Son's of Norway's pricing change...

[Life Hawk]

Webinar today informed us that the new rates wont be available till tomorrow. However; new rates start tomorrow.

Gotta love the way in which they planned all this out???

What's so secret that you can't share those before the change date???

Makes you wonder what in the world!

World Class companies are World Class for a reason.

 

[Allen Trent]

Webinar today informed us that the new rates wont be available till tomorrow. However; new rates start tomorrow.

Gotta love the way in which they planned all this out???

What's so secret that you can't share those before the change date???

Makes you wonder what in the world!

World Class companies are World Class for a reason.

I am guessing they dont want a fire sale of the existing priced product, especially if the actuaries are showing current version is "so unprofitable" based on recent mortality & current interest rate market

 

[Life Hawk]

I am guessing they dont want a fire sale of the existing priced product, especially if the actuaries are showing current version is "so unprofitable" based on recent mortality & current interest rate market

Then you must wonder what sorta price increase are we going to see? Are they hiding their cards cause their afraid of a mass exodus?

 

[Allen Trent]

Then you must wonder what sorta price increase are we going to see? Are they hiding their cards cause their afraid of a mass exodus?

i wouldnt read that much into it. Even if a small increase, some of those actuaries see any fractional % as a negative when forecasting out over years or decades.......almost as if they think the current low interest rate will always be low like this as it seems like the last 2 decades have been lower & lower & lower interest rates with no end in sight

 

[Life Hawk]

Agreed. Amazing how low interest rates have changed the way in which people have saved for the future. Might as well be using your mattress. If the market implodes, with the amount of dollar volume available, we sitting on a inflation time bomb.

I know everyone has an opinions on all this, but with the quackery in leadership, I'm not seeing a very promising future at the moment.

Glad my treasure is laid up somewhere else!

 

[billyb]

I don't sell SofN often anymore. I found their underwriting wasn't aggressive enough for FE and 90% commission sucks.

 

[Life Hawk]

I don't sell SofN often anymore. I found their underwriting wasn't aggressive enough for FE and 90% commission sucks.

Unbeatable guarantee issue rates.

 

[shonceman]

Unbeatable guarantee issue rates.

Until tomorrow?

 

[Northeast Agent]

Effective Today: 12/8 - New GIWL Pricing

Effective Today, December 8, 2021:
New GIWL Pricing

The previously communicated rate change* for our Guaranteed Issue Whole Life (GIWL) product is now in effect. The new rate sheet can be found via the button below.

As a reminder, due to regulator-required calculation method changes for policies dealing with nonforfeiture and cash values, Sons of Norway is instituting new prices for all our insurance policies that include “cash value”. See the chart below to ensure your policy is enacted under the pricing you discussed with your client if your application has already been submitted.

What Does This Mean?

• Effective December 8, 2021, Sons of Norway’s new GIWL pricing is in effect.
• If an application was received prior to 12/8/21 and is scheduled to issue between 12/8 & 12/31, that certificate will receive the old pricing as stated to the client. No action is needed.
• Due to the required effective date of the rule changes, the old pricing is not available after 12/31/21. If an application is received prior to 12/8 but is not scheduled to issue until after 12/31, a new application is required that outlines the new pricing (you can request an amended issue date prior to 1/1).
• Our Quoting and E-application system*, LifeBase, is now updated with the new pricing. For product, please select "Guaranteed Solution GIWL (2022)" when quoting and creating an e-app.

State Specific Information

• For Montana Only - All applications will be under the old unisex rates through 12/31/21, beginning 1/1/22 all applications will no longer be unisex and the "new rates" will apply. Lifebase will be updated accordingly.
• *For California & Florida - All applications will be under the old pricing/application through 12/31/21 awaiting approval in those jurisdictions. Separate communication(s) will be shared on the status for these locations with further instructions if necessary. For CA & FL Only, Please continue to select the product "Guaranteed Solution GIWL (2019)"

 

[shonceman]

Unbeatable guarantee issue rates.

Until tomorrow?

Ok, I just ran rate comparisons with Gerber. SofN is still the lowest, but up until about age 70, the difference is insignificant. The difference is more significant above age 70 (very significant at age 80). Also Sons still offers through age 85, as well as ages under 50..

I ran the following just for $5k since that’s where the Sons app defaults to:

Age 50 male: Sons $21.36; Gerber $22.50
Age 50 female: Sons $16.58; Gerber $25.99

Age 60 male: Sons $31.58; Gerber $32.40
Age 60 female: Sons $23.01; Gerber $25.99

Age 70 male: Sons $49.52; Gerber $50.05
Age 70 female: Sons $35.43; Gerber $38.23

Age 75 male: Sons $62.64; Gerber $70.22
Age 75 female: Sons $45.84; Gerber $54.54

Age 80 male: Sons $75.76; Gerber $124.12
Age 80 female: Sons $58.01; Gerber $88.64

Age 85 male: Sons $119.97
Age 85 female: Sons $86.86