F.E. Cheat Sheet And/or Health Questionaire

[Daytona_Guy]

At one time there were a couple of plans that allowed the grandparent to put grandchildren as riders...

There still are, but none that I know of (before now) do it for FREE. One overlooked benefit, too, is that everyone has been comparing Forethought to the other carriers on a level basis. Forethought, though, includes the ADR (accidental death doubles the face amount) FREE, too.

So, to be fair, you'd have to compare Forethought level to (insert company here) + ADR rider cost.




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[WinoBlues]

There still are, but none that I know of (before now) do it for FREE. One overlooked benefit, too, is that everyone has been comparing Forethought to the other carriers on a level basis. Forethought, though, includes the ADR (accidental death doubles the face amount) FREE, too.

So, to be fair, you'd have to compare Forethought level to (insert company here) + ADR rider cost.

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I count the ADR as extra sizzle. Kind of like RNA and Fidelity benefits. Sounds nice but probably not going to use it. I do not count it as death benefit. But it does help with the sale.

Is the rider contestable since there are no med questions?

 

[Daytona_Guy]

I count the ADR as extra sizzle. Kind of like RNA and Fidelity benefits. Sounds nice but probably not going to use it. I do not count it as death benefit. But it does help with the sale.

Is the rider contestable since there are no med questions?

Yes, as there is no policy if there was fraud.

I definitely count is death benefit, as it is.
I've seen hundreds of seniors die as result of accidental death.
I happens ALL the time, and they know it.



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[TPAAgent]

Consumers love bells and whistles- and when they're free...

 

[Newby]

There still are, but none that I know of (before now) do it for FREE. One overlooked benefit, too, is that everyone has been comparing Forethought to the other carriers on a level basis. Forethought, though, includes the ADR (accidental death doubles the face amount) FREE, too.

So, to be fair, you'd have to compare Forethought level to (insert company here) + ADR rider cost.




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ForeThought has several things they are doing right that all come from their funeral industry history.

The free grandchild protection caught on with individual funeral homes back in the 1990s. It sold a lot of preneed insurance (usually funded by ForeThought.) SCI/Dignity Memorial picked it up and ran with it and includes it as their "CIrcle of Protection" for all their cemetery sales and preneed funeral insurance sales. It's a good closing tool for the right grandmother.

They also have the rapid settlement death claim on their final expense just like funeral preneed insurance has. That is very important to families if they are going to pay the funeral home with the policy. If the family brings in any other brand of final expense either they (the family) or the funeral home has to pay 4% extra for a rapid claim settlement. And guess who they pay it to? That's right...ForeThought. They rapid pay claims for every insurance company IF the policy is over 24 months in force and charge 4%.

They also allow back dating to save age which I guess many FE companies don't allow. This is much more important with preneed insurance because the ages are in blocks of 5-years and a birthday last month can make a HUGE difference. But I met with a lady today who had a birthday last week. Backdating would have saved her a few bucks AND gives me (the agent) more protection from another agent replacing it because I would have written her at a year younger than they ever could.

And like Chris said the accidental being figured in at a competitive rate is MUCH more attractive to me than any fraternal benefits I have seen.

The downside from past ForeThought experience was lots and lots of administrative screw ups. Hopefully they have upgraded their staff and systems by now.

Also the underwriting in the past was a little uncompetitive. Do they still rate up EVERY woman who has taken a depression med?

I haven't dealt with their FE for a couple of years so hopefully they have these problems straightened out. I like what I see of their new product though.

 

[Todd King]

Grandma's love them some grandchildren

I'm thinking of going back to all my clients I've written beyond a year and sending them all letters and announcing this product.

Adding a $5000 policy to their current one and getting all them grand babies 5k.. I got some client with 10+ of them little fuggers running 'round

Just remember though, don't let your clients think this will cover all the grandchildren or cover them forever.

It will only pay out one time. So in a worse case scenario, if two or more grandchildren are in an auto accident and die, it still only pays the one time $5K.

I'm not trying to be a party-pooper on this, just pointing it out. I'm actually beginning to think like Newby....maybe Forethought has actually got a good product again.

 

[WinoBlues]

Just remember though, don't let your clients think this will cover all the grandchildren or cover them forever.

It will only pay out one time. So in a worse case scenario, if two or more grandchildren are in an auto accident and die, it still only pays the one time $5K.

I'm not trying to be a party-pooper on this, just pointing it out. I'm actually beginning to think like Newby....maybe Forethought has actually got a good product again.

That is a problem. That is a good thing for me, as an agent. I fix problems.

 

[alicia]

Forethought, though, includes the ADR (accidental death doubles the face amount) FREE, too.

In IL, this benefit is available for issue ages 50-70 and coverage terminates on the policy anniversary date following their 75th b-day. Also, it may not be available for all risk classes.

Just thought I'd mention it since I just read that today.

 

[GoCubsGo]

Just remember though, don't let your clients think this will cover all the grandchildren or cover them forever.

It will only pay out one time. So in a worse case scenario, if two or more grandchildren are in an auto accident and die, it still only pays the one time $5K.

I'm not trying to be a party-pooper on this, just pointing it out. I'm actually beginning to think like Newby....maybe Forethought has actually got a good product again.

Yea but the odds are SO SLIM, that's why they give it away for free. Point it out but don't worry about it.

 

[Newby]

Yea but the odds are SO SLIM, that's why they give it away for free. Point it out but don't worry about it.

You want to talk about slim odds? Fortis/Assurant rolled out a Preneed product several years ago that had an accidental benefit BUT it only paid if BOTH the husband and wife had policies and both were killed in a single accident. Once I read that I thought What's the chance of that ever happening? It paid nothing extra if only one of them died in an accident.

We had switched from ForeThought to Fortis on January 1st that year but my 1st appointment I pulled out the Fortis paperwork and I wasn't really familiar with it. I wrote the couple with ForeThought.

One week after I wrote the apps, the couple were in a horrible accident which killed both of them. It was very tragic.

Can you imagine how shocked the actuaries would have been at Fortis if I had written that couple with them. Within one week of their introduction into Preneed insurance they would have collected around $200 in premium and paid out around $40,000 in double death claim plus around $4,000 in commission (no chargeback for accidental deaths.)

The odds of that happening had to be a zillion to 1