- 11,280
Monumental
- Thread starter papa
- Start date
- 16,916
I assume you meant #2, everyone knows LH is #1 for FE...
Sure they are. Yes, they are #1 in my mind anyway.
- 3,165
5 Star. At least they have good rates and they will take the DE card. That's a couple of reason to write them where Mon has none.
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I don't see anyone promoting writing those companies either.
But, I'll agree that they are better than the bottom of the barrel companies. They are mid barrel.
While thats true, if you had to write only 1 of the 2 & you picked 5Star, you couldnt write anyone under 50, and you're looking at 5-7 days to issue with each 5Star app (Assuming it didnt get "lost"), whereas Monu takes literally 1-3days typically. Also, while Monu might amend you to death, Ive never had any issues with them losing apps, not getting a billing date correct, getting EXACT info on a health question I have for a client, etc. While I would lose DE biz, you would lose biz on a lot of meds 5Star doesnt like.
Hey does anyone do Monumental in PA? Here is my issue. As many of you know in PA you need to fill out a disclosure statement with the cash values. I called Monumental and they told me to download the Windows based software and the cash values would be on the Illustrations. I said I would prefer a pdf file so I can use it on appointments I don't plan to take my laptop, she said download the software. I asked, what did people in PA do before the software, can I please get a paper copy of the CV's. She laughed. But anyways I downloaded the software, because sometimes there is a separate PDF file that comes with the software. So I Just ran an illustration the CV's off the illustration is not computed like the discloser form reads. Disclosure is for CV per 1,000 and the illustration is total CV. I know I can do some math, but I'm sure that there has to be some form of a paper CV table somewhere. I could see if the whole application was electronic, but I really do not want to lug around my laptop just for CV's.
Thanks for any input!
Thanks for any input!
- 15,041
Does the form have to be signed by or given to the client?
Some companies apparently just require you send it in with the app. If Monumental is that way, they just do it before you fax it in and don't worry about it.
Some companies apparently just require you send it in with the app. If Monumental is that way, they just do it before you fax it in and don't worry about it.
Yes, we have to leave a copy with the client. That was going to be next question as to how picky Monumental is on paperwork. I've read a lot of post that they are finicky.
- 19,035
They are anal on paperwork. I think they have a whole dept dedicated to finding something to amend.
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While thats true, if you had to write only 1 of the 2 & you picked 5Star, you couldnt write anyone under 50, and you're looking at 5-7 days to issue with each 5Star app (Assuming it didnt get "lost"), whereas Monu takes literally 1-3days typically. Also, while Monu might amend you to death, Ive never had any issues with them losing apps, not getting a billing date correct, getting EXACT info on a health question I have for a client, etc. While I would lose DE biz, you would lose biz on a lot of meds 5Star doesnt like.
I was asked to chose between 2 terrible choices. Monumental is not really going to cover anyone under 45 now anyway.
When I had both at my disposal I would write about 75 5 Star apps in a year and about 2 Mon applications in a year.
That's why I would chose 5 Star over Mon is those were the only 2 companies left.
Of course I would also chose to leave this business if those were my options.
- 1,764
The one big down side I don't like is they pay you too quick,I mean before the 1st premium is collected. Then if it's nsf,you won't find out for 20 days. I'd rather be paid when the policy drafts,issues. I don't like counting my chickens before they have hatched,nor do I like working my business in reverse 20 days later.
To me,this does not make sense.
To me,this does not make sense.
- 3,165
We've had this discussion before....rather they pay u on issue or draft, u can still get a NSF, so what does it matter? Id rather be paid on issue, why wait, when an NSF can still occur? Unless carriers start waiting to pay u about 15days AFTER the draft to make sure it doesnt come back, then an NSF can still happen either way.
