Equitable or Bankers Fidelity?
- Thread starter rousemark
- Start date
- 29,467
I'd go with Equitable(which I believe you already have), for several reasons.
I'm more familiar with Equitable. They've been in the Med Supp business almost from the beginning. They're easy to deal with. They've had small premium increases.
I've looked into Bankers Fidelity a couple of times over the years, and they always seemed over priced. I see they're priced pretty good in TN right now...less than Equitable...but they're using their 2nd company, Assurance. They got high, then decided to play the shell game. The not knowing what's going to happen to the premium in the next couple of years compared to Equitable's steady rates would keep me with Equitable if you can handle the extra premium(I have a feeling there will be little if any difference in a few years).
Just curious...if you're looking, why's Bankers the other option?
- Thread starter
- #3
I am contracted with both and not really wanting to take on another company but occasionally have someone ask for a med supp. In fact, I am wanting to reduce companies to simplify things and to increase the vesting period on commission since most companies have a point where they stopped paying after commissions fall below a certain threshold.
I have mine and my wife's with Equitable and have been happy with them..They seem to have much simpler underwriting than Banker's even though their premium is a little higher. Banker's pays a higher commission and also pays full commission on under 65. When they changed over to BFA and then took a hefty rate increase on the inforce BFL, I assumed they were going to play the MOO games.
- 29,467
The MOFO games...that's what I meant about the uncertainty. With Equitable, you know what you've got. They have a nice mix of products. They don't pay quite as well on Med Supps(how many U65 Med Supps do you write?), but pay well on FE, which is easy to write and competitive.
- Thread starter
- #5
I agree on the product mix.. Wish the STC that has the Home Health were in TN. I thought Bankers might be a company you could do most of your business with.. They have med supp, FE, cancer, accident, STC WL, etc. But when I started looking over their offerings, it seemed none of the products stood out in any way except maybe the Med Supp. The FE is higher than a cat's back and the commissions on most of the other products, especially the cancer are terrible.
- 29,467
- Thread starter
- #7
Sounds like you just gave some good reasons to go with Equitable over BF.
Guess I did at that...
Can't speak for other states but just got contracted with BFLIC/BFAC and here is the GA edition.
Introduced BFAC in 2015 for plan F and Hi F only. Other plans are BFLIC. As I understand the BFAC rates are lower than the previous BFLIC rates on plan F.
They also replaced unisex rates with gender based rates in 2015
Introduced BFAC in 2015 for plan F and Hi F only. Other plans are BFLIC. As I understand the BFAC rates are lower than the previous BFLIC rates on plan F.
They also replaced unisex rates with gender based rates in 2015
- 29,467
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