Guaranteed Issue/final Expense

[CFP83]

in your opinion, what company GI/FE gives the best bang for the buck considering ratings, premiums, and commisions? I've never had the need to write one of these policies, this would need to be a company that I can broker for this specific situation, I'm not sure if there are alot of exclusive or captive companies operating in this space. Oh by the way, is there a underwriting with final expense policies unlike guaranteed issue? If this is the case then I suspect I'll get two sets of answers for the above question.

Thanks guys for your feedback!

 

[Todd King]

in your opinion, what company GI/FE gives the best bang for the buck considering ratings, premiums, and commisions? I've never had the need to write one of these policies, this would need to be a company that I can broker for this specific situation, I'm not sure if there are alot of exclusive or captive companies operating in this space. Oh by the way, is there a underwriting with final expense policies unlike guaranteed issue? If this is the case then I suspect I'll get two sets of answers for the above question.

Thanks guys for your feedback!

And when you say "GI", you mean no health questions, right?

 

[CFP83]

to be more specific....let's for example say that I have a handful of people that are in their late 70's or early 80's with medical issues ranging from type 2 diabetes...to heart attacks...previous cancer ect. I would assume (maybe I shouldn't) that most insures wouldn't touch this business outside of a guaranteed issue "graded benefit" similiar to what presidential life offers. (this is the only company I've ever had even a slight amount of experience with in this market). So this is my real question...who do you recommend for the above scenerio? can you give specifics about what this stuff pays? i want to know if it will even be worth me and my staff's time and efforts. How large do death benefits go?

clients younger than this with no health issues, I will recommend to go through full underwriting with one of the "big 3 mutual" life insurers with a good dividend paying cash value plan or a UL

 

[Todd King]

I have several that I recommend. Loyal American has one of the best priced graded that I've seen. Then you also have Assurity, Americo, and UHL. Forethought has a decent one too, but I don't like their chargeback policy.

 

[dgoldenz]

to be more specific....let's for example say that I have a handful of people that are in their late 70's or early 80's with medical issues ranging from type 2 diabetes...to heart attacks...previous cancer ect. I would assume (maybe I shouldn't) that most insures wouldn't touch this business outside of a guaranteed issue "graded benefit" similiar to what presidential life offers. (this is the only company I've ever had even a slight amount of experience with in this market). So this is my real question...who do you recommend for the above scenerio? can you give specifics about what this stuff pays? i want to know if it will even be worth me and my staff's time and efforts. How large do death benefits go?

clients younger than this with no health issues, I will recommend to go through full underwriting with one of the "big 3 mutual" life insurers with a good dividend paying cash value plan or a UL

You know what they say about those who assume....getting coverage for someone with Type 2 diabetes, heart issues, or previous cancer can be done underwritten, and sometimes with even a standard rating or better depending on the circumstances. A few companies will use a "table shave" program to give someone that would normally be issued Table 2-4 a standard rating if they purchase a UL product. Always good to get an overview of the client's medical history and shop the case with 10-12 major carriers before assuming otherwise.

 

[CFP83]

What I'm hearing the most from your feedback and PM's is UHL, Americo, & Forethought.....anybody think I'm missing a major "arrow in the quiver"?

Finally, looking for some honest feedback--in the next twelve months if I do lets say 20 policies that average $3000 per year with Americo what should a producers commission rate be at that production level? UHL? I know they have a range on their commission payouts

 

[Justin Bilyj]

i would put monumental in the bag of arrows, they are rated A+ and has name recognition to say the least. They have an awesome lead credit program too.

 

[myinsurebiz]

Forethought has a decent one too, but I don't like their chargeback policy.

Todd - you know that rumor about a 12 month charge back was only for SPWL and graded polices where the client croaked in the first year OR if the client canceled in their 30 day free look period.

If they just lapse or cancel - then the charge back is pro-rated, Pretty much standard with most carriers I believe.

What I'm hearing the most from your feedback and PM's is UHL, Americo, & Forethought.....anybody think I'm missing a major "arrow in the quiver"?

Seems you have one in mind - who is it?

Finally, looking for some honest feedback--in the next twelve months if I do lets say 20 policies that average $3000 per year with Americo what should a producers commission rate be at that production level? UHL? I know they have a range on their commission payouts

20 in the whole year? I wouldn't even answer my phone when you called for support if i was your upline - no offense . . .

$3,000 AP per policy? The average FE policy in our group runs between $50 and $60 a month. Your estimate would be $250 a month - that's funny . . .

Tom

 

[Mark]

Guaranteed Issue or Graded Death Benefit is a great niche market. I learned about this market in 2001, back when Americo had a no questions asked app through College Life. It would take anybody. So of course all of the agents including myself, when and wrote anyone that could fog a mirror. With 2 years they pulled the product off of the market. They had to many death claims to fast. Then later came back and added the common questions that most Graded Policies now asked today. It is important to ask some question on these apps. Like have you been told you are going to die in the next 24 months, do you have aids/hiv,. With just asking a few of these questions, it makes a big difference in death claims and allows the product to stay on the market.

I specialize in this market. It is a great niche market. I look for clients that have had a heart attack, stoke, cancer, or been told they can't buy life insurance and then I help them get coverage they need. I've also learned how to find large groups of people that I could go after.

A big untapped market to prospect <--- Here is a great post that I made on this forum, sharing some of my idea on how to prospect to this niche market.

If any of you would like for me to show you how to market these types of products or to share some ideas on this products, just contact me.

 

[Newby]

Back 6 or 7-years ago, Forethought had a product called Maxima. It had immeadiete 30% coverage for everyone as soon as it was issued- no exceptions even if you were under hospice care. 70% at the 12th month.

My Forethought rep told us as long as were were putting at least 80% good business (stayed on the books over 24-months) to keep writing anyone that we could meet. Those were amazing times.

That product was on the market about 15-years before they changed it.