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On the Hale Bopp comet
Life Quoting Engine
- Thread starter ShanHikari
- Start date
On the Hale Bopp comet
- Staff
- #12
- 1,405
Are we talking Bob Barney or Bob Kerr.
I'm in Wilmore, KY.
I'm in Wilmore, KY.
mrs844224
Expert
- 31
What sort of quote engines exist for whole life and universal life? I've seen quote engines for term, but nothing for whole life.
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Compulife quotes "no lapse UL" which is actually a lifetime product for which you can reasonably compare prices. The emphasis is on a guaranteed face amount, for a guaranteed premium.
You can test the comparisons out here:
www.termsampler.com
We don't quote all the products in the sampler, but you can request a 30 day free trial to see the complete inventory.
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Compulife is slick for term quoting, quotit also quotes a limited number of carriers.. advantage to quotit is that it also quotes health and is adding medicare for the single rate, so if you're primarily a health agent you can also quote some life that way.
If you're life only, Compulife is a no brainer choice.
Winflexweb is a good software, although it's not fast to quote multiple carriers against each other. I've not seen any solution that is, I'm sure Mr Barney could possibly enlighten us as to why GUL FE, and WL simple quoting is not in the same sort of package Compulife is in.
RitterIM has a simple FE quoting tool in their quote engine. It's limited but it works.
If you're life only, Compulife is a no brainer choice.
Winflexweb is a good software, although it's not fast to quote multiple carriers against each other. I've not seen any solution that is, I'm sure Mr Barney could possibly enlighten us as to why GUL FE, and WL simple quoting is not in the same sort of package Compulife is in.
RitterIM has a simple FE quoting tool in their quote engine. It's limited but it works.
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I assume that GUL is short for guaranteed universal life. That is synonymous with no lapse UL, is it not? Compulife quotes a large number of guaranteed UL products in the following categories:
To Age 121 Level (No Lapse U/L)
To Age 121 Level - Pay to 100
To Age 121 Level - Pay to 65
To Age 121 Level - 20 Pay
To Age 121 Level - 10 Pay
To Age 121 Level - Single Pay
We also have less than to age 121 categories, in which a number of no lapse UL products also are quoted:To Age 121 Level - Pay to 100
To Age 121 Level - Pay to 65
To Age 121 Level - 20 Pay
To Age 121 Level - 10 Pay
To Age 121 Level - Single Pay
To Age 65 Level Guaranteed
To Age 70 Level Guaranteed
To Age 75 Level Guaranteed
To Age 80 Level Guaranteed
To Age 85 Level Guaranteed
To Age 90 Level Guaranteed
To Age 95 Level Guaranteed
To Age 100 Level Guaranteed
To Age 105 Level Guaranteed
To Age 110 Level Guaranteed
Personally I consider those categories to be more like term than whioe life, although the debate is interesting for 100, 105 and 110.To Age 70 Level Guaranteed
To Age 75 Level Guaranteed
To Age 80 Level Guaranteed
To Age 85 Level Guaranteed
To Age 90 Level Guaranteed
To Age 95 Level Guaranteed
To Age 100 Level Guaranteed
To Age 105 Level Guaranteed
To Age 110 Level Guaranteed
As to Simplified issue, we are including those in the above categories as we are able to do so. You will typically find such products if you run regular (not preferred) quotes on small face amounts.
What does FE refer to?
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Final expense FE is the market for over age 40 or 50 depending on carrier doing simplified issue whole life policies for the senior market. They're generally table quoted, face values of 5000-50000. It actually would be a good market to include in the quote software because there are times when as an agent you'd like to check say Oxford vs Foresters vs Settlers to see price for a certain age/gender/face.
Also, don't take any of this as a knock on your software, honestly from website side you have the best available quoting software for consumer website use. Those are just holes I've noticed in all quoting software.
I did wonder why you couldn't quote like 25000 policies, I use the compulife built in to the ILIAA website when I need quick quotes but I cannot quote a minimum no lapse UL policy with Genworth, which is actually something I use a lot for seniors that are in good health, which sort of forces me to illustrate it before presenting it.
Also, don't take any of this as a knock on your software, honestly from website side you have the best available quoting software for consumer website use. Those are just holes I've noticed in all quoting software.
I did wonder why you couldn't quote like 25000 policies, I use the compulife built in to the ILIAA website when I need quick quotes but I cannot quote a minimum no lapse UL policy with Genworth, which is actually something I use a lot for seniors that are in good health, which sort of forces me to illustrate it before presenting it.
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They do have some FE products Oxford, UHL, Americo, United Heritage. Just send Bob the rates and ask of he will add the company.
My guess is it would not be to hard to add WL rates. Guaranteed rates only. The issue maybe adding things like Div options.
My guess is it would not be to hard to add WL rates. Guaranteed rates only. The issue maybe adding things like Div options.
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Ah I stand corrected then I didn't realize that the software could quote those products. Again, as I said before, I think that Bob has the best product I've seen for a consumer side quoting engine for life insurance. It's fast, easy to use, accurate.
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