Best Final Expense Policy

[Trent]

Our office is a multi-line life, health, property and casuality
insurance agency.

We are looking for just one company that offers small policies for final expense.

If you could pick just one company, what company would you choose.

What general agency would you contract with?

What is the normal commissions on these type polcies?

 

[Newby]

Our office is a multi-line life, health, property and casuality
insurance agency.

We are looking for just one company that offers small policies for final expense.

If you could pick just one company, what company would you choose.

What general agency would you contract with?

What is the normal commissions on these type polcies?

If I could only have ONE company...it would have to be Settlers Life. They have it all for final expense.

Other interesting choices are Colorado Bankers, Assurity, Monumental, Forethought, Royal Neighbors, Great American, Americo, Assurant and Oxford.

I have high agent contracts available for qualified agents with any of these companies. Lots of other good FMOs around also.

 

[Mark]

United Home Life and American Amicable is where I write most of my personal F.E. Business and I'm also an IMO for both of them.

 

[Todd King]

Ok, I'll be the 4th IMO to talk to you...lol
The problem with having one company is that you are not going to cover your bases with just one. You probably want to look at at least 2-3 companies if not a couple more.
All of the above companies mentioned are very good companies to deal with and all of the above IMO's are good to get contracted through.

​

 

[GreenSky]

I wanted to respond but I'm not recruiting. You know, a breath of fresh air.

Rick

 

[annuityseller]

I'm not either just saying hello

 

[Newby]

OK here's the deal. This is why I say Settlers if you can ONLY have one (and for me that would be like only having one flavor of ice cream.)

Rates - Very low, close enough to the lowest rates that it's not an issue.

Ages - 0-85

AM Best rating - A

Application - Simple -Bronze questions, then silver questions, then gold questions. The agent can easily tell where the client is going to be placed. Settlers stays ON SCRIPT with the phone interview. No BS. That is huge and that's something you don't learn about a company until they disappoint you.

Payment options- monthly bill, monthly bank draft, quarterly or annual

Policy fee- $30 fully commissionable

Client interview- Do it at the time of the application or have Settlers call them later - your choice.

Height-weight requirements- None for silver or bronze plans. The silver plan is 1st day coverage and only slightly higher than the Gold plan.

Payment Terms- Single pay (all amounts, all ages), 10-pay, 20-pay, lifetime pay

Phone sales- Nope! Must be face to face.

Riders- Double coverage for accidental death (costs very little extra), Child rider, Nursing home confinment (free)

Unhealthy Acceptance- If they are not currently in a hospital, nursing home or hospice care and don't have AIDS...they are accepted as two year graded and at a MUCH better rate than many other companies.

Brochures and materials- Excellent, plus they give you free business cards, Planning guides etc.

Website- the best I've seen of any company

Commissions- Low end of the scale on 1st year but excellent renewals for 10-years and good lifetime renewal. Overall 10-year commission is comparable to any company out there except maybe Assurant.


OK guys. This is factual stuff. Not sales hype.

I agree there are a LOT of good companies but IF you could only have ONE company and had a handfull of leads to run, who would you rather have than this one?

 

[myinsurebiz]

Baltimore Life for normal biz. Loyal American for graded.

Only because you can do both 100% over the phone.

Only a few IMO's can get you tele-sales contracts with BL.

If you want face to face - see Todd, Scott, Mark, etc.

Good luck,

Tom

 

[Todd King]

Tom, there are several companies that have phone apps.
Not only Baltimore and Loyal, but there's also UTA, Standard Life, Assurant, Lincoln Heritage and more coming.

 

[Newby]

Settlers is a very good company their one problem is they are hard on medications and very hard on insulin. Some companies will take up to 80 units at prime rates first day coverage. Some even more. One company we offer is female 62 non smoker 10k up to 80 units 34.73. This is why what Todd said is very important for people that want to cover all the bases.

Jim Sowder
Family 1st Insurance Brokerage
304-640-8914
[EMAIL="jimsowder@family1stinsurancebrokerage.com"]jimsowder@family1stinsurancebrokerage.com[/EMAIL]

Yes, there is no ONE company in the real world if you want to do the best for your clients. You need two or three that fit well together.

Settlers has recently told me they are addressing their insulin strictness in the near future. Currently Monumental is a very good one to have for insulin dependent diabetics as well as many other disorders. Assurant is great to have for the people on maintence meds.

BUT the hypothetical question is...if you could only have ONE company...which would it be, and why?
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Tom, there are several companies that have phone apps.
Not only Baltimore and Loyal, but there's also UTA, Standard Life, Assurant, Lincoln Heritage and more coming.

Assurant is still not 100% over the phone. You still have to mail paperwork back and forth.

I'm thinking Teachers is the same isn't it?

Standard Life is completely by phone but has the WORST set of underwriting rules of any final expense company I've looked at (in my humble opinion.)

That leaves Lincoln Heritage but most agents only use them for near guaranteed issue cases...if at all. Plus they try to bypass their agents and sell direct (at very high prices) which gets them kicked to the curb even if they were halfway competitive.