Best Health, Any Reason to Go Simplied Issue?

[Milkman1265]

Im looking at a lot of term stuff and is there any reason for a healthy young individual to not do a medical and just get the simplified issued?

I am p&c agent, i want to cross sell the 30 year mortgage protection.

I have mostly 25-30 yrs of age NEW home owners.

What simplified issue has the cheapest rate?

 

[LGilmore]

Good health means absolutely no reason to go GI unless the person is adverse to invasive procedures like blood and urine draws.

I tend to put it this way to people, the fewer questions a carrier asks, the higher the cost as they have already taken those non asked questions to heart. The more questions asked and answered, the cheaper the cost.

 

[TwiLight]

Im looking at a lot of term stuff and is there any reason for a healthy young individual to not do a medical and just get the simplified issued?

I am p&c agent, i want to cross sell the 30 year mortgage protection.

I have mostly 25-30 yrs of age NEW home owners.

What simplified issue has the cheapest rate?

No simplified issue Term is CHEAP..... They pay for it by as much as double what a fully underwritten case would charge.

You need to look at Non-Med limits for underwriting these young folks. Most companies offer a preferred rate over $100k and would require a paramed/blood & urine. Pretty easy to do and should be done for a low cost 30yr term policy.

Some offer a Standard Rate up to $249,999 on Non Med. Which is a higher premium.

The Simple issue plans build in a table 2-4 rating in their rates that are 50%-100% higher than a Standard Rate.

So do the math with your client and SELL Insurance and not what is easier for me.

 

[VolAgent]

He SHOULD get a fully underwritten policy.

BUT, it is his insurance. Show him the fully underwritten and simplified issued. Show him the rates, tell him what is required to get fully underwritten and how much he is paying to avoid an exam and then let him decide. If it is a big difference, and it almost certainly will be, I'd tell him I would go the fully underwritten route if it were me.

But ultimately the decision is his. Have both apps handy and write up the one he goes with.

Just my experience, I have found when you try to make someone who wants non-med go the med route, you get nothing. But if you give them the choice and let them decide, you generally get a med or non-med app.

 

[WinoBlues]

Ditto Vol. Especially that age group. They tend to want everything quick and easy. They want it done by email and text. Many times they will gladly run into a 7-11 and pay higher prices for stuff over a super market. Pay $4. For a cup of coffee.

Not just millennial though. Many of us buy on the Internet not just for price but ease.

Monday a 58 year old FE client called me to buy larger GUL. I had sent her an email quote a couple months ago. Showing both a NOACOLH GUL and Sagicor GUL. She is a busy business owner who's time is valuable.

I would give them a choice, agree with their decision and ink it. Next!

 

[Milkman1265]

agreed, i compared the term preferred plus vs simplified issue and the saving is significant....

But most of them are too "lazy" or "impatient" to do the urine/blood sample.

I will try offering both, but i tried with fully underwritten ones, and they always "get busy" when the medical examiner goes to their house.

I tried one simplified issue and if they decided to buy it they will just write an additional check on the spot, if they dont have to do much. When i say BUT you have to get a blood/urine sample, they have to think about it and look at their schedule.

I will try to put both on them on a flyer that i stick to their binders/policy renewals.

 

[VolAgent]

That is different. I thought this was where someone came into your office.

In that case, I'd just market the one I have been successful with and I prefer to sell.

When you are marketing, you can market whatever you want. Once they are in the store, then you can talk about all the merchandise you have.

IE. Walmart sells flour, but when was the last time you saw them run a tv ad to advertise flour?

 

[Josh]

My take on SI vs underwritten is that sometimes people get "surprised". I'd always give them both options and point out that SI is going to mean fast coverage; fully underwritten is less expensive, but might come back with surprises. If they do go for the SI and another agent comes along to try to sell fully underwritten, the consumer should realize why there could be lower rates and be less likely to move.

 

[Milkman1265]

is there such animal for simplified issue term w/ 100% rop?

 

[TwiLight]

is there such animal for simplified issue term w/ 100% rop?

Many are available.

Americo, UHL and I believe Assurity has one.