Umm your client does realize that every time he writes a check to the insurance company he is giving them the same information that the insurer needs on the eft form. Plus every insurance company converts checks to efts anyway. Paper checks aren't flown around the country anymore.
Which Life Insurance Carrier Allows Premiums to Be Submitted Monthly?
- Thread starter jward01
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- life insurance
- 15,041
Yes and no. The insurance company still needs to present the physical check to their bank, perhaps just a scan, but they do have to posses the physical check. Also, the check is a one time transaction, not an authorization for reoccurring deductions.
Again though, someone who doesn't trust the insurance company to properly bill but does trust them to cut a check isn't exactly the most rational and logical person out there.
- 24,940
I disagree. I have had this occur a few times. Mostly business client. They still buy from me just pay monthly or in a different mode. In my case they have pretty good persistency.
maxherr
Expert
- 67
I'm sticking with the idea that the agent is at fault for not developing the necessary trust element. Tom Hopkins, one of the best sales trainers I've ever met, says it best: When you first meet a new prospect, you have about 1 minute to get that person to know you, like you, and TRUST YOU enough to want to do business with you.
- 15,041
If the person wouldn't give up a social and hand a live check to the agent, I agree with you. But when they do that, but won't agree to EFT, the problem is not lack of trust in the agent.
- 24,940
We have just had different experiences in our short careers.
It has nothing to do with not trusting the agent.. It has everything to do with not trusting the insurance company and the bank. If you have ever run a debit, you would know that. People trust their debit agent to pay them 100s of dollars in cash.. But if you affer to put them on bankdraft they balk even tough it will save them a considerable amount of money. They have heard stories of companies double drafting or that the bank messed up their friend's account (even though it was really the friend's fault).
HelloMyNameIs
New Member
- 13
Will Settlers do monthly bill if they do not have a checking account?
- 18,984
Yes. Settlers charges more more for monthly billing. Sometimes it's $7 or $8 more per month. AmAm, SNL and UHL will also do monthly billing. SNL and UHL charges a higher modal factor for direct bill.
AmAm and UHL will even bill for the first month and you don't have to collect anything.
1 Star will only do direct monthly billing if they have a checking account and pay the first month's premium from that checking account.
- 569
Does SLAC offer direct bill monthly also?
Amber
Amber
