Voluntary Payroll Deduction - New York Life Insurance Company

[SIM ANTIC]

Any type of knowledge on how these actually work? Must you be registered in order to offer these services? I believe this market can be cantankerous, but very lucrative. I would wonder about the turnover rate of employees within the company, being agents work under FYC with NY LIFE. So many questions!??!

 

[Shalom]

I am having trouble with your post. Are you using translation software? Big words and strange grammar.

 

[SIM ANTIC]

Sorry. I was just informed about voluntary payroll deduction, and wanted to know if anyone has had success with it?

 

[Franz Kafka]

Voluntary - An employee can take it or leave it.

Payroll deduction - If they take it, their premium is deducted from the payroll.

That's about it. The insurance company sends the bill (list bill) to the employer (the business) and they usually require minimum number of participants (can be 3 or 5).

If there are more than several employees (e.g. more than 10) more simple underwriting is used for the sake of simplicity. When underwriting is either simple or guaranteed and the policy is owned by the employer, it's called group voluntary.

That's basically it.

 

[NCAgent]

Some companies give different rates for VPD, while others do simplified issue like mentioned above. For example, ANICO makes it go from a full application to just "do you still work here," "have you missed 3+ days in a row in the last 90 days" and "do you have AIDS?" I might be missing a question, but seriously that is pretty simple. You can also get concessions for no paramed/labs and the policies are PORTABLE- if the employee leaves the company, they can bring the policy with them.

Just remember that SIMPLIFIED issue does not mean GUARANTEED issue, so people can still be declined. Learn the product and what things can get them declined. Once you hit a higher number of employees (80-100) you can work on Guaranteed issue policies.

 

[SIM ANTIC]

Thank you very much. This forum is very helpful. I have huge access to the commercial market, and love food for thought.

 

[Norwayguy]

Thank you very much. This forum is very helpful. I have huge access to the commercial market, and love food for thought.

Just make sure your carrier has a product for the situation and that your not fitting a square peg in a round whole....There are many companies that say they will do list bill to a company but really have little to no mechanism in place...Don't reinvent the wheel there are some good companies offering decent VPD products.