Degree of Honor??

[nfl72]

Anybody ever seen or heard of Degree of Honor and if so are their rates competitive? I worked a lead over the phone who claimed she had a Whole LIfe policy for 10K @ $33 per month. She is now 69. She took it out when she was 68? Non tobacco

Sounds a little too good to be true. She appears to qualify for a level.

 

[jdeasy]

Anybody ever seen or heard of Degree of Honor and if so are their rates competitive? I worked a lead over the phone who claimed she had a Whole LIfe policy for 10K @ $33 per month. She is now 69. She took it out when she was 68? Non tobacco

Sounds a little too good to be true. She appears to qualify for a level.

Never heard of that one but Lafayette Life would have $36/mo for her at age 68 so $33 is not out of the question.

May be a small fraternal in that area? I looked them up. They are a small fraternal founded in 1998 in Minnesota. They do business in 23 states.

 

[Mattschmidt]

Anybody ever seen or heard of Degree of Honor and if so are their rates competitive? I worked a lead over the phone who claimed she had a Whole LIfe policy for 10K @ $33 per month. She is now 69. She took it out when she was 68? Non tobacco

Sounds a little too good to be true. She appears to qualify for a level.

I'm pretty sure all their policices are like AARP, where there's a 2 year waiting period...Have her look at the policy, and it will tell you what the death benefit is first 2 years

 

[WinoBlues]

I second JD. I had Cinci open and ran it there, $35.76 at age 68. That rate does not sound out of line. Unless, like Matt said it is ROP.

Now the Nonforfeitures may look a lot different, not sure that would matter on this little policy. Oh, and it is a fraternal.

 

[inreverse]

DOH sells a competitive whole life product, she probably has the table 4 product. They also have a product which is essentially GI similar to Settlers bronze and also cannot bet more than 30% of your book of business.

 

[moonlightandmargaritas]

Anybody ever seen or heard of Degree of Honor...

With a name like that, I thought is was gonna be a new war movie...or video game.

 

[nfl72]

appreciate the info. I must have looked at the rate sheet without my readers on because it looked to me like foresters was at 47 a month one wouldnt think foresters would be 33% higher. I need to make the drive and see the policy.

She sounds like one who would pay an additional $14 a mnth when considering the fine free member benefits!! lol

 

[Newby]

Degree of Honor is a fraternal and has a funeral trust polic similar to Settlers. They wouldn't be bad but NO AM Best rating.

I talked to them a year or so ago but passed.

 

[jacobtn]

I have replaced their policies every time I come across them. They are phone sales only fratneral, out of Minnesota. They are a tiny company, overpriced on the ones I have come across. They are unrated by any rating agency, and are not covered by the state guaranty fund as they are fraternal. Their customer service dept consists of TWO people. Yes, TWO.

They are bitter when you replace, will call the client and desperately try to conserve. They are ROP the first 2 yrs, probably because they are phone sales only and can't see the client. Bottom line there are much better options out there for the client than Degree of Honor (their name is almost comical, they have none).

Word of advice: when replacing them, add the words "PLACE ME ON THE DO NOT CALL LIST" to the cancellation letter that you have the client sign. Trust me it will save you a lot of headache.

 

[Newby]

I have replaced their policies every time I come across them. They are phone sales only fratneral, out of Minnesota. They are a tiny company, overpriced on the ones I have come across. They are unrated by any rating agency, and are not covered by the state guaranty fund as they are fraternal. Their customer service dept consists of TWO people. Yes, TWO.

They are bitter when you replace, will call the client and desperately try to conserve. They are ROP the first 2 yrs, probably because they are phone sales only and can't see the client. Bottom line there are much better options out there for the client than Degree of Honor (their name is almost comical, they have none).

Word of advice: when replacing them, add the words "PLACE ME ON THE DO NOT CALL LIST" to the cancellation letter that you have the client sign. Trust me it will save you a lot of headache.

There is a guy that used to be active on the forum here that sells them. He has some sub agents and they all sell face to face. If the agent signed them up with the optional funeral trust, you can't get any cash surrender value back when you replace it. It could go RPU though.