World paying 15 months of 1st year

[somarco]

9% higher than Golden Rule, and 11% higher than Assurant (standard rates). and 7 and 15% higher for preferred.

I know nothing about the policy differences, but unless World has much easier underwriting, why would a professional agent use them?

Well, here's a thought.

They won't ALWAYS be 9% higher.

Even BX (who is no longer as competitive as they once were in GA) still has good pricing in certain zips and age bands.

I use World mostly outside of Atlanta. Have not found them particularly competitive here (metro Atlanta). Sell almost exclusively the brokerage (Flex series) products.

Most of what I have used them for are high deductible plans (not always HDHP). They offer a $10000, $16000 & $25000 deductible with 100% coverage. I have a fair amount of $10's and a few $25's.

In most situations I do not go in with the idea of promoting one carrier over another, unless there are going to be underwriting challenges. Sometimes a situation dictates using KP or Aetna for underwriting while other situations call for GR, Time or World.

In general, World is much more flexible and realistic than Time. Both have similar ht & wt charts. The loads for certain conditions & meds are usually slightly lower with World vs Time (especially if the plan does not have copays).

World does a lot of private label stuff. Most of their private label products are so-so. If you like copay plans (I don't) you will find some private label plans with deductible & 100% that are competitive.

I use their Flex 100 (brokerage) in lieu of the GR Plan 100 in a lot of cases. Identical product. EZ app that can be issued in 3 - 5 days.

Since GR started using a HBQ on every case where hypertension is present you can't get a policy approved in less than 3 weeks. Unless the pricing is just so much better than World, I offer my client both and let them pick. Getting an answer in 5 days or less is preferable to 3 weeks and asking the client to follow up with their doc to get the HBQ returned.

GR shot themselves in the foot when they allowed some *** underwriter to start making the HBQ a requirement.

 

[somarco]

As earned is almost always monthly.

 

[J.R.]

Can somebody please explain to me what products World offers and how I can look at them?

I was told from a very reliable source they they market similar to Time (e.g., Assurant and John Alden products), however, I am not sure what plans are offered where and under whom? Thanks.


-J.R.

 

[somarco]

Since World private labels so many products, what you will see depends on the marketing arm you use. I was using AHP as my IMO. They offered the Flex products (as do all of them) as well as their own private label copay & HSA plans. Then I switched about a month ago and now have the NAIM products as well as the Flex series.

You can talk to 3 different IMO's in your area and see 3 different products on the private label side. Each will pay different commissions and each will have their own rate basis which may or may not be competitive for your market.

Their Flex product is a deductible then 50% - 100% coinsurance. You can add in copays (doc & Rx) as desired to make the product more expensive. You can also limit the amount of payout per annum to make it look like Right Start (but why would you want to do that?).

The private label side is mostly copay plans & HSA. Haven't seen the ability to strip out the copays so I don't pay much attention to them. All these plans also have coinsurance ranging from 50% (or maybe 60%) to 100%.

With the full product line from World, you can design just about anything you want. I like to keep my plans simple, just a deductible then 100% and try not to get too fancy. If someone wants a copay plan I use one of the shelf products like the BX plans, Coventry or Copay Select (GR). Haven't found anything exciting about the Time copay plans or anyone else for that matter. I will on occasion offer the World private label copay plan because of the 100% coinsurance after the deductible. A bit more expensive but just a way to differentiate from all the other "me too" copay plans that are deductible then 70% or 80%.

 

[CHUMPS FROM OXFORD]

World is very competitive in Ohio.

This may seem a bit odd...but I have NEVER run into anybody in Ohio with World coverage. I closely monitor who customers are insured with (and I have an admin person that calls our in-force business for auto, home and life).

Maybe I'm just missing them.

 

[Crabcake Johnny]

Do you have any decent personal experiece with them Somarco when people are on standard meds? One HBP med or one high cholesterol? I only sell high deductible plans and how they're pitching me is they'll be more lenient then Assurant when it somes to conditions that are under control with medication.

To be honest, the apps looks at bit daunting. Assurant only goes back 5 years on EASE and World goes back 10 years. That extra 5 years could be scary.

However, if I can place some business with World's HDP and clients on meds will get better treatment than Assurant that's what I'm after. I'm not sure about riders - I won't have my clients sign any. Then I'm off to Aetna.

 

[somarco]

people are on standard meds

No copay plans, rating varies by age for GERD, cholesterol & M/N meds.

Cholesterol - 30% under age 34; 20% 35 - 49; 10% age 50+

GERD - 20%, 15%, 10%

M/N - 15%, 10%, 5%

Loads are per med.

Two cholesterol + 1 GERD for age 40 = 20 + 20 +15 = +55%.

HBP meds are 5% regardless of age.

Of course the starting rate makes all the difference in where you end up. World could start out higher on the base rate vs Time and end up lower on the back end.

Unless I am doing a copay plan (and I try to stay away from it) I use the EZ app. They are supposed to have online quoting & app by the end of the year but who knows?

World offers riders on some situations just like Time. Look thru the underwriting guide for ER. Riders & rate ups are based on the severity, treatment plan and how long since last treatment or symptom. The more time the better. Some things have only a 6 month window before they will consider standard or rate up while others are longer.

 

[cadylou]

World is not competitive in my markets in MO & KS. They are also not so easy to do business with - paper apps, etc. The only thing I've heard about them that is favorable is the maternity option that allows some coverage with no waiting - but, it's minimal & I've never had any instance where they were the company of choice for any reason. I'm licensed with them, but have not written any business with them. I'm dumping them from my line.

Assurant is much more popular and less expensive if you're comparing the two. (again, I can only speak for my market)

 

[Crabcake Johnny]

Online apps now. Can't speak about underwriting but I'll be finding out.

 

[somarco]

The online apps are only for certain products, and only in certain states.