Family Life Med Sups?

[jdeasy]

Anyone have any info on Family Life for med sups. I have been approached by an FMO to contract for their med sups in Ky.

From what little they sent me the rates look great and so does the commisions schedule.

 

[Cenla Agent]

Family Life

 

[Frank Stastny]

Anyone have any info on Family Life for med sups. I have been approached by an FMO to contract for their med sups in Ky.

From what little they sent me the rates look great and so does the commisions schedule.

The only thing that is important for you to know is how competitive they are. Doing a little bit of research and/or contact the DOI. That should give you all the info you need.

All companies pay claims extremely well, company ratings are one of the least important considerations, service to policy holders should not even be a factor.

If their rates are competitive sign up and don't look back.

 

[jdeasy]

The only thing that is important for you to know is how competitive they are. Doing a little bit of research and/or contact the DOI. That should give you all the info you need.

All companies pay claims extremely well, company ratings are one of the least important considerations, service to policy holders should not even be a factor.

If their rates are competitive sign up and don't look back.

Their rates are very competitive. The FMO sent me a rate chart and a commission schedule and that's all. I visited their website and it wasn't all that informative.

I was just checking to see if anyone wrote for them and had issues that the FMO or the company don't/won't tell you about. I sent an email to the company asking if I could contract direct and I haven't gotten a reply yet.

 

[G.Gordon]

The only thing that is important for you to know is how competitive they are. Doing a little bit of research and/or contact the DOI. That should give you all the info you need.

....., company ratings are one of the least important considerations, service to policy holders should not even be a factor.

If their rates are competitive sign up and don't look back.

I'm going to disagree a bit here. The lower rated companies that have gone throught AIMC such as Sterling Investors(B or C), Admiral(NR... as in NOT RATED... too small), and now Family Life. They have very shallow pockets and don't handle claims experience very well without taking a rate increase quickly and in larger steps.

Yea they are going to pay claims and do a good job, but how long will they be around?

 

[Frank Stastny]

I'm going to disagree a bit here. The lower rated companies that have gone throught AIMC such as Sterling Investors(B or C), Admiral(NR... as in NOT RATED... too small), and now Family Life. They have very shallow pockets and don't handle claims experience very well without taking a rate increase quickly and in larger steps.

Yea they are going to pay claims and do a good job, but how long will they be around?

I totally agree. I thought it was this thread, guess not, where I talked about companies coming into Missouri with dirt cheap rates and within 12 to 24 months having huge increases. I also stated that I do not license with a new company until they have been her for a while.

I was only addressing the fact that there is no danger for the prospect to take insurance with a low rated company as far as risking being without insurance if the company goes out of business. I guess I didn't do a very good job of it.

However, it is not just B and C rated companies that have that happen. I have seen A rated companies have huge increases.

One that comes to mind that use to be one of the premier companies to sell for in Missouri had three years of consecutive 35% premium increases. Nothing to do with finances but because the health questions were too easy to answer.

 

[Captive Scmaptive]

I've heard they are owned by MoO.
:(

 

[G.Gordon]

I've heard they are owned by MoO.
:(

Not owned by, but re-insured by. That's what the shallow pocketed companies do to even get to play in the market. They have to "buy" insurance against someone actually filing a large claim.

 

[Cenla Agent]

Family Life is part of the Manhattan Insurance Group. Are they (or the Family Life supp) reinsured by MOO? Or are you thinking of the new Assured/Woodmen supp that is re-insured by Mutual of Omaha?

 

[GreenSky]

Family Life is indeed reinsured by MOO. Their underwriting will be quite similar because of that.

Rick