Old Surety

[kamp]

Sorry to bump an old thread but there are some truths and mistruths in this thread.

The bad. Yes, they are very picky about who they will accept for underwriting. But we all have companies that do that. You know when you're talking to them, based on their health, where you will place them. If you're not sure if the person will qualify then call OS directly. They'll usually answer the call and tell you right away.

Yes, if you submit enough bad apps they will cancel your contract. But if you follow the above protocol then you'll have nothing to worry about.

The good. First, it doesn't take 60 days to go through underwriting. That's silly. Yes, sometimes if they are waiting on medical records, it will be delayed. That happens with every company.

Also, they do pay lifetime renewals. And trust me, that business will stick. Nobody is close to them on rates.

One more clarification. There are only a few IMO's they will contract with. They don't want hundreds of agents running around writing bad business.

All in all, their rates are low and stay low because of their strict business model. However, there is no reason they shouldn't be in your portfolio if you live in KS, MO, OK, AR or TX.

One more thing, in KS they will send you an additional $50 for each F app written.

Sorry for the late bump.

 

[G.Gordon]

We just had a MO case issued when records were ordered in less than two weeks after submitting the application. When records are ordered it is more an issue of the doctor's office than the insurance company. I tell the client to "beat up on their doctor's office" because they are holding up your insurance.

 

[kamp]

We just had a MO case issued when records were ordered in less than two weeks after submitting the application. When records are ordered it is more an issue of the doctor's office than the insurance company. I tell the client to "beat up on their doctor's office" because they are holding up your insurance.

Exactly. And if people don't write their stuff then they're missing a grand opportunity to fill needs elsewhere with that extra cash.

 

[cladams]

Medicare.gov:
I have a guaranteed issue right.
If you buy a Medigap policy when you have a guaranteed issue right (also called "Medigap protections"), the insurance company can't use a pre-existing condition waiting period.



For those who write OS, and only submit underwritten business with them, what do/would you do when/if an unhealthy client comes to you with a GI right, and asks about signing up with OS?

What if they KNOW that they don't have to answer any health questions? (yes, I know this is not likely to happen)

 

[kamp]

Medicare.gov:
I have a guaranteed issue right.
If you buy a Medigap policy when you have a guaranteed issue right (also called "Medigap protections"), the insurance company can't use a pre-existing condition waiting period.



For those who write OS, and only submit underwritten business with them, what do/would you do when/if an unhealthy client comes to you with a GI right, and asks about signing up with OS?

What if they KNOW that they don't have to answer any health questions? (yes, I know this is not likely to happen)

I usually called Doug and explained the situation or I explained to the client that:

1) The company will terminate my contract with them if I write this; why would you want to be with a company like this?

2) I only get paid $25 too. It's not worth it for me to be terminated. If this is what you really want you can call them and have them send out an agent.

The only reason Old Surety's rates are always so low is because they bully agents into only helping clients that make them the most amount of money. I personally don't want to rep a company like that anyway, especially for those who really really need the help financially.

 

[cladams]

I usually called Doug and explained the situation or I explained to the client that:

1) The company will terminate my contract with them if I write this; why would you want to be with a company like this?

2) I only get paid $25 too. It's not worth it for me to be terminated. If this is what you really want you can call them and have them send out an agent.

The only reason Old Surety's rates are always so low is because they bully agents into only helping clients that make them the most amount of money. I personally don't want to rep a company like that anyway, especially for those who really really need the help financially.

Kamp - I'm with you, I don't want any part of them. I have a client who has a friend who signed up with OS. Now my client is asking me if I have OS. I explained how they will "underwrite" GI & OE business, and that an OS contracted agent would be in a pickle if she went to the agent and told them that she wanted to sign up (she is on depression meds & currently has GI right). I told her she is more than welcome to try it, and quite honestly I'm curious as to what they will tell you. She decided to go with CSI through me.

 

[G.Gordon]

I was interviewed by the DOI this summer about OS's practices. I told them that they are late to the dance, that more carriers now punish the agent over GI business with reduced commissions or cancelled contracts. They had list of my submitted cases that didn't get issued, wanted to know why.

They had copies of this thread off of this forum and asked about my post in it.

Watch what you say, BIG BROTHER IS WATCHING.

 

[kstein]

I wonder if anyone can post an outline of coverage for OS current rates in Missouri. 63105 zip code. I have some clients that area asking about this carrier and I'm curious if their rates are competitive at this time. Plan F 70 male and female non smokers.

 

[GoPokes]

I wonder if anyone can post an outline of coverage for OS current rates in Missouri. 63105 zip code. I have some clients that area asking about this carrier and I'm curious if their rates are competitive at this time. Plan F 70 male and female non smokers.

I only have the Oklahoma rates. I've heard the MO rates are good. I'll see of I can get them.

 

[cadylou]

I usually called Doug and explained the situation or I explained to the client that: 1) The company will terminate my contract with them if I write this; why would you want to be with a company like this? 2) I only get paid $25 too. It's not worth it for me to be terminated. If this is what you really want you can call them and have them send out an agent. The only reason Old Surety's rates are always so low is because they bully agents into only helping clients that make them the most amount of money. I personally don't want to rep a company like that anyway, especially for those who really really need the help financially.

Stopped selling them for these reasons. They can't ask health questions for OE or GI business, yet they won't process the app unless you do. They are breaking federal law here folks. Their rates are low because they use illegal tactics to manage risk. Not on a level playing field with other companies who follow the law. Unethical---but CHRISTIAN. . . Yeah right. There are reasons why they limit the number of reps in a market. Not up to my ethical standards. .