I am currently contracted with National Security for final expense. I have also contacted Equita and am speaking with them because of their praise from this board. It looks like I will be appointed with AMERICO and Royal Neighbors shortly. However, in reading this board many of you make it sound like you are appointed with every FE carrier out there (UTA, presidential, Oxford, Forethought, Etc.) why is this? Is their a deffinate advantage to having multiple contracts? What is the advantage?
FE Plans??
- Thread starter soupdawg
- Start date
Think of it this way.
Image a car salesman that sells only one brand of cars. Let's just say he only sells Honda's. A lot of people like Honda's. But what if he could also sell other brands of cars. His chances would improve. You could offer you clients more choices. No one company is every the best in every case. If I was a car salesman, I would want to rep. all makes of cars on the same lot.
I like to tell my clients that I'm going to do some research and give them the best price from the best company. Since I rep. many different companies, I'm able to find you the best deal, rather then just being stuck with 1 company.
I hope you get my point.
- 17,072
It makes sense to have a few companies that compliment each other.
For instance, I write a lot of Settlers Life but Settlers is hard on people with diabetes. If you take insulin you are automatically a graded policy at best.
Other companies ask if you took insulin prior to age 50 which many more people can answer no to.
You definitely want a company that doesn't ask height-weight. Royal Neighbors, Monumental or Motorists are good for that.
Lowest rates for very healthy= Oxford and LaFayette. Royal Neighbors is close and Settlers is pretty good, United Teachers is good.
You want a company that doesn't require bank draft. You HAVE to do monthly billing for a few people.
It's nice to have an A+ rated company for an advantage in competitive situations. Monumental and LaFayette come to mind.
You need a guaranteed issue plan= Americo, Presidential, ForeThought Encore.
I like to have a company that pays immeadietely upon death because if you run across a family that had a funeral recently and the insurance didn't pay off quick enough THAT is the MAIN thing they will be looking for- ForeThought and possibly Lincoln Heritage for that.
The list can go on and on.
You'll end up using about 3-main companies. Just start with one or two and add companies that make sense as you see the need for them.
- 6,026
Not one fits all . . .
I use Baltimore Life and Loyal American for non-graded Whole Life FE.
I use UHL for non-graded Term w/ ROP FE.
I use Loyal American for all graded FE.
If Forethought were to release their "no wet sig" telesales plan to all groups - I would use them where it fit.
( by the way - there was some mis-information on the forethought chargeback policy. It's only the full 12 months in the event the client cancels within their 30 day free look period OR if a client dies non-accidentally in the first 12 months on a graded policy or a SWWL policy - otherwise the chargeback is prorated based upon the number of months paid before laspe )
Tom
I use Baltimore Life and Loyal American for non-graded Whole Life FE.
I use UHL for non-graded Term w/ ROP FE.
I use Loyal American for all graded FE.
If Forethought were to release their "no wet sig" telesales plan to all groups - I would use them where it fit.
( by the way - there was some mis-information on the forethought chargeback policy. It's only the full 12 months in the event the client cancels within their 30 day free look period OR if a client dies non-accidentally in the first 12 months on a graded policy or a SWWL policy - otherwise the chargeback is prorated based upon the number of months paid before laspe )
Tom
