- 936
It's our #1 FE Product as of December. Our agents have access to all the standard FE carriers and they're gravitating toward SBLI as their lead.
Preferred rates are in line with Mutual of Omaha. I wouldn't call them middle of the road, they're much better than that.
Underwriting is where they accel. 90%+ approval rate was the target with Milliman in the product build and that's holding strong (most carriers are around 80% for comparison). The goal was that if you can answer "no" to all health questions for Preferred or Standard...you should get an approval 90% of the time. There's No MIB check.
What sealed it as a lead carrier for many agents were many declines with other carriers being approved level with SBLI. For example, COPD for Aetna/LBL getting declined and agents take it to SBLI and it gets approved instantly. Many other niche examples of this.
Yes, instant decision e-app or voice sign. A .pdf policy is available instantly.
The kicker is Sequoia Concierge is included in every plan which makes this product the most value packed FE product on the market for the price. Here's details. We integrated the benefits of Sequoia into our scripting to increase value, referrals and sales.
SBLI is not perfect. Every carrier has their downsides. Here's SBLIs:
- Little carrier support. SBLI runs lean and wants you to lean on your upline.
- Non commissionable policy fee.
- SS billing (1st, 3rd, Wednesdays), but not "true" SS billing if 1st/3rd falls on a weekend.
- New product, so still some bumps to smooth out but we've ironed out the majority of them already.
More details here: SBLIFinalExpense.com
Preferred rates are in line with Mutual of Omaha. I wouldn't call them middle of the road, they're much better than that.
Underwriting is where they accel. 90%+ approval rate was the target with Milliman in the product build and that's holding strong (most carriers are around 80% for comparison). The goal was that if you can answer "no" to all health questions for Preferred or Standard...you should get an approval 90% of the time. There's No MIB check.
What sealed it as a lead carrier for many agents were many declines with other carriers being approved level with SBLI. For example, COPD for Aetna/LBL getting declined and agents take it to SBLI and it gets approved instantly. Many other niche examples of this.
Yes, instant decision e-app or voice sign. A .pdf policy is available instantly.
The kicker is Sequoia Concierge is included in every plan which makes this product the most value packed FE product on the market for the price. Here's details. We integrated the benefits of Sequoia into our scripting to increase value, referrals and sales.
SBLI is not perfect. Every carrier has their downsides. Here's SBLIs:
- Little carrier support. SBLI runs lean and wants you to lean on your upline.
- Non commissionable policy fee.
- SS billing (1st, 3rd, Wednesdays), but not "true" SS billing if 1st/3rd falls on a weekend.
- New product, so still some bumps to smooth out but we've ironed out the majority of them already.
More details here: SBLIFinalExpense.com
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- 4,156
Great / liberal underwriting.
Replaces the need for several other vanilla carriers
Value add with sequoia funeral concierges
100% instant decision e app
Tele sales friendly
Great comp
Replaces the need for several other vanilla carriers
Value add with sequoia funeral concierges
100% instant decision e app
Tele sales friendly
Great comp
I was excited to look at this for direct express cards for 1st and 3rd for especially copd . That's not going to work then . Non commissionable policy fee takes about 4-6% off total comp . Definitely could be useful with pretty good rates and the funeral angle . I smell a product used to replace . Hopefully doesn't go the route of GCU with high comp and aggressive underwriting once the integrity's , Amerilifes and one life get hold of it . I assure you with top comp 160% plus it's coming .
- 4,156
Almost nobody worries about commissions on a policy fee.
i'm sure they will improve many of the small issues overtime the same way the prosperity did when it came to market in 2018. In fact, I was giving Jeff feedback this morning and he already put it on the list to discuss with them in the coming days.
i'm sure they will improve many of the small issues overtime the same way the prosperity did when it came to market in 2018. In fact, I was giving Jeff feedback this morning and he already put it on the list to discuss with them in the coming days.
- 936
The difference is SBLI has been working with independents for decades and has their systems already in place - namely commission systems which GCU couldn't figure out - so that won't happen. Also top comp is the same as all the other core FE carriers on the market...definitely not 160%. And SBLI doesn't want the firms you mentioned to distribute or even some of their downline mega agencies so that won't happen either.
They do the same thing with their annuities. SBLI is one of the few carriers with decent rates actually processing business (a lot of the big names are MONTHS behind issuing policies) because they are not affiliating with those huge distributors.
Several big Fmo's are in the 155-160% commish range . Accendo 170% plus . Rna 155% plus . Transamerica 155-160% Moo 155-160%. These are the biggest Fe fmo/Nmo. They have many imo's under them. Any 1/2 decent Imo is at 150% .
- 936
Someone is feeding you wrong information. Who are you hearing this from?
I know for a fact SBLI's top isn't that high. We have the exclusive distribution as long as we retain the premium targets they want - every FMO/IMO who reaches out to SBLI for this product is sent to us. I'm on weekly calls to improve the product.
RNA isn't that high either. Years ago they had bonus programs where you could possibly get there?... but they removed those. We're direct and have a close relationship with RNA - 155% isn't true.
MoO sounds right based on LP volume.
CasualT
Expert
- 47
So far I like the product. Eapp takes under 20 minutes if the insured has all the needed information ready to go. Uses the same MRS Eapp setup Family Benefit use, except NO interview needed.
My only small complaints are billing days and agent backoffice is a little bare. I like the ability to export my book of business in excel file like Foresters lets you do. But overall it's replaced my need to use a number of other carriers now.
My only small complaints are billing days and agent backoffice is a little bare. I like the ability to export my book of business in excel file like Foresters lets you do. But overall it's replaced my need to use a number of other carriers now.
