Will You Stlil Do a Quarterly Direct Bill ?

Will you offer you clients a quarterly direct bill if they want it?

  • yes

    Votes: 8 66.7%
  • no

    Votes: 4 33.3%

  • Total voters
    12

Mark

Guru
5000 Post Club
7,924
Georgia
I was talking with some agents about which companies still offer a monthly direct bill on life insurance. I didn’t know of very many that still did because of most of them will lapse.

But I had a lot of agents tell me that they will not even write a Quarterly direct bill.

I can understand the monthly direct bill and not doing this, but I don’t understand the Quarterly Direct Bill. If my clients want to pay this way, I give them all the options and tell them it is much easier to do a monthly eft, but I don’t refuse them if they do a quarterly direct bill.

I love annual premiums also.

Do any of you still do a monthly direct bill?
Will you still do a quarterly direct bill for your clients? Do you still give this option if they ask for it?
 
One thing I have learned over the years from all life carriers and GAs I have worked with (majors and term houses):

Quarterly-billed life policies have the highest lapse ratio.
 
One thing I have learned over the years from all life carriers and GAs I have worked with (majors and term houses):

Quarterly-billed life policies have the highest lapse ratio.

Same here.... I don't even show Qrtly or Semi-annual. It's either monthly draft or Annual. Now if they specifically ask, I'll tell them but I haven't had anyone ask yet.
 
They may have the highest lapse ratio, but if they aren't lapsing in the first year, what's the difference? You've already been paid by the time it falls off the books. I look at it as an opportunity to call the client back and review their coverage and possibly sell them a new policy to extend the period of guarantee. We always get lapse notices from certain companies and many of them turn into new sales. Other than the lapse ratio, if a client wants to pay quarterly, let them have their way.
 
They may have the highest lapse ratio, but if they aren't lapsing in the first year, what's the difference? ...

But they DO lapse in the first year, which is the problem. I stopped writing quarterly direct many years ago because of the lapse issues.
 
I have a guy right now that just signed up to pay quarterly because he doesn't have a checking account.
 
But they DO lapse in the first year, which is the problem. I stopped writing quarterly direct many years ago because of the lapse issues.

Can't say we've had the same experience in first-year lapses....but if that's the case and it happens to you frequently, maybe there is a reason.
 
he's gonna lapse. I don't care what his "intentions" are. He'll lapse. Quarterlys stink.
 
On life insurance, I always quote annual premiums and usually collect it annually. No one on bank draft, almost no one on anything other than annual billing.

Health insurance is different. I have quite a few on quarterly bill, no problems.
 

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