Current Top 5 FE Carriers?

[senior-advisor-indiana]

It's all of them during the contestable period and most do not pay the claim at all if in the contestable period.

Why not just sell ROP then? I have no idea what percent pay out in the first 2 years but if most didn't then that is not good.

 

[WinoBlues]

No, that wasn't it, they had had the policy for probably 15-20 years.

I have personalty worked hundreds of claims. Mine and orphans. I have never had a contestable claim denied. Or a non contestable one take more than a week and a half to get a check in hand, once the paperwork was submitted. I have never done a fraternal claim.

Worst, contestable claim was my uncle. A little $15,000 claim with Genworth and it took almost 6 month. They went back almost 30 years of medical records. Second worst was a child rider with CNA, Almost as long. I got a $750,000.00 claim check in hand in about 3-4 days.

 

[jdeasy]

No, that wasn't it, they had had the policy for probably 15-20 years.

Then there was no reason for it take that long. It wasn't a fraternal thing. The fraternals and the insurance companies that I have had death claims with out of contestability all paid very quickly.

 

[Newby]

Thanks for the clarification, Newby. When my step-mom passed away, my sister & I didn't get the payment for several months. They were insured by a fraternal. Is that just a fraternal thing to take so long? Foresters is the first fraternal I've worked with.

I haven't noticed it being a fraternal thing. It's definitely a Forresters thing though.

As far as death claims go there are three categories I put companies in.

1. The companies that don't need a death certificate to pay the claim. These companies usually have the money in the beneficiary's hands within 24-hours of the death. Most of these companies come from the Preneed funeral insurance industry. They include ForeThought, National Guardian Life, Homesteaders, Lincoln Heritage, Cincinnati Equitable, 5-Star Life and others.

2. The average death claim companies which DO need a certified death certificate with the claim form. The beneficiary will usually have their money within 30-days of sending in the death certificate. Some states take 30- days or longer to issue death certificates which slows these claims down further. MOST life insurance and FE companies fall into this category.

3. The worst of the worst companies. Filing a death clim with these companies is like running through an obstacle course. They aren't out to make your customer happy. These companies need to be shunned by agents.

 

[carol369]

I haven't noticed it being a fraternal thing. It's definitely a Forresters thing though.

As far as death claims go there are three categories I put companies in.

1. The companies that don't need a death certificate to pay the claim. These companies usually have the money in the beneficiary's hands within 24-hours of the death. Most of these companies come from the Preneed funeral insurance industry. They include ForeThought, National Guardian Life, Homesteaders, Lincoln Heritage, Cincinnati Equitable, 5-Star Life and others.

2. The average death claim companies which DO need a certified death certificate with the claim form. The beneficiary will usually have their money within 30-days of sending in the death certificate. Some states take 30- days or longer to issue death certificates which slows these claims down further. MOST life insurance and FE companies fall into this category.

3. The worst of the worst companies. Filing a death clim with these companies is like running through an obstacle course. They aren't out to make your customer happy. These companies need to be shunned by agents.

Thanks, Newby. This all happened quite a few years ago before I was in insurance. My sister was handling everything & sometimes she was a bit foggy on what was going on. She may not have known what to do. That's one of the reasons I have clients call me if they have any problems.

 

[SPUR CITY]

Yea, Americo has to be on my list as well...Love the no phone interview aspect and the pretty quick turn time