What would you do with these clients?

[senior-advisor-indiana]

I have had this couple since March 2006. They let thier policy lapse in March 2007 because of insufficient funds. They are on monthly bank draft. I signed them up with a cheaper company in May. The initial payment went through ok. Then I got a notice in June of another insufficient funds on both. I called and they said they changed accounts or something and they were sending a check in. I just opened my mail today and it seems they never got the check in. I tried to call them and no answer.

Would you even bother with these people? Its a pain in the butt because now I have a $500 charge back with this company. I ony wrote 4 apps through them and now I am using a new company. I am definetly not putting them with the new company. I want to call them and tell them they are a pain in my ass. I assume they have money because they were asking me about investing n annuities in May.

 

[bluemarlin08]

I would try to see them in person and pick up the check, but more than likely they are deadbeats. I hate chargebacks and hate dealing with folks that get NSF all the time.

 

[senior-advisor-indiana]

They live 2 hours away. I think I will have to fill out a whole new app anyway. I need to put them back with the same company to pay the chargeback because I don't want to use that company anymore unless I write people over 80.

I was really ticked earlier because I wrote 2 85 yr olds last week that expected to get paid on this week. I won't because of these f'ers.

 

[bluemarlin08]

That's the risk we run by taking annualization.

 

[GreenSky]

That's the risk we run by taking annualization.

I agree. Unless I must (like on MA plans), I take my dough as-earned. In the long run there is no difference in the amount of money either way, I just despise having to pay back anything to anyone.

And don't get me starting about paying the IRS.

Rick

 

[policy doctor]

.w company. I want to call them and tell them they are a pain in my ass. I assume they have money because they were asking me about investing n annuities in May.[/quote]

Usually this type doesn't have money. It costs them a fee for NSF so something is wrong with their cash flow. People ask idle questions about investments and may only have a few hundred or a thousand stashed in a money market. If they don't like to pre-pay on their health coverage, get them on a MA if it's workable. I have a couple like that...the only reason they're with me now is because of advantage plan...plus they can afford to maintain that life policy they bot from me last year.

 

[J.R.]

I've talked with John P and Bob about this topic on numerous occasions. Agents have to have a sort of 6th sense about decoding the personality type of potential clients.

If I sense that the clients are not "up-to-date" on their finances, I will put them in with one of my as-earned carriers if possible OR I will put aside 75% of the money I earned into savings to cover taxes, marketing and chargebacks.

 

[Crabcake Johnny]

This is when I'm done with a client:

"So when is this coming out of my account? Today's the 15th and I can't have it come out before the 26th when I get paid?"

Me: "So you don't have $218 in your account right now?"

"No."

Me: "Well check your in box for my Carefirst link. You don't need any billing information at all. Just fill out the online application and you'll get mailed a bill after you're approved."

"That's great!"

Then I never hear from them again.

 

[senior-advisor-indiana]

I will put them on a MA plan when they are for sale again. I would pput them on one months ago but it seemed that they had the money.

ITs funny, they live in a beautiful house and have little money. I talked to a guy that lived in a trailer one time, his house was disgusting and he had a beat up car, I think it was an 70's or 80's ???? Anyway, he had a little over 100k in a saving account and about 350k+ in an annuity. Thats when I learned not to judge someone's wealth by thier looks or property.

 

[Bob_The_Insurance_Guy]

These people have no respect for you, or what you do. They believe - and will continue to, until they are declined - that medical coverage is similar to auto coverage. It can be done over the phone, and they get coverage immediately.

I, also, get paid as-earned, with the exception of MA's. This avoids this situation altogether. Rather to be out $25 in your account than $250.