Paying Premiums

[redzalez]

Hello I would like to know if anyone knows a final expense carrier that allows a client to pay monthly without a bank draft. I have met several seniors that do not trust banks whatsoever. They are sold on the product but want a bill sent monthly so they can pay via money order. This has stopped a couple of deals for me already.. Please let me know.

 

[Stratos]

Not that I know of, all are quarterly. But you can have your clients send the money in monthly, but they will have to be on top of it. Ask your companies if they can receive payments monthly, without a bill. I know mine do it.

 

[policy doctor]

It has been my experience that if they have to buy a money order and send it in, that business will drop off after a few months. Very low persistency on that block. Think about it...they don't even have a bank checking account? Those are ideal prospects for the monthly debit man, which is a vanishing breed, I think.

 

[senior-advisor-indiana]

I used to have a problem with seniors not wanting to do the bank draft when I first started. I haven't had that problem in a couple years now.

I tell them it is cheaper for them and cheaper for the company. Sometimes I tell them it pays me more too. (I can only get advanced on monthly draft) I also tell them it is a protection for them just in case they are hospitalized and cant pay the premiums or just forget. If they still don't want to then they just pay the annual premium. When I first started I didnt think seniors had enough money to pay annual. Alot of them love topay annual. Oh yeah, I also tell them that annual is the cheapest, then monthly bank draft, then semi-annula, then quarterly. I never have anyone that wants to pay more money.

 

[Slick]

I tell people to pay monthly becasue you don't want the insurance company holding any more of your money than necessary. Cancelling a policy does not necessarily mean you will get a refund of prepaid insurance.

 

[senior-advisor-indiana]

I tell people to pay monthly becasue you don't want the insurance company holding any more of your money than necessary. Cancelling a policy does not necessarily mean you will get a refund of prepaid insurance.

You can always get a refund of unused premium on medicare supplements. SO I can't tell them that. I am pretty sure you can on final expense also. Although I am not sure why they would cancel it?