Just wrote a couple that have a DE card that's expiring next month. I'm assuming they'll get an updated card by the beginning of the month. I'm just wondering if that's something the company works with them on, or does the agent have to go by and get a new payment authorization form signed?
Direct Express Card Expiration
- Thread starter Speck
- Start date
- 19,049
Depends on the company. Trinity/FBL sends a notice to the insured and the agent a month before the expiration. The person can call in with the new info but usually I have to help.
Trans didn't notify me at all on one expiring. Just sent a notice a couple weeks later that it didn't go through.
I've heard from others that SNL doesn't notify the agent. I haven't had one with them to speak from experience.
The real problem is that they don't get the new card until just a few day before the expiration date.
Actually I was going to start a subject on this a while back. This could be a long term problem for persistency . Snl does not notify you. Guy had the policy 10 months. Phone # was disconnected and he had moved. Another problem is when they lose a card and get a new one. By the time you find out they're 1 payment behind and with most Fe people that's death. Just another reason debit express is bad business
- 16,923
This is going to be a huge problem for the companies more than for the agents.
If someone lapses that was on the books 10 months and it takes 2 or 3 premiums to catch them up plus some work on the agent's part...
What do you think will happen more often than not?
If someone lapses that was on the books 10 months and it takes 2 or 3 premiums to catch them up plus some work on the agent's part...
What do you think will happen more often than not?
- 29,527
Exactly what I did a couple of weeks ago...write them with another company. It was the only option.
- 25,063
One solution would be that the agent adds a reminder in his CRM/calendar to call them. Easy to do. Gives you a reason to call. I am not going to do it, though.
Just like some people choose not to write GI, I choose not to write DE type business. Not saying never but I will walk away from it if there is even a hint that it will lapse. Many ways to do what we do.
NAFEOA.
Just like some people choose not to write GI, I choose not to write DE type business. Not saying never but I will walk away from it if there is even a hint that it will lapse. Many ways to do what we do.
NAFEOA.
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- 29,527
I judge each situation differently, but sometimes you just know they won't stick. I won't write any more money order business.
NAFEOA = Not A Final Expense O(?) Agent?
Obviously that's why ngl walk away from credit/debit card business. So far I've had good luck with Trans on this but I also know when it comes up for renewal unless they're contacted ahead of time its over.The problem with rewriting the debit express business is few co's take it plus many of the people I've written have specific problems such as being huge or blood thinners were trans is it with debit express.
- 6,995
I've had two situations where they didn't get the new DE card until after the expiration date. Like two weeks late. Talk about a headache.
But as was previously mentioned, this is more problematic for the companies on the agent. We can just rewrite with the new company.
But as was previously mentioned, this is more problematic for the companies on the agent. We can just rewrite with the new company.
Yea if you have another carrier that takes DE that can get it correct.
