Originally Posted by dgoldenz
They don't care that you're doing face to face sales. An insurance agent is a pretty easily defined occupation class. I was given a Class 4 when I bought my Guardian policy a few years ago, can get a Class 5 with income over $100k, 5 years in the business, and a designation like CLU/ChFC/CFP/MDRT/etc.
Assurity is also going to split the benefit amount between total disability and SSDI rider, which sucks when you can get a true own occ definition with one of the better companies on the full benefit amount.
You know I dont disagree about Guardian being a better policy than Assurity. It is what I personally own. Yes they give most agents Class 4 with move up opportunity.
But this is a situation where the actual Job Duty, might not fit Guardian's definition of the Job Title. And those differences could be exposed during the phone interview.
- I am going to make some assumptions here and Matt can correct me if I am wrong and he wants more specific advice.
The average FE agent's job duties better fit the description of an outside sales rep. Very similar to a real estate agent in a lot of ways. I would bet that Matt exerts twice the amount of physical energy each day from work that you or I do. Many FE agents will regularly prospect door to door in an area after a sale. The average FE agent drives more and walks more than agents in other lines of insurance, mainly because they usually work 2x to 3x the amount of appointments. And Matt runs a crap load of appointments each day if I remember correctly from reading his posts.
My point is that when they describe their typical work day on the phone interview. It is going to sound a lot more like a Realtor or Outside Sales Rep. And those are Class 3 with Guardian. And within the "Sales" guidelines, it specifically lists inside sales and office based sales as Class 4 vs. outside sales as Class 3.
So I wouldnt be surprised if they gave him Class 3 instead of Class 4 with Guardian or most of the other usual white collar options. Which might start making it cost prohibitive to cover the entire amount he will want. Just depends. Guardian will turn down some types of outside sales reps from what my internal rep told me once.
In my experience this is the kind of client that you definitely get an informal UW opinion on before submitting the app. Just so that there are no surprises when it issues.
the best DI policy hands down is Guardian Life (Berkshire). It is what I personally own and it is what I almost always look to first to see if they will work for the clients occupation and premium comfort. When you compare it feature vs. feature with the others it almost always has a slight edge.
Their rates are actually pretty reasonable as well in a lot of situations.
The way I would handle this for a client is to first get an informal opinion from Guardian on your Occupation Class. Then you know if they are a possibility, and if so, what the premiums will most likely be.
Then compare them to Assurity and maybe one other such as Principle.
Guardian will have the best benefits, but if you come in at Class 3 with them, then they will also be most expensive. And you will likely come in at Class 3 with Principle/Standard/Others if you do at Guardian. Which could make them steep on price compared to Assurity.
But it is all guesswork until you get an informal opinion. I have had way too many surprises in the DI world with occupations that are not the typical job duties for the job title. The last thing you want is to do paperwork, do lab tests, and wait 1-2 months, just to find out they rated you a 3 and it totally throws you for a loop on the premiums.