New Guaranteed Issue Product From AIG

100% charge back on as earned first 6 months and 50% on 7-12 for lapses??

Wait a second- AIG wants me to spend my own money for leads, do all the leg work and they get to keep all the premiums????

Have another beer AIG
 
Its a GI product with no phone interview. I don't mind the 100% repay.

Its GI. ??? There is huge risk in it being GI so if it is solid business then the chargeback issue...isn't an issue. It's when agents write it to get the sale is when this becomes an issue. This is way better than Kemper. NGL is very quick to come after debt. Gerber isn't worth it.

This product will be good to write for about 2-3 years and they will start cutting back. We just grabbed it and I can't wait to offer it.

Why is Gerber not worth it? 60% commission and no charge back for lapses.

Gerber also has an E-app and it takes literally 5 min.

I would never send business to a carrier that takes away my earned comission on lapses.

$150 a month premium that lapses the 12th month is a $1300 chargeback.
 
Why is Gerber not worth it? 60% commission and no charge back for lapses.

Gerber also has an E-app and it takes literally 5 min.

I would never send business to a carrier that takes away my earned comission on lapses.

$150 a month premium that lapses the 12th month is a $1300 chargeback.

Of course it's no chargeback for lapses? LOL They pay as earned.

Thats why its not worth it. My agents like getting advanced.

Hope this helps.
 
Of course it's no chargeback for lapses? LOL They pay as earned.

Thats why its not worth it. My agents like getting advanced.

Hope this helps.

There are companies that charge back as earned comissions if the plan lapses during the first 6 months or year and I thought I read that AIG did that on the GI.
 
There are companies that charge back as earned comissions if the plan lapses during the first 6 months or year and I thought I read that AIG did that on the GI.

Even if that was the case with Gerber...then it wouldn't matter whether it be advanced or PAE. My point to him was simply most agents(and they all tell me) they don't care to write Gerber because they PAE. They would rather get advanced and take the chance of a chargeback.

So it works out either way if the agent gets advanced or PAE and get chargedback the same way...why not take the advance then?

I don't have an answer for you on AIG as fact. We have been writing them since they came out and only have had about 6 chargebacks in our entire agency. They typically happen on 1st payment.

BUT...thats all bank draft. I don't allow anyone under my umbrella to sell direct express or CC with them or any of my carriers.
 
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