Home Service/Debit Companies

[noah]

I'm running into prospects that have been buying from home service companies. They usually have 2-5 small policies,with face amounts from 3-10 K. They are receptive to adding more coverage,usually 3-5 K. Many have had the policies for a long time and mail their premiums in,the debit agent no longer collects. Many have bank accounts and have no idea they can buy a policy and set it up on bank draft.
United Insurance Company is the main debit company I run into. I find I can usually almost double their coverage if the prospect has a policy issues within the last year.
Many,if not all these policies (I review them) are modified and the prospect qualifies for day 1 coverage. Do they even offer day 1 coverage ?
Anybody else run into similar situations ?

 

[Rearden]

Yep, although I think us FE agents in East Tennessee and North Georgia have pretty much cleaned out the old overpriced debit policies quite well.

 

[John Galt]

Yep, although I think us FE agents in East Tennessee and North Georgia have pretty much cleaned out the old overpriced debit policies quite well.

Yes we have and I'll add the united agents are freaking criminals and crooks at best, I hate them.

 

[GAJ638]

I'm running into prospects that have been buying from home service companies. They usually have 2-5 small policies,with face amounts from 3-10 K. They are receptive to adding more coverage,usually 3-5 K. Many have had the policies for a long time and mail their premiums in,the debit agent no longer collects. Many have bank accounts and have no idea they can buy a policy and set it up on bank draft.
United Insurance Company is the main debit company I run into. I find I can usually almost double their coverage if the prospect has a policy issues within the last year.
Many,if not all these policies (I review them) are modified and the prospect qualifies for day 1 coverage. Do they even offer day 1 coverage ?
Anybody else run into similar situations ?

I have replaced a number of United Life's policies. What you may look for, if you get them to show you their payment book, signed by the agent. There are often loans on the policies. United's agents are hammered on arrears and their contract enforces that. Many cases is when the agent has collected or tried to, to insure that the person is paid up that month they have them sign a form to do a loan to pay premium. Done often enough this loan adds up.

I replaced a lady that was paying $40.00 a month on a loan,while paying $50.00 for premium. This was for a 10,000 policy. Wrote her more coverage for the premium she was paying plus got her some cash back.

 

[noah]

Not only do they place a healthy insured in a modified policy,they fail to explain it's modified.

 

[rousemark]

Not only do they place a healthy insured in a modified policy,they fail to explain it's modified.

Not all United agents conduct themselves in that manner.. but their premiums, even the standard first day coverage plans are very much on the high side.

 

[Jerard]

I rarely run into street policies, but I use the existence of them to set up asking for the voided check later on. No matter what age they are they remember the 'insurance man' coming around every month. Before I even do a quote I'll ask them if they have a savings or checking, before they answer I'll go into.."yea...20 years ago I used to collect everyone's payment every month, but nowadays it's all done through a checking or savings....and it's alot safer for the agent, and cheaper for you".

If I feel talkative I'll add..."...let me tell you what I used to do. I would save my customers that were good cooks and collect them around 5. At least one would say 'grab a plate, Mr. Jeff'. You know...when you see the same people every month for year after year you become like family to them."

Hopefully, they're thinking to themselves..."wow..I'd like an agent that I can know that well....."

Hmm..works for me.....


BTW, I used to work for United, too. I never got the chance to be crooked 'cause I never wrote anything back then.

 

[noah]

I rarely run into street policies, but I use the existence of them to set up asking for the voided check later on. No matter what age they are they remember the 'insurance man' coming around every month. Before I even do a quote I'll ask them if they have a savings or checking, before they answer I'll go into.."yea...20 years ago I used to collect everyone's payment every month, but nowadays it's all done through a checking or savings....and it's alot safer for the agent, and cheaper for you".

If I feel talkative I'll add..."...let me tell you what I used to do. I would save my customers that were good cooks and collect them around 5. At least one would say 'grab a plate, Mr. Jeff'. You know...when you see the same people every month for year after year you become like family to them."

Hopefully, they're thinking to themselves..."wow..I'd like an agent that I can know that well....."

Hmm..works for me.....

BTW, I used to work for United, too. I never got the chance to be crooked 'cause I never wrote anything back then.

How come United doesn't put their people on bank draft ?

They don't even have a website ?

The world has changed,their people have smart phones and internet access.

 

[Jerard]

How come United doesn't put their people on bank draft ?

They don't even have a website ?

The world has changed,their people have smart phones and internet access.

I know. I tried to help a guy find out about his United policy a while back and it wasn't easy. They won't tell you anything over the phone even if the client is right there to also speak with them.

Like I said I don't run into United plans much but I have ran across another debit company around here. I don't recall the name...'Something' National, maybe.

 

[GAJ638]

I know. I tried to help a guy find out about his United policy a while back and it wasn't easy. They won't tell you anything over the phone even if the client is right there to also speak with them.

Like I said I don't run into United plans much but I have ran across another debit company around here. I don't recall the name...'Something' National, maybe.

Unless they have changed recently United does not even allow bank draft for their debit products. I was hired in as a sales manager for them some years ago. If found a lot of people were home collected but paid by check each month. I tried to put them on Bank Draft but was told it was not allowed as the system would not accept it. Converted some to mail pay but the company pushes the agents to get in the money to control the arrears(arrears percentage controls the agents pay scale) Also the home collect process is their "marketing program" for additional sales.

Anyway if you find any United people that pay by check you can usually put them on draft and increase their coverage for the same premium. And no, I did not find any crooked agents there, just agents that had to work the system they had to work.

The other debit was American National I think.