Kemper
- Thread starter dobi
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johnshawareb
New Member
Yes they are GI and will take anyone. They will have a 24 month waiting period at 120% return of premium.
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It's considered ROP
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You do realize that if they die early you will owe the commission back, right?
Kemper has a 1 year charge back for non-accidental death.... The lowest for GIWL plans that I have Seen.
100% months 1-6 and 75% months 7-12.
How do chargebacks for a death in the first year work with policies that are NOT FE or written by FE companies?
For example, a NYL client dies in his first year from some random illness, something he did NOT have at the time of the application, will the agent get a chargeback? Or is this just typical with FE?
For example, a NYL client dies in his first year from some random illness, something he did NOT have at the time of the application, will the agent get a chargeback? Or is this just typical with FE?
Non-Accidental Death Charge backs as described apply mostly to Guaranteed Issue companies.
FE and Full underwriting do not have charge backs with immediate coverage. FE does experience full recession of policies where they experience claims that are disputed in the 2 year incontestable period and you will owe all commission paid if the company does this
Each company does it differently. Check your contract. Some underwritten companies charge-back on death in the first year and some do not.
I was talking with another agent this week who told me he got a charge-back on an AG term policy that was several years old. client paid premium on Aug 1st and died on Aug 5th. He was charged back for this months commissions on that policy. That was a new one on me.
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I've looked into this with my company. It might be because I'm a Career agent but MoO's GWL does not give me a chargeback even if they die a month after the policy is issued, I believe that the GWL is only offered to career agents though.
on the broker side there is something called living promises which is graded but I don't think its GI. I always wonder why I don't see more MoO agents on here, the contract is legit.
I have confirmed this with my compensation department, and have been thinking of a tactful way to approach hospice type clients. If anything ROP plus 20% isn't a bad shake. I don't know of one investment that will guarantee a 20% return.
on the broker side there is something called living promises which is graded but I don't think its GI. I always wonder why I don't see more MoO agents on here, the contract is legit.
I have confirmed this with my compensation department, and have been thinking of a tactful way to approach hospice type clients. If anything ROP plus 20% isn't a bad shake. I don't know of one investment that will guarantee a 20% return.
