- 3,165
I was told their rates are super low cause of their very tight UW, and not particularly good for the FE market...no?
Christian Fidelity
- Thread starter rousemark
- Start date
I was told their rates are super low cause of their very tight UW, and not particularly good for the FE market...no?
- 26,179
Low rates and 164% does not seem to bad if service and underwriting is good long term.
- 969
I don't feel that's the case at all... I bet the person that told you that was a marketer.
Their application is pretty standard, the only thing that stands out to me is they do not take insulin users. I have not heard of a turndown yet...
Tom Harford
Expert
- 27
I wrote my first Lafayette app this week for $900 ap. The PHI was a little different as the Hooper rep drilled down a little on the meds the guy took: when were you diagnosed with t2 diabetes, besides the RX, have you lost weight? Did you change exercise routines, etc. Intelligent questions seeking answers that a good underwriter would need.
Only surprise is that it doesn't look like my contracting included an advance, but not a big deal.
So looks like that $75 coming in every month will take care of my monthly Sprint bill. Actually should set up more companies on as earned.
All in all - the app is simple, underwriting is not too tight. And I don't think that there is anyone on FE that has a higher rating by Best.
Will do more with Lafayette as the opportunities present themselves.
Sent from my iPhone using InsForums
Only surprise is that it doesn't look like my contracting included an advance, but not a big deal.
So looks like that $75 coming in every month will take care of my monthly Sprint bill. Actually should set up more companies on as earned.
All in all - the app is simple, underwriting is not too tight. And I don't think that there is anyone on FE that has a higher rating by Best.
Will do more with Lafayette as the opportunities present themselves.
Sent from my iPhone using InsForums
- 3,165
You are asking the person recruiting for a company what are the bad things about that company.
- 3,165
You are asking the person recruiting for a company what are the bad things about that company.
Yep, I think he will say, Newby always has said pros & cons about a carrier....u dont agree?
- 969
I would say that the "cons" for me are their just different from what we are all use to. I agree with Tom in the phone interview is different and they drill down on RX and may lead to questions that are not on the application. For example... If the prospect takes Lisinopril, the interviewer may ask, When were you diagnosed with high bp? What was your highest reading? Is it under control now?
This product is for clients who still have their wits about them. Not for your trash business... Keep sending that where you been sending it...
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This product is for clients who still have their wits about them. Not for your trash business... Keep sending that where you been sending it...
I'm referring to all Agents, not you specifically Toby. Did not want that to be misinterpreted. I was meaning Lafayette Life is not for most of our clients. This would be a product that you will write one or two times a week.
- 17,078
The bad with Lafayette is going to be the more detailed phone interview, won't take insulin diabetics at preferred, and the advances are not as easy to qualify for as other companies.
To qualify for advances you must have been writing life insurance at least 13- months and have at least 90% persistancy. That will be tough for most FE agents. But if it's not your lead in company you should be building some steady monthly income with an as earned company or two anyway.
Their underwriting is not as tight as you would think. 2-year lookback on heart attack, stroke, cancer, etc.
They also have participationg WL (pays dividends) that goes down to $5,000 minimums with lower premiums and higher commissions. Much tighter underwriting on that product of course.
To qualify for advances you must have been writing life insurance at least 13- months and have at least 90% persistancy. That will be tough for most FE agents. But if it's not your lead in company you should be building some steady monthly income with an as earned company or two anyway.
Their underwriting is not as tight as you would think. 2-year lookback on heart attack, stroke, cancer, etc.
They also have participationg WL (pays dividends) that goes down to $5,000 minimums with lower premiums and higher commissions. Much tighter underwriting on that product of course.
- 7,012
Better check and see what your minimum "paycheck" or whatever they call it is. It was set up that I don't get paid until they can at least pay me $250. You can have that changed, but it won't be retroactive.
