$100 investment

somarco · 10-28-2007, 08:51 AM

A marketer sent me a solicitation for a guaranteed issue health plan.

No health questions, no ht or wt questions, only requirement is a 30 hour work week.

He is also offering access to his uninsurable lead source. I pay $100 for 100 leads.

I think I know the product, and I have used it with limited success before. I plan on fleshing this out on Monday.

Question is this. I have never made a push for uninsurables. When I have run into them in the past it is usually the same story.

They want full coverage (as in true major med including Rx) but don't want to pay a lot of money.

Have any of you worked the uninsurable market and made money on it? I know some folks who have aggressively marketed discount plans & made money but that never appealed to me.

On one hand, it is only $100.

On the other, it could be a total waste of my time.

Thoughts?

TXINSURANCE · 10-28-2007, 11:32 AM

You need to do more homework.

This plan is VERY likely an ASSOCIATION plan - make sure you DOI approves the sale of such product. The reality is most of these products go under at some point and / or don't pay out claims.

I know SEVERAL agents who have had law suits and DOI fines up to $10,000 per case sold because their plans were not DOI approved - just do your homework is my point.

I am sure there are some good mini meds out there - just be careful.

Also $1 per uninsurable lead IMHO is over priced. This is an angry crowd expect to be treated like dirt these people are mad at the world.

Also most states have a Risk Pool or HIPAA plans - this truly makes the most sense for the consumer (IF they can afford it of course). I know in TX some of the mini meds are $200 to $500 per month which in some cases was far more than our outstanding Risk Pool which is a BCBS plan.

Just make sure you do your homework and do the right thing for the consumer.

somarco · 10-28-2007, 02:55 PM

I am very familiar with what is, and is not approved in my state. I never take on a new offering until fully researched.

GA does not have a risk pool. Most of the folks I have talked to in the past who would have/could have qualified for HIPAA plans can't afford them. Many have been without coverage for longer than 63 days and are no longer eligible for anything under the HIPAA umbrella.

I did email the marketer. Seems this is a plan from Protective. No other details at this point. Waiting to hear from him.

The little bit of info makes it appear to be an indemnity plan similar to the product available from AIG and a few others.

TXINSURANCE · 10-28-2007, 05:43 PM

I am very familiar with what is, and is not approved in my state.

Then run away from it.

I have one from VBA if you want to play with my web link to check it out - PM me for details.