paying now? I've come the realization that my target Market needs to be these folks. I contract with a company that offers both rate structures.
Regarding Bankers, they are on my LIST for this week. Swayed a potential client (I had yet to meet) to sign the application because he states that her premium will never increase due to age. Last time I checked Bankers in CA doesn't offer ISSUE rates. I've checked everywhere and find nothing that indicates they are now offering ISSUE rates. I have tried calling Bankers direct and can't get an answer from anyone. If someone knows anything about this please let me know.
Wicked:
Bankers Life & Casualty ratings are currently a D+ as per TheStreet.com Ratings. Here in CA, that is who underwrites their MS business. Bankers Fidelity Life and other subsidiaries are listed on their Streets website. Most are all D ratings and one a D-. You may want to double check who exactly is writing the policy and use it to your benefit.
If it were my client I would educate on exactly what financial ratings of any carrier mean to her, as far as security and peace of mind that claims get paid.
I'm hoping after my potential client gets her Bankers policy and realizes it's not ISSUE that I will be obtaining her business. Of course, if Bankers is now offering ISSUE then all is not lost. I will just have to show her the value of having "Me" as an agent in addition to the benefit of having an ISSUE policy. That should get the job done!
Bankers Fidelity and Bankers Life are not the same company.
lisaann66
New Member
Are they affiliated? You know how that goes? LOL There's a load of Bankers listed none of which are A rated.
Hey Jdeasy,
Do you know where I might find a description of what Medicare's A plan covered 25 years ago? I have a 90 year that wants to come over but I do not want to write her until I compare the current A to what she bought 25 years ago. Has A always been the same? Getting her policy is not possible at the moment. It's out of State.
Thanks
- 147
No they are separate companies. I believe Bankers LIfe and Casualty is owned by Conseco. Nuff said!
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Nice post, this is why you sell Bankers Fidelity. When no one else will issue it.
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- 172
Bankers Fidelity Life is a different company than Bankers Life. DON'T confuse the two. I would love to replace every Bankers Life policy out there, as it comes to Bankers Fidelity - great company to work with. Great customer service, policy support, rates and underwriting. They also offered a combo app before the modernized came out, where you could sell a med supp, fe and a stc all on the same app and all three with one check and one draft date! That was awesome! You could literally make 400-500 on one replacement of any other company (Bankers Life 
).
And I don't know where you get them as a D rated company
TheStreet.com Insurance Company Safety Screener | TheStreet.com
Now, that being said...I don't write their modernized as much as I do UoO because they are better here in GA. I checked and Bankers Fidelity is not even in CA....where are you getting your info from? What state are you selling in Wicked?
). And I don't know where you get them as a D rated company
TheStreet.com Insurance Company Safety Screener | TheStreet.com
Now, that being said...I don't write their modernized as much as I do UoO because they are better here in GA. I checked and Bankers Fidelity is not even in CA....where are you getting your info from? What state are you selling in Wicked?
When they have a United American plan G for 280 a month and Bankers Fidelity will take them on a Plan G for 160 a month then whats the problem. Yes I am selling it.
- 7,066
Plan A did not exist 25 years ago. The Standardized Plans were established in 1990. Prior to that companies were permitted to put together anything they wanted to and call it a "supplement" to Medicare.
If she has a "Supplement" from 25 years ago, putting her with one of the Standardized Plans will most probably give her a lot more of the benefits she will need and use and a greater amount of coverage.
One "benefit" that was included in those pre-standardized plans was a provision for a "private duty nurse". It is basically a bogus benefit, all you have to do is read the policy and you will see.
- 1,908
This thread is the very reason CMS has clamped down on MAPD and PDP sales. Two agents working with someone; neither knowing what is best for her.
Also, agents not knowing who there competition is in a certain area or region, and having a senior having to witness a testosterone battle is embarrassing and unprofessional.
Sorry to be harsh, but....
Also, agents not knowing who there competition is in a certain area or region, and having a senior having to witness a testosterone battle is embarrassing and unprofessional.
Sorry to be harsh, but....
- 19,035
Price should not be the single reason to select one carrier over an other. We need to educate, educate, educate, our lovely seniors.
Cheap today doesn't necessarily mean cheap tomorrow! What is the rate increase history of the Company. I dedicate time in my presentation to educate folks on exactly what that means and do very well at overcoming the price objection. Ask a 75 year old what they purchased an ATTAINED F or G Plan for when they first enrolled and what they are paying now? I've come the realization that my target Market needs to be these folks. I contract with a company that offers both rate structures.
Regarding Bankers, they are on my LIST for this week. Swayed a potential client (I had yet to meet) to sign the application because he states that her premium will never increase due to age. Last time I checked Bankers in CA doesn't offer ISSUE rates. I've checked everywhere and find nothing that indicates they are now offering ISSUE rates. I have tried calling Bankers direct and can't get an answer from anyone. If someone knows anything about this please let me know.
Wicked:
Bankers Life & Casualty ratings are currently a D+ as per TheStreet.com Ratings. Here in CA, that is who underwrites their MS business. Bankers Fidelity Life and other subsidiaries are listed on their Streets website. Most are all D ratings and one a D-. You may want to double check who exactly is writing the policy and use it to your benefit.
If it were my client I would educate on exactly what financial ratings of any carrier mean to her, as far as security and peace of mind that claims get paid.
I'm hoping after my potential client gets her Bankers policy and realizes it's not ISSUE that I will be obtaining her business. Of course, if Bankers is now offering ISSUE then all is not lost. I will just have to show her the value of having "Me" as an agent in addition to the benefit of having an ISSUE policy. That should get the job done!
It would be wise to educate yourself before you try to educate the clients.
First, bankers Life and Bankers Fidelity are not the same company.
Second, yes, price is the over riding issue on a med sup. The plans are standard, so, it's about the premium. Especially in your state. Ca. has a once a year GI. If the company they are with takes a huge rate increase, just move them to another.
In my state, I do have to consider history of rate increases as we don't have another GI period. Still, I don't know of anyone with a crystal ball good enough predict rate increases for all the companies.
In this case, it appears that the second agent on the scene was the one doing due diligence for the client
