Assurant changes. Updates

Crabcake Johnny

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14,813
Maryland
Posted this in the GR thread, but starting July 1 Assurant has some rate increases - about 9% in MD and different in other states. Also, no $1,250 or $2,500 coinsurance anymore for Max Plan - coinsurance starts at $2,000 and next step up is $3,500. That hurts me - when I sold Max Plans 98% of them were $1,250 or $2,500 coinsurance. I can indeed pick $2,000 now....with a nice fat increase. They now have it structured price-wise for $3,500 OOPs.
 
I never put small children on a HSA - especially under the age of 2. Also, HSAs don't make a lot of sense for singles since they're obviously not exposed to meeting two deductibles - which is my whole HSA pitch - especially when copay plans in MD are extremely reasonable.
 
Sure, single male age 35 on a copay plan is around $120 a month on a copay plan in MD through GR. That's pretty much the end of the presentation. It's not that the HSA is cheaper - it is indeed cheaper. The problem is the $120 rate is a fantastic rate that fits easily into their budget with copays for meds, doc visits and wellnes. Now I tell him to save $20 a month and pay for all doc visits, wellness and meds out of pocket? Unlikely.
 
Don't know if I will do this.

Just talked to a marketer for Assurant and GR yesterday. They would start me off with a 25% comm FY and 7/4% renewals on Assur and I think 20 on GR. Initially strt you off with 10 leads, and then 2 for every 1 sale.

She said the rates were lowered on GR since UHC bought them.

Also said Assur was introducing a limited benefit plan in the fall (Nov) which would be similar to UA's, but better., for the health challenged or limited resources crowd.

Does this sound about right?
 
Just talked to a marketer for Assurant and GR yesterday. They would start me off with a 25% comm FY and 7/4% renewals on Assur and I think 20 on GR. Initially strt you off with 10 leads, and then 2 for every 1 sale.

She said the rates were lowered on GR since UHC bought them.

Also said Assur was introducing a limited benefit plan in the fall (Nov) which would be similar to UA's, but better., for the health challenged or limited resources crowd.

Does this sound about right?

Questions I would like answered if I was in your shoes.....

Who pays me (assurant or GA, MGA, etc.)???
How are the leads generated and how many people get the leads?
Can I buy more leads and how are they generated? How old are they? etc.?
What kind of services does the agency provide (training, support, etc.)

I have not heard about any limited benefit plans that are worse than the "right" plans. I would focus more on their top 2 plans and forget the rest existed......

It would seem that all the companies I have seen who offer contracts....... more or less use the same formulas...it is simply a matter of finding an agency who puts in what they take.. The commission levels look good, although I would check on the renewals for Assurant and Golden Rule....
 
How competitive GR is with Time will vary by state, and even within the state. In some areas Time is quite competitive, in others you can't give it away.

As for a limited benefit plan . . . who cares?
 
GR as of July is crushing Assurant's rates in MD so my Assurant biz will be going way down. On top of that, I'm now selling Coventry and putting their rates next to Assurant's is simply embarrassing.
 
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