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I have yet to find or even hear of any independently sold accident plan that doesn't put people through the ringer when they file a ...


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Old 05-07-2007, 04:52 PM   #21
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I have yet to find or even hear of any independently sold accident plan that doesn't put people through the ringer when they file a claim. It's always "missing" information which goes on and on and on. I was signed up - as was Jesse - a few years back for the NAIB's accident plan. That was until everyone got a cease and desist email. Lol. There are indeed a few floating around out there that appear to be legit. Not enough savings over Suite Solutions to make it worth while for me to offer it.
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Old 05-07-2007, 04:52 PM   #22
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somarco on Critical Illness - Insurance Agent Forum
 
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I usually don't offer add-on benefits. Most of my clients buy HDHP/HSA and don't need to clutter their life with additional premiums. If they don't buy the HDHP, they go with something like Plan 100 from GR, again without the frills.

If you have a solid major med, you don't need the other stuff.
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Old 05-07-2007, 05:01 PM   #23
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Don't know. My son just came from the ER after hitting his head. Glad I only owed $100.

$40 a month for a $5,000 benefit is 10 years of benefit before you've paid $5,000 in added premiums. I think that's a fair bet.

Many of my client's have maxed it out - full $5,000 benefit. I offer everyone and let my client's decide. I don't fail to offer it - then you're deciding for your client which is unfair. In the case of GR it's neither here or there - their accident protection is a joke.
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Old 05-07-2007, 05:25 PM   #24
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I offer, then talk them out of it most of the time.

The accident benefit is fine, but the rest of the stuff will probably never pay off.
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Old 05-07-2007, 05:40 PM   #25
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Granted. I think Select Solutions is over-priced and I don't like the way the critical illness policy is written. I only write Secure and tell clients don't count on the disability.
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Old 05-07-2007, 05:46 PM   #26
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Originally Posted by john_petrowski View Post
Granted. I think Select Solutions is over-priced and I don't like the way the critical illness policy is written. I only write Secure and tell clients don't count on the disability.
I have the entire CI policy for Select Solutions.
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If that is the case what made you pick Select versus Secure?
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Old 05-07-2007, 06:25 PM   #27
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Bob,
I'm with Petrowski on this. It does what it says it will. I've had a $1350 accident claim for myself reimbursed in 2005. Its paid every legit accident claim for all my Assurant policyholders. It paid a $4100 surgery claim for a broken thumb that needed a complex surgical repair (less the $100 deductible) in 2006 on a family HSA plan with a $5400 deductible. Needless to say that customer was pleased.
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Old 05-07-2007, 06:28 PM   #28
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In my market, there are alot of family HSA plans that cover an extensive array of upfront preventative care. The Secure Solutions helps compete with those products because the customer likes to know they're getting some form of upfront coverage even on a HDHP. That's the main perk for the Assurant One Deductible when I'm comparing HSA compatible plans for customers.
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Old 05-07-2007, 06:29 PM   #29
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Originally Posted by salpro22 View Post
If that is the case what made you pick Select versus Secure?
My bust - Secure not Select. Again, I have the entire CI policy for Assurant's Select Solutions - hate how it's written. Can't see any time when a CI claim would be paid.
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Old 05-07-2007, 07:02 PM   #30
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Originally Posted by john_petrowski View Post
My bust - Secure not Select. Again, I have the entire CI policy for Assurant's Select Solutions - hate how it's written. Can't see any time when a CI claim would be paid.
Agreed. Better to put that extra money towards a nice disability policy.
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Old 05-07-2007, 07:14 PM   #31
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If someone wants an accident benefit, sometimes the SS works out, sometimes not.

When I am not using Time the GAP plan (Loyal American) is available stand alone for $195/year for a $10,000 accident benefit with $0 deductible.

That is a per person price. Not bad for one person. Get's pricey if you add it on a large family.

I do have the option of offering each family member different benefits, anywhere from $0 to $10,000.

Just never been big on selling supplemental benefits. Most of the supp benefits are commission generators that never pay off (except for accident coverage). Problem is, you can't unbundle most of them.

GAP is diffferent. Everything is built around the accident plan. If someone really wants a CI or cancer rider they can have it.
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Old 05-07-2007, 07:50 PM   #32
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Thanks for the info.

Were you able to obtain a sample contract for their products?

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Last edited by salpro22 : 05-07-2007 at 07:52 PM. Reason: Incorrect word usage
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Old 07-26-2009, 02:23 AM   #33
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Is there any american companies offering CI (Critical Illness) insurance online ?
I know 2 companies in Canada and trying to sell online but it has so many restrictions and problem.
- - - - - - - - - - - - - - - - - -
It is here Buy Critical Illness Insurance Canada: All Canadian Life Insurance Co Selling Critical Illness Insurance

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Old 07-26-2009, 02:31 AM   #34
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I am selling a lot of critical illness policies, but I am in Canada.
To find a list all Canadian CI insurance companies providers you have to search buy critical illness Canada by Google.
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Old 07-26-2009, 09:35 AM   #35
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Somarco: Serious question: Why and how does it matter that the mutual of Omaha CI product is a health product verses a life product. I understand that the other CI products are also a life product (built on a life chassis) but how is the Mut. of Omaha CI product a health product and why does that matter (or make it better) in your opinion?
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Old 07-26-2009, 01:59 PM   #36
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Taxes.

Life based CI policy payouts are a taxable event unless you are going to die in the next 12 months. Health based plans aren't subject to that limit.
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Old 07-27-2009, 09:14 AM   #37
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Somarco: Very interesting, very informative. None of the CI policies built on the life chasis state this upfront. Wonder why? Makes your CI payout much much less I guess. How does Mut. of Omaha make their CI product a 'health' product verses a life product? Maybe then if you buy Mut. of Omaha CI and die you get no death benefit?
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Old 07-27-2009, 10:07 AM   #38
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Life carriers (and smart life agents) don't give tax advice. The CI benefit payable on a life chassis is considered an accelerated death benefit (unless the carriers have figured a way around this). As such, you need to die to avoid the tax.

MOO filed their product as a health plan. A bit more complicated and the pricing is higher than life based plans but it is a pure health product.

If you have a major med policy and die there is no death benefit. Why would there be one under a health insurance based CI plan?

I suspect LTCi riders on life plans will have the same issues but can't say for sure.
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Old 10-14-2009, 09:10 AM   #39
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Originally Posted by InsuranceDan View Post
Also be careful of CI policies that are nothing more than an overpriced rider that just subtracts from the death benefit. There are some CI companies that actually have good riders are very equivalent to their stand-alone Critical Illness policies.
Who would those be? Thanks.

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