Individual Accident Insurance

[Norwayguy]

I just started selling that. My focus before health insurance ended, I sold health to get in the door and sold life, CI and DI. That why I was asking. Now that health insurance is basically done until November I've had time to start looking around.

That why I was asking. MoO. I believe once upon a time I was contracted with them.... But at the time back theny focus was Assurant with cross selling other products. I will look again at their product. I prefer the straight DI Insurance over acciflex. Does that have a ROP? The Acciflex is very affordable even with a return of premium. Also, I've heard good things about moo, but never had experienced claims paying....I've had half a dozen clients receive fast paying claims through Assurity. I really like the way they operate and work with agents and claims.

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Posting from phone. Please pardon typos

I am not currently appointed with Assurity and was asking what people found so great about acciflex. I know it is affordable but when you build a compatible accident only do plan with MOO I found MoO to be cheaper and with more flexibility on elimination period and benefit periods....I do notice a huge difference on commissions, I believe Mark Rosenthal offers 105% on acciflex though renewals are 1.5% compared to what 60% on DI?

 

[deadhead]

Loyal American...............................

 

[Lakshmi]

Ok, the AcciFlex Assurity product accident only has a ROP. I see that the short term accident and sickness does have a ROP, but not the accident only.

What I am liking about AcciFlex also is that I would add up to $250,000 in accidental death benefit as well, whereas, the MoO pays beneficiaries a lump-sum amount equal to three times the total disability monthly benefit, payable at the time death, which seems to me would only be up to $15,000. Not much.

I deal those who have a little more risk of death in one of my main niches. So, as far as an accidental death is concerned, so that higher death benefit is nice.

I do see benefits that are good about MoO as well, and I do like the total disability they have. I just wouldn't use the MoO accidental only with most my prospects, but that's just me. One selling point I will be using is the ROP, simply because every other product I have sold that has a ROP option has brought major positive results.

I also, as an agent, would really like that fast turn around of one day with e-apps and that's guaranteed. Not sure if MoO does that.

MoO is a nice product, but so is Assurity's. Both companies are highly reputable.


JMO.

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Norway,

Also, I am not sure how they figure how to assign commissions, but I am at 60% for disability and critical illness and 95% for Acciflex and most life products. There are a few life products I am only at a 85%. Not sure why I have a lower AcciFlex Commission? But, after a sell a lot of it I am asking for a higher break down...that's something Assurity will work with you on.

I am on my own. I'm not at an agency. Basically, a one woman show with only two agents under me. For now, that's how I want it. But, that might be why the lower contract with AcciFlex and Life.

I'm happy with these contracts and if you use e-apps, their turn around for simplified plans is jet fast on clean apps and if you actually do the app with your client present online, vs. the email method .

 

[Norwayguy]

Ok, the AcciFlex Assurity product accident only has a ROP. I see that the short term accident and sickness does have a ROP, but not the accident only.

What I am liking about AcciFlex also is that I would add up to $250,000 in accidental death benefit as well, whereas, the MoO pays beneficiaries a lump-sum amount equal to three times the total disability monthly benefit, payable at the time death, which seems to me would only be up to $15,000. Not much.

I deal those who have a little more risk of death in one of my main niches. So, as far as an accidental death is concerned, so that higher death benefit is nice.

I do see benefits that are good about MoO as well, and I do like the total disability they have. I just wouldn't use the MoO accidental only with most my prospects, but that's just me. One selling point I will be using is the ROP, simply because every other product I have sold that has a ROP option has brought major positive results.

I also, as an agent, would really like that fast turn around of one day with e-apps and that's guaranteed. Not sure if MoO does that.

MoO is a nice product, but so is Assurity's. Both companies are highly reputable.

JMO.

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Norway,

Also, I am not sure how they figure how to assign commissions, but I am at 60% for disability and critical illness and 95% for Acciflex and most life products. There are a few life products I am only at a 85%. Not sure why I have a lower AcciFlex Commission? But, after a sell a lot of it I am asking for a higher break down...that's something Assurity will work with you on.

I am on my own. I'm not at an agency. Basically, a one woman show with only two agents under me. For now, that's how I want it. But, that might be why the lower contract with AcciFlex and Life.

I'm happy with these contracts and if you use e-apps, their turn around for simplified plans is jet fast on clean apps and if you actually do the app with your client present online, vs. the email method .

Thank you this is a great breakdown of someone using acciflex. I am not normally a ROP person so did not even look at that in the comparison and since the accidental death is a requirement of the product can be a nice addition. My question is are your customers ready to go 4 months without an income?

 

[Lakshmi]

In most cases, yes, they can sustain for 4 months. Most families I deal with are beyond 100k annual income and have a safety net (as well as by the time I'm done, they have CI and hopefully DI.

What would a premium be for MoO comparable plan with zero or 14 day elim period, for a 53 yr old male? I am curious.

I do think MoO serves a purpose. There is a place for it in agents bags, but I doubt I'd use it that often. The biggest reason I probably wouldn't use it often is because after health ins, I use life, then CI, then true DI (less often). It's the way I sell. By the time I will get to AcciFlex, most angles are already covered. I've never been a fan of Accident only insurance. But, in the case of less insurance minded people, or lower income people, the accident only would serve a purpose--or for people who are lower income and/or higher risk occupations. I do like the MoO flexibility in regard to zero elim period, etc.

 

[Norwayguy]

In most cases, yes, they can sustain for 4 months. Most families I deal with are beyond 100k annual income and have a safety net (as well as by the time I'm done, they have CI and hopefully DI.

What would a premium be for MoO comparable plan with zero or 14 day elim period, for a 53 yr old male? I am curious.

I do think MoO serves a purpose. There is a place for it in agents bags, but I doubt I'd use it that often. The biggest reason I probably wouldn't use it often is because after health ins, I use life, then CI, then true DI (less often). It's the way I sell. By the time I will get to AcciFlex, most angles are already covered. I've never been a fan of Accident only insurance. But, in the case of less insurance minded people, or lower income people, the accident only would serve a purpose--or for people who are lower income and/or higher risk occupations. I do like the MoO flexibility in regard to zero elim period, etc.

On my cell right now but will pull up the rate I will also need an occupation and smoking status as well.

 

[Lakshmi]

Cash crop sugar beet farmer, who operates heavy machinery regularly.

He is a non-smoker, but that really doesn't matter for accident only.

He's a class II on Assurity. He already has a true disability as well, but he actually likes the ROP AcciFlex. This particular guy is truly over insured though, but if he insists....gotta give him what he wants.

 

[Norwayguy]

Cash crop sugar beet farmer, who operates heavy machinery regularly.

He is a non-smoker, but that really doesn't matter for accident only.

He's a class II on Assurity. He already has a true disability as well, but he actually likes the ROP AcciFlex. This particular guy is truly over insured though, but if he insists....gotta give him what he wants.

Well sighing carrier guidelines at least, benefit amount and length? Still on the road but when I get back I will run the numbers.

 

[Lakshmi]

Norway, this particular guy wouldn't need a zero elim period...the farmers I deal with over here, really only get paid once a year, and this one makes over 250k minimum, gross adjusted income annually. He jokes and says he could sell just two tractors and live for 5 years without an income.

I really just want a comparison, for future reference for those who could use the zero or 14 day elim period and the flexibility. So, if you don't have time, that's ok. But, if you do have time, lets just hypothetically go with:

zero or 14 day elim period, $1500 monthly benefit, for two years. I just ran one of these the other day for a 53 yr old car detailer, so maybe even just do it with that occupation class.

His quote $47 and change with a ROP, waiver of premium, 100k accidental death benefit, 2 year period, $1500 month. I haven't ran this appointment yet..it's Tuesday.

Here's the break down:

Base Premium $9.15
Accident Only Disability Income Rider ($1,500) $14.77
Waiver of Premium Rider $1.97
Return of Premium Rider $21.75
Total Premium (Monthly) $47.64
Face Amount $100,000

Again, only if you have time. I've already learned something new from you and appreciate it and I don't want to take up to much of your time. Thank you.

 

[Norwayguy]

Norway, this particular guy wouldn't need a zero elim period...the farmers I deal with over here, really only get paid once a year, and this one makes over 250k minimum, gross adjusted income annually. He jokes and says he could sell just two tractors and live for 5 years without an income.

I really just want a comparison, for future reference for those who could use the zero or 14 day elim period and the flexibility. So, if you don't have time, that's ok. But, if you do have time, lets just hypothetically go with:

zero or 14 day elim period, $1500 monthly benefit, for two years. I just ran one of these the other day for a 53 yr old car detailer, so maybe even just do it with that occupation class.

His quote $47 and change with a ROP, waiver of premium, 100k accidental death benefit, 2 year period, $1500 month. I haven't ran this appointment yet..it's Tuesday.

Here's the break down:

Base Premium $9.15
Accident Only Disability Income Rider ($1,500) $14.77
Waiver of Premium Rider $1.97
Return of Premium Rider $21.75
Total Premium (Monthly) $47.64
Face Amount $100,000

Again, only if you have time. I've already learned something new from you and appreciate it and I don't want to take up to much of your time. Thank you.

Okay sorry for the delay wifes car had a problem with the transmission linkage calls me in a panic, not like I was going to do anything more than what I did which was call a tow truck and get it into the garage

I ran the quote based on your 47 year old car detailer. I ran him as a 1A Automobile dealership washer/polisher. Monthly Benefit $1500 24 month benefit period Accident Only NO ROP as it is not available on the AO.

Zero day elimintation period $68.43/month
14 Day Elimination period $36.57
90 day elmination period $8.85 so the cost is comparible when you compare the same elimination period and benefit period.