Assurant changes

Crabcake Johnny

5000 Post Club
Assurant will have a 24 month rate lock for plans with a $3,500 deductible and up combined with a option for the client to "buy" a 36 month rate lock. They also have a no deductible option on their plans with a fixed $45 copay OOP 50% $10,000.

I'm liking the 36 month rate lock option. For example, a plan with that's $442 with a 24 month lock would be $463 with the 36 month option. Better believe that for an extra $21 a month I'll be recommending they purchase the 36 rate lock.
It remains to be seen how competitive they are before the add-on for the 36 month rate lock. Many of the cases I look at, Time is 15% or so higher than a comparable plan with other carriers.

I do find the 36 month rate lock to be interesting. Just goes to show you there is nothing new.

Several years ago, when Penn Mutual was a player in the individual health market, they offered 3 year rate guarantees. Lost their butt. And when those cases came up for renewal the rate increases ran off 90% of what they had written.

In case you did not notice, PM is no longer in the individual health market.
Since we're talking about Assurant, I got a call the other day out of the blue from a guy who asked if Rick was there. I said no there is no Rick here, can I help you with something? He said Rick was his Agent.

I probed a little more and found out that this guy was at the hospital and had just been diagnosed with a life threatening cancer. He said the hospital needed to verify the benefits before they could begin treatment. I told him to call his agent!!

Bottom line seems that everytime I run into an Assurant case the insured is sick and going through lots of treatment. Just an observation!
Hi K-Dub -

I am new to the insurance situation in the US since this will be my first time to get a policy. Assurant does temporary insurance which suits my situation well since I plan on being here for a few months only.

You wrote that observation about Assurant a little more than a year ago but lets assume your observation is valid today.

How will Assurant stand to benefit from the insured being sick and going through treatment? Or what are the implications of that?

Please clarify. Would really appreciate that!

Assurant does temporary insurance which suits my situation well since I plan on being here for a few months only

Temp (STM) plans are not available for folks who have not been in the US for less than (believe this is right) 6 months. There are specialty plansfor foreign nationals & ex-pats who are short timers.

The coverage you bought may be worthless unless you have met residency requirements.