Insurance Agent Forum

[Golddoor]

How do you submit apps with no money down? I seen that advertised on Johns door hangers and also on some local health insurance agents ads. I was always under the assumption that the first months premium had to be submitted with all health insurance applications?

[CHUMPS FROM OXFORD]

Each company is different. Blue Cross (in Ohio and In) does not require any type of advanced payment.

[salpro22]

Originally Posted by Golddoor

How do you submit apps with no money down? I seen that advertised on Johns door hangers and also on some local health insurance agents ads. I was always under the assumption that the first months premium had to be submitted with all health insurance applications?

Assurant offers a COD option here in MD. I am not sure if that is across the board.

[healthagent]

Assurant has quarterly which is no money down, same as Blue Cross here which will bill you after you're approved. Submitting apps with no billing info at all is important to some people.

Also, Aetna, Assurant, Blue Cross, and Kaiser won't debit your account even if you provide billing information until the policy is approved. That's no money down. Just in case an adverse underwriting decision comes out the client doesn't want to accept they don't have to wait for a refund.

Golden Rule is the only carrier in my state that requires money down. Oh...and Mega.

[STIBROKER@AUSTIN.RR.COM]

Originally Posted by Golddoor

How do you submit apps with no money down?

On line app's..................

[healthagent]

You can do an online app with GR and it's still money down. To me, money down is when money is taken before underwriting is finished.

[Golddoor]

Originally Posted by STIBROKER@AUSTIN.RR.COM

on line app's..................

Online apps? Even with Unicare? When I tried to submit an online app with Unicare it rejected it and wouldnt send it?

[K-Dub]

Golden Rule is the only company I know of that will debit your CC or checking account before underwriting is started.

[healthagent]

.....and Mega.

[Golddoor]

Originally Posted by K-Dub

Golden Rule is the only company I know of that will debit your CC or checking account before underwriting is started.

Thats just plain stupid. I glad I dont write for GR!

[healthagent]

What I used to have is clients backing out from signing the riders even after they agreed. Now they find out it's 30 days to get a refund and they're be mad. On top of that, most people aren't thrilled with their account being drafted before the plan's been approved. Neither am I. You have MIB hits, APS's and other deal killers and the client shouldn't have to put money down. If there's an unexpected adverse decision I'll recommend another company and just make that app dead. Not an issue when no money's been taken. Big issue when money's already been taken.

And that's the point with the way GR does business. They want to take the client out of the market. If a bad decision comes down and the broker wants to put them with another company now the client could be out two premiums before they get the GR premium refunded.

[somarco]

I have no problem asking clients for money with app. If they wont give you money with the app, you really don't have a deal.

Old habits are hard to break. Money means a commitment to doing business.

[healthagent]

I have a deal regardless. I'd much rather the draft occur after the decision. Again, if the decision is bad I'm not going to recommend my client accept the offer. That's why I'm a broker. I juggle people all the time - Aetna says 25% then hits 'em with 75%? No deal. GR says a condition probably won't get a rider yet it gets ridered? No dice. Assurant says it'll be a CDS but ends up issuing a rider? Nope. In those cases I don't want people waiting for a refund.

I also had clients with no problem telling me they'd sign the GR rider. Then it comes with their policy and after they read it decide not to take it. Clients shouldn't pay until the company reaches their verdict.