Cheapest States For Assurant, Aetna??

[taterpeeler]

Hey, I have decided to go Non-Resident in a few states. Assurant, which I have the highest contract with in just not a player here in Texas. What states would you advise me to get appointed in Non-Res.

Also any comments regarding price on these players in those states: Aetna, Fid. Sec. Life, ANLIC of Texas, Humana, Unicare, World. I have additional appts. (like Golden Rule, I hate them) however, I have long track history with these.

Thanks Guys
cfp

 

[Crabcake Johnny]

Assurant's competitive in the mid-atlantic - MD, PA, VA, DC, etc...They are also competitive in states like OH, IA, IL, etc..

If you're targeting Assurant you need to stay out of the mid-west and south.

Don't just dive into a state without doing your homework on underwriting. For example, smokers are a decline in Oregon. Some states don't allow Assurant's condition specific deductibles. Other states like NH only allow a maximum rate increase of 25%.

 

[somarco]

Just curious. Why do you "hate" GR? About 60% of my new business went with them last year. I have fewer problems with them than anyone except KP.

You will find carriers that may be good in some parts of the state and not in others. Time (Assurant) is moderately competitive in Atlanta. Ran some numbers on them in Savannah and they were higher than anyone by a wide margin.

I have a good friend in OH (Dayton area) who does almost nothing with Time.

Have you run out of prospects in TX already?

 

[taterpeeler]

Just dont like GR.... I am appt. with them... but don't like them... personal reasons, they just dont work for me.... I do have reasons but for the sake of not burning bridges i just keep it to myself.

and no, haven't run out of people here in Texas.... but with what I'm getting with Fortis and the sucess with underwriting I have had.... I would rathe write them

 

[NHB_MMA]

Assurant's competitive in the mid-atlantic - MD, PA, VA, DC, etc...They are also competitive in states like OH, IA, IL, etc..

If you're targeting Assurant you need to stay out of the mid-west and south.

Don't just dive into a state without doing your homework on underwriting. For example, smokers are a decline in Oregon. Some states don't allow Assurant's condition specific deductibles. Other states like NH only allow a maximum rate increase of 25%.

John, is Assurant good for WV? NYL carries Assurant and John Alden and I may run into some cases in PA, OH, and WV. I think they might have Aetna too for group health, but no individual products.

 

[Crabcake Johnny]

Just curious. Why do you "hate" GR? About 60% of my new business went with them last year. I have fewer problems with them than anyone except KP.

You will find carriers that may be good in some parts of the state and not in others. Time (Assurant) is moderately competitive in Atlanta. Ran some numbers on them in Savannah and they were higher than anyone by a wide margin.

I have a good friend in OH (Dayton area) who does almost nothing with Time.

Have you run out of prospects in TX already?

These are just my experiences:

1) Horrible underwriting that riders most pre-ex conditions. I don't have my clients sign any riders.

2) $100 drug deductible means people on two more more meds are terrorized in underwriting. In some cases people on one med are terrorized.

3) Can't rate up which means bad height/weight chart and more terrorizing for high blood pressure and high cholesterol where riders are issued and deductibles are raised. No dice.

4) Client's cannot sign the riders when they're issued. The riders come in the policy. With Assurant all underwriting decisions can be emailed immediately upon approval.

5) Cannot reunderwrite at renewal and get new business rates. Cannot choose another plan. Must cancel, wait 6 months then re-apply.

6) In MD they dropped the largest local network. Huge and horrible mistake.

Other things that seperate Golden Rule from Assurant:

1) Assurant gives agents a free fixed weblink where clients can run rates. GR doesn't have give agents a fixed link.

2) Assurant pays a full year advance weekly which desimates GRs pay system.

3) Anyone can get a 20% deal with Assurant and go to 25% quickly. With GR you can only get a key broker contract with proof that you 100 deals last year. This greatly punishes newbies who really kick ass. If you want an advance good luck. You have to search for a key broker willing to advance you. And GR will not recommend one.

4) Assurant gives GAs access to a top producers club with dedicated underwriting and a sales assistant - only $150,000 needed to qualify.

5) I lose track of the Assurant bonuses. At any given time there must be 3 or 4 of them going.

6) Golden Rule's rating software was designed by the 3rd place winner at the high school software writing contest. It's actually embarrassing.

7) I work up a quote on Assurant's software, upload it into EASE, then complete the online app.

Basically, Assurant blow GR off the map. Too bad they're not competive in all states. If they were GR would go under.

 

[somarco]

I have no problem with riders when the condition can be easily managed out of pocket.

Hypertension is a common ailment and the GR riders are much more direct than what I have seen from any other carrier. Meds usually run less than $50/month which is much less than paying an extra $150+ to another carrier just so your meds can be covered.

Asthma is a different story.

I have sold large groups before with waivers and have never had a problem. If the carrier is going to charge extra to cover a condition you can bet they are going to be conservative and charge close to double what their expected exposure is.

The GR build chart is more liberal than Time. Many who would have a 20 - 40% rate up for Time are standard with GR.

In GA at least, Time has a better price structure on those age 55 and higher. Their pricing (including loads) and slow underwriting turn around keeps them from getting much business from me at the younger ages.

Commission advances are fine for weak agents but I prefer as earned. All my contracts are as earned and I prefer it that way. I was offered a Key Broker contract and turned it down. Started at 15% like everyone else and was at 24% within 3 months. No big deal to me.

More important than anything, my clients have a decision within 10 days in most cases. GR rarely orders an APS which is the exact opposite of what I have experienced with Time.

Average turn around in underwriting with GR is 5 - 7 business days. Average turn around with Time is 6+ weeks.

All of us have our favorites for different reasons. I like carriers that are responsive and for now, GR fits that mold.

 

[Crabcake Johnny]

I have no problem with riders when the condition can be easily managed out of pocket.

Hypertension is a common ailment and the GR riders are much more direct than what I have seen from any other carrier. Meds usually run less than $50/month which is much less than paying an extra $150+ to another carrier just so your meds can be covered.

Asthma is a different story.

I have sold large groups before with waivers and have never had a problem. If the carrier is going to charge extra to cover a condition you can bet they are going to be conservative and charge close to double what their expected exposure is.

The GR build chart is more liberal than Time. Many who would have a 20 - 40% rate up for Time are standard with GR.

In GA at least, Time has a better price structure on those age 55 and higher. Their pricing (including loads) and slow underwriting turn around keeps them from getting much business from me at the younger ages.

Commission advances are fine for weak agents but I prefer as earned. All my contracts are as earned and I prefer it that way. I was offered a Key Broker contract and turned it down. Started at 15% like everyone else and was at 24% within 3 months. No big deal to me.

More important than anything, my clients have a decision within 10 days in most cases. GR rarely orders an APS which is the exact opposite of what I have experienced with Time.

Average turn around in underwriting with GR is 5 - 7 business days. Average turn around with Time is 6+ weeks.

All of us have our favorites for different reasons. I like carriers that are responsive and for now, GR fits that mold.

Why am I asking my client to sign a rider for hypertension and risk the insurance company playing hard-ball with them when Assurant doesn't rider it? Why would I put my client in that position?

I'm not sure why you turned down a Key Broker contract - you can still go as-earned by you get 26% commish and higher 1st year renewals.

And commish advances have nothing to do with weakness. If business isn't blowing off the books you should get an advance. Do to my sales style almost no one lapses so that advance is very nice. It's also near impossible for new agents to break into this biz without an advance.

I have also experienced the exact opposite with Time underwriting - everything approved in 1 to 5 days. Everything. I almost never had a case go past 5 days and less than 1% of everything I've put in gets a APS.

Just goes to show you how incredibally different states can be. In MD GR riders everything. Assurant doesn't rider hardly anything - and when they do I'm off to Aetna or Blue Cross. I do NOT allow my clients to sign riders.

And by the way, male 45 and under with GR - 257 pounds is a decline. With Assurant it's 293.

 

[Crabcake Johnny]

And by the way, GR used to advance agents directly just like Assurant buy they company as a whole couldn't keep business on the books and had to stop advancing. Now if you want an advance they hang the broker dry.

You also didn't address renewals where GR doesn't allow clients to get new busines rates nor change any aspect of their plan. This erases your entire block of business in 2 to 3 years which is just how GR wants it.

 

[somarco]

I turned down the key broker offer because I dont like to be committed to one company, and I had no idea how much business I would write with GR. I dont sign contracts where production requirements are key to the commission level.

Male, age 40, hypertension.

HSA with $2800 deductible + 100%.

GR $136
Time $158

Oops! Forgot to load for Rx. Add another 30% to the rate.

Oops! Forgot to mention the guy is 5' 10" + 230#. Add another 25% to the rate.

Now it looks like this.

GR $136
Time $240

Meds run $5 for a 30 day supply.

Thats a no brainer.

Most of my clients dont move every year. They stay with the same plan & same carrier for 3 - 5 years.

If they do need to move, and can pass muster with underwriting, I find them a new deal.

As for the fatties, if they dont fit the profile for GR, KP or Aetna then I have Time & World as back ups. My 5' 10" guy can go to 277 with Time or 281 with World . . . as long as he is willing to pay the 80% rate up.