Quarterly Direct Bill

[bill3173]

I just did an FE app with $300 QD. The applicant told me that nobody was willing to write the app, because he didn't have a bank account. I ususally pass on these, but not this time.

It has been years since I did a quarterly direct life policy, since in my experience, the first premium is the only one that's ever paid. Does anyone actively write QD and what's the retention rate, if you're not constantly calling/collecting when payment is due?

I've only had a few that worked out, but that was a long time ago, when people were still paying bills with checks, etc.

 

[jdeasy]

I just did an FE app with $300 QD. The applicant told me that nobody was willing to write the app, because he didn't have a bank account. I ususally pass on these, but not this time.

It has been years since I did a quarterly direct life policy, since in my experience, the first premium is the only one that's ever paid. Does anyone actively write QD and what's the retention rate, if you're not constantly calling/collecting when payment is due?

I've only had a few that worked out, but that was a long time ago, when people were still paying bills with checks, etc.

As a whole the direct bill of any form other than annual is not good business. But some work out. I won't write direct bill if I met the person from a lead card. I will sometimes on current clients or referrals.

But everyone has an account. Well, not everyone. The government makes a few exceptions and sends checks. Those exceptions usually are mental issues and stop from writing life too. Except for GI.

 

[bill3173]

But everyone has an account. Well, not everyone. The government makes a few exceptions and sends checks. Those exceptions usually are mental issues and stop from writing life too. Except for GI.

This guy is not on SS and is in the younger range for FE, and works full time. We'll see how it goes, I probably will call him to make his payment every quarter, since he'll be the only one that I have like that, and the premium is larger than avg.

I probably wouldn't have done it for a $50 quarterly premium, but he deals in cash and happily coughed up $300.

 

[WinoBlues]

I have rarely offered Quarterly. The majority of ones I have done have been younger small business owners. I seem to remember United Home Life. The ROP term.

 

[theinsuranceman]

Senior Life stopped taking quarterly direct bill a couple of years ago. Horrible persistency. Monthly direct bill with Dir Express has better persistency than quarterly anything. Much better to say "Bill had you rather pay this once a year or once every 6 month?

 

[jdeasy]

Back in my termite days my upline would say it’s fine to do quarterly as long as you are ok with getting a quarter of your commissions.