Are the Big Companies Our FE Competition?

[Newby]

Newby: It seems I remember Equitable saying they pay a portion of the death benefit upon notification of the insureds death and the balance when the Certificate is received??/

What about Settlers? So far I haven't had a claim with them.

Settlers requires death certificates.
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Wow, 48 hours is great. Here it is normal 10 to 20 days depending on the county. Many of the funeral homes here are corporate. They are much more rigid in charging the assignment fee. Even on a company that pays quickly. Which chaps my ass.

All funeral homes have to pay the 3% so they either build it into their price (which penalizes all customers even the ones who don't pay with insurance) or charge it to the customer. Those who don't charge the fee will always give a 5-10% discount to the families who pay cash or personal check. Funeral home owners know they are the worst debt collectors in the world. They lose their ass if they don't get paid in advance.

Even mom and pop funeral homes have gotten very rigid about getting paid up front. If a town has one single funeral home that is weak about that, 100% of deadbeats will find and use them. So they might pick up SOME extra good families that will actually pay the bill after service but they will pick up ALL the ones who won't. It has sank a LOT of funeral homes.

 

[jdeasy]

Settlers requires death certificates.
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All funeral homes have to pay the 3% so they either build it into their price (which penalizes all customers even the ones who don't pay with insurance) or charge it to the customer. Those who don't charge the fee will always give a 5-10% discount to the families who pay cash or personal check. Funeral home owners know they are the worst debt collectors in the world. They lose their ass if they don't get paid in advance.

Even mom and pop funeral homes have gotten very rigid about getting paid up front. If a town has one single funeral home that is weak about that, 100% of deadbeats will find and use them. So they might pick up SOME extra good families that will actually pay the bill after service but they will pick up ALL the ones who won't. It has sank a LOT of funeral homes.

Yep, that happened here. there was one funeral home that didn't make people pay up front. So that's where all the people with no insurance went. Just about put them out of business. Now they won't even accept the body from the hospital or morgue until paid in full.

 

[FEX Quotes]

Many people have no desire for 50K+ coverages.. They just want enough to pay for the burial.

Many FE people couldn't even tell you how many zeros are in $50,000

 

[rousemark]

Many FE people couldn't even tell you have many zeros are in $50,000

True.. but since I can be selective about my FE clients, I do not generally deal with those that do not own their own homes and have a few assets. I do work with some that live in subsidized housing but they are the ones that have the nice little porches with the neatly manicured flower pots. I can do this becasue I tend to work referrals and canvas. If the mobile home is falling in with trash stacked as high as the roof, I don't stop.. I will leave those for Rearden..

 

[mikeincolumbuso]

I have a difficult situation right now. I sold a couple several Forester policies within the past two years. The husband is on a ventilator and the facility says they cannot keep him on one for much longer. The wife has found a funeral home that will take care of arrangements, but I know that Foresters will take forever to pay the claim, even if at all. So I know I will need to work with Foresters a lot to speed up the claim, but that is not likely to help. I have had problems with them in the past. So I will stay away from them now on. Live and Learn.

 

[Rearden]

Der's gold in dem dar hills of garbage...

 

[theinsuranceman]

Der's gold in dem dar hills of garbage...

Make sure it's not "fool's gold".

 

[Newby]

I have a difficult situation right now. I sold a couple several Forester policies within the past two years. The husband is on a ventilator and the facility says they cannot keep him on one for much longer. The wife has found a funeral home that will take care of arrangements, but I know that Foresters will take forever to pay the claim, even if at all. So I know I will need to work with Foresters a lot to speed up the claim, but that is not likely to help. I have had problems with them in the past. So I will stay away from them now on. Live and Learn.

If the policies are more than 2-years in force there won't be any problem at all.

The funeral home will just assign the policies over to ForeThought and be paid that same day. Then ForeThought will file the claim with Foresters. The funeral home never has to deal with Foresters.
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Oops! I thought you post said you sold them a couple of years ago. Yes, if they die in the first two years with Foresters you have problems.

Try to help them find a funeral home that will allow them to pay 30-days after the funeral.

Won't be a good experience for the funeral home but better for your family.

 

[Pete Cormie]

Der's gold in dem dar hills of garbage...

Is that avatar a tribute to Merle? I guess the way he went out was righteous.

 

[Rearden]

Is that avatar a tribute to Merle? I guess the way he went out was righteous.

Best. TV. Show. Ever!