Final Expense Riders

[papercutter]

We had a good many agents who started to use Settler's for the C/GC rider, but it's fizzled way down for whatever reason. Actually, I think I might know the reason but not sure.

Yes, please Bontell us all about it

 

[Baseball7]

[/B]
Absolutely, do it all the time. I find gimmicks make my job easier.

Don't know why I asked. I knew your answer...


For the record Liberty Bankers just added Accelerated Death & Accidental, brings them even more in line to matching what Transamerica offers.

 

[BibH]

I can no longer recommend agents write Trans.. They've really hit the shitter the last 2-3 months. Last week they approved an NB jet and then 2 days later i get an email they need a whole new resigned app.Everything was done perfect and they had already approved. Upon further review they said "sorry it was a mistake" and they issued it.On a app i had to get resigned they disputed the clients signature as it "looked different". Hold time for New business was never more than 3-5 min's and now it's 20-30 min's.

 

[goillini52]

For somebody 60 and under for $10K it's $1.08 a month to double their F.A. I'll do it every time. How much more death benefit is $1.08 a month going to buy...about $300 at best? I think the Accidental Death Benefit makes sense.

 

[rousemark]

For somebody 60 and under for $10K it's $1.08 a month to double their F.A. I'll do it every time. How much more death benefit is $1.08 a month going to buy...about $300 at best? I think the Accidental Death Benefit makes sense.

There is a reason ADB is so cheap... very few ADB riders result in a claim.

 

[indiana260]

What kind of riders are you seeing that help make the sale or make final expense more marketable to our clientele?

For example: I saw a policy this weekend (not final expense) with a heart attack/stroke/cancer indemnity rider attached to it. I thought that was pretty cool, and havent seen one like that on a FE policy.

Of course there are critical illness, children, ADB, disability, NHWP riders.

But are you guys seeing anything unique like the one outlined above on any FE policies?

There is a company that discounts the premium by $5 per month for clients that wish to add to their coverage. That's a really cool option.

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There is a company that discounts the premium by $5 per month for clients that wish to add to their coverage. That's a really cool option.

Forethought was my favorite because they had the best truly built in riders and they were still very competitive prices.

This is a competitive market and any agent with his salt can spin the riders vs additional face amount or vice versa.

In my opinion the FE market buys what they can afford and good agents write the client ask about that is comfortable. That way the business sticks and the client doesn't continue to shop looking for something in their price range. Far too often agents oversell and the client end up in a 100/month policy that lapses or gets replaced within a month or two. If the agent would have written a 50 plan the client would have stopped doing and started hanging up on callers BC they already got that covered

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There is a company that discounts the premium by $5 per month for clients that wish to add to their coverage. That's a really cool option.

 

[jdeasy]

Don't know why I asked. I knew your answer...


For the record Liberty Bankers just added Accelerated Death & Accidental, brings them even more in line to matching what Transamerica offers.

I don't write LBL at all and rarely write Trans. With Trans I do offer the AD since it's so cheap. Rarely does someone take it.

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I can no longer recommend agents write Trans.. They've really hit the shitter the last 2-3 months. Last week they approved an NB jet and then 2 days later i get an email they need a whole new resigned app.Everything was done perfect and they had already approved. Upon further review they said "sorry it was a mistake" and they issued it.On a app i had to get resigned they disputed the clients signature as it "looked different". Hold time for New business was never more than 3-5 min's and now it's 20-30 min's.

Whut, whut?? You were always telling me that I would come around to Trans.

You poo-poo'ed stuff like that as the agent's fault.

This is just a little love spat. You'll be back on the Trans train in no time!!

 

[goillini52]

There is a reason ADB is so cheap... very few ADB riders result in a claim.

Every type of insurance is carried just in case this or that happens(with car insurance it's the law...in case you need it). For a $1.08 per month you can have double the coverage for accidental death.....just in case you get hit by a bus or an elephant.

 

[Thedude]

I used to be anti AD until I actually read some stats on it and looked at the age groups we cater to. Now it doesn't make sense if they are older but under 65 it might not be such a bad thing. Depends on the individual as well.

Sometimes I'm driving out to these houses in the middle of nowhere and I'm thinking there has to be an accident on this road every other week lol

 

[PA Bill]

I used to be anti AD until I actually read some stats on it and looked at the age groups we cater to. Now it doesn't make sense if they are older but under 65 it might not be such a bad thing. Depends on the individual as well.

Sometimes I'm driving out to these houses in the middle of nowhere and I'm thinking there has to be an accident on this road every other week lol

I hear you. Between the kids in the pickups riding your bumper and people going 70 mph (or more!) on two lane roads, rural driving can be treacherous. The government says these types of roads are statistically the most dangerous. I just always figured city driving was safer because people can't ever get going fast enough to get hurt!