Selecting final expense companies?

[MRHAPPYHANSON]

If I chose Family Benefit Life, Prosperity Life & AIG in what situations, as health problems, and rates, would I need any other companies and which ones?

 

[BarryNY]

RNA is good for overweight

 

[TripleH]

If I chose Family Benefit Life, Prosperity Life & AIG in what situations, as health problems, and rates, would I need any other companies and which ones?

I am not the best with Family benefit but I would add in RNA because they have a great eapp, social security billing and no height/weight. They also accept diabetic neuropathy in combination with insulin. Simple 2 page knockout list for drugs and Great member benefits.

American Amicable is good for nitro and a few other heart issue. Prosperity will take most, but can decline and they do have the prime term 100, which is state specific but takes almost every health condition except for Oxygen and ADLs, but they do take HIV, wheelchair, liver disease, Alzheimer’s over 2 years and a ton more.

Biggest flaw is having AIG as a whole agency last year we wrote 2% of business guaranteed issue - they are absolutely horrible. Poor drafting, hard to fix things and get stuff done. Rarely do they earn your business, if ever.

You are on the right track with only 3 carriers in the bag, but having the right three is crucial. Don’t forget about Prosperity’s 10% CASH bonus every three months which started Feb 1,2020.

 

[Rearden]

Those will cover a lot but there's need for a few niche carriers to cover common issues like the obese, diabetic neuropathy, and COPD.

I put together a massive article on 19 of my favorite final expense carriers for agents to research more about which carriers are best and why to use them.

You can find the final expense companies list here.

 

[tribetime32]

Family benefit is a good price buster and has some decent products, but many good agents don't use it because it isn't comp friendly. You can have much higher comp and still stay very close to FBL/Trinity. Just calling it like it is. Prosperity is a great carrier. I would consider adding Liberty Bankers life and Royal Neighbors of America. This will cover most of your issues that you will run into. Please feel free to reach out if you have any additional questions or concerns.

 

[Newby]

Family benefit is a good price buster and has some decent products, but many good agents don't use it because it isn't comp friendly. You can have much higher comp and still stay very close to FBL/Trinity. Just calling it like it is. Prosperity is a great carrier. I would consider adding Liberty Bankers life and Royal Neighbors of America. This will cover most of your issues that you will run into. Please feel free to reach out if you have any additional questions or concerns.

Trinity/Family Benefit Life pays 110% plus a 5% lead credit. Most other companies pay 120% (5% more) BUT there is enough of a premium difference that agents coming behind you will have a much easier time replacing the business in many cases. We have many agents who LEAD with Family Benefit/Trinity. Quite a few of them are packing their bags right now to fly over to Portugal for their convention and be treated like kings.

To me it seems short-sighted to lead with a much higher priced company to put an extra 5% in my pocket. On many ages Trinity/Family Benefit will give $12,000 coverage for the the same rate that some of the companies do for $10,000.

Agents are always welcome to reach out to me if you want to know how make yourself rich by saving low-income (price sensitive) seniors more money. Plus if you want to meet some real-life agents with over 90% 13th month persistancy, give me a call. We are doing what many say "can't be done."

 

[tribetime32]

I personally wrote Trinity as my go-to (on a much lower contract) with my previous IMO and it felt like feast or famine. I was writing 20k+ each month, but was getting screwed on comp. I got their lead credits and it didn't make a massive difference but it was okay. I think they have a good product, I just wish they would step up to the plate with the big boys and offer better comp.

I can't think of one instance where one of my policies was replaced by a Trinity/FBL case. They are certainly competitive, but they're not blowing everyone else out of the water. I just ran a quote for a 65 year old male 10k face. There are companies that are good options for the agent within $2 and even a couple viable options that are cheaper.

At the end of the day this is personal opinion. I think they are a GOOD company. I just prefer to use others because of personal experience. I'm sure this will be a never ending conversation. @Newby you obviously do things at a high level and I respect you. I think there are more than a few ways to skin a cat.

 

[Newby]

I personally wrote Trinity as my go-to (on a much lower contract) with my previous IMO and it felt like feast or famine. I was writing 20k+ each month, but was getting screwed on comp. I got their lead credits and it didn't make a massive difference but it was okay. I think they have a good product, I just wish they would step up to the plate with the big boys and offer better comp.

I can't think of one instance where one of my policies was replaced by a Trinity/FBL case. They are certainly competitive, but they're not blowing everyone else out of the water. I just ran a quote for a 65 year old male 10k face. There are companies that are good options for the agent within $2 and even a couple viable options that are cheaper.

At the end of the day this is personal opinion. I think they are a GOOD company. I just prefer to use others because of personal experience. I'm sure this will be a never ending conversation. @Newby you obviously do things at a high level and I respect you. I think there are more than a few ways to skin a cat.

I agree that it’s all down to agent choices. If you were writing it with an IMO that was screwing you on comp then yes your experience would be bad. But that’s not Trinity’s fault. That was the IMO. When an agent is only giving up 5-points for a price advantaged company, I always found it to be like putting a turbo-charger on my sales. It’s simply easier to make sales and keep them when a company is 1. Lower priced 2. Very easy to work with 3. Takes debit express and does the SS draft dates correctly that everyone loves 4. Underwrites more aggressively than most companies.

I always tell agents it’s short sighted to “wish” the low priced companies would raise their commission level. That would force them to lose their price advantage. I would rather have a price advantage with 110% (plus 5-point lead credit) than to have just another mid-packer with a 120%. Gives you additional tools.

 

[tribetime32]

I agree that it’s all down to agent choices. If you were writing it with an IMO that was screwing you on comp then yes your experience would be bad. But that’s not Trinity’s fault. That was the IMO. When an agent is only giving up 5-points for a price advantaged company, I always found it to be like putting a turbo-charger on my sales. It’s simply easier to make sales and keep them when a company is 1. Lower priced 2. Very easy to work with 3. Takes debit express and does the SS draft dates correctly that everyone loves 4. Underwrites more aggressively than most companies.

I always tell agents it’s short sighted to “wish” the low priced companies would raise their commission level. That would force them to lose their price advantage. I would rather have a price advantage with 110% (plus 5-point lead credit) than to have just another mid-packer with a 120%. Gives you additional tools.

This is a perspective I can understand an empathize with for sure. I personally like to use other companies that have similar/more aggressive underwriting niches that offer the client a ton of value while paying the agent full comp. Again, I like Trinity. I've just found a better option for my business, but I sincerely believe you can be very successful with them as a carrier.

 

[rousemark]

This is a perspective I can understand an empathize with for sure. I personally like to use other companies that have similar/more aggressive underwriting niches that offer the client a ton of value while paying the agent full comp. Again, I like Trinity. I've just found a better option for my business, but I sincerely believe you can be very successful with them as a carrier.

Cole are you related to the NEAT Management McCoys?