Final Expense Contracting

[Life Hawk]

Gotta say odds are not in the clients favor on contestable claims.

Had one last year that didn't fly. Client's primary beneficiary wasn't found either. Company paid secondary all premiums paid in. Hope that never happens again, but life insurance is like a well studied game of roulette, the ball drops somewhere and insurance companies rarely loose.

 

[jdeasy]

Did I say you could contract direct with them? I believe I said"I prefer to contract directly with the company if possible" Again, reading comprehension is your friend.

I have no reading comprehension problem. You can keep up with the insults all you want.

The fact that you speak in riddles doesn't mean someone can't comprehend. It's easy to comprehend everything you try to say.

"The sky is falling" , "no wait, I didn't say it's falling, I said it's possible". "And it may have fallen one time and you didn't know it, so you can't say it's not falling".

Or, "I heard from a guy one time that heard from an agent that he was under that that agent's uncle heard down at the feed store that someone might have had that happen and it was just awful".

 

[jdeasy]

I got my first declined claim last year. I am in the minority on this, but my experience is Insurance companies pay the majority of their claim.

What makes you think you are in the minority on this?

But again, you are not an FE agent. You do not make your living selling FE.

That is a different discussion for the FE agents than the traditional agents.

The only company I've ever heard of disclosing the percentage of FE claims paid was CL. I got that second hand so that might not be true either? The story was they told their agents at their convention that they pay 48% of contestable claims.

A claims rep at Americo told me they "jokingly" call it the 50/50 gamble in their offices.

A president of of the FE companies told me the industry average is 40% are paid.

Settlers admitted to one of the FEX agents that they paid "around half" of contestable claims. And they are one that tries to position themselves as claims paying.

 

[Baseball7]

I believe I'm at 45% on contestable claims paid. I currently have two in the hopper so hopefully number shifts in a positive direction.

 

[WinoBlues]

What makes you think you are in the minority on this?

But again, you are not an FE agent. You do not make your living selling FE.

That is a different discussion for the FE agents than the traditional agents.

The only company I've ever heard of disclosing the percentage of FE claims paid was CL. I got that second hand so that might not be true either? The story was they told their agents at their convention that they pay 48% of contestable claims.

A claims rep at Americo told me they "jokingly" call it the 50/50 gamble in their offices.

A president of of the FE companies told me the industry average is 40% are paid.

Settlers admitted to one of the FEX agents that they paid "around half" of contestable claims. And they are one that tries to position themselves as claims paying.

Agents posting in the FE forum.

So not being a FE only agent makes my contestible claims different than an agent that makes his living only selling FE? Why?

 

[Newby]

Also - I'm dropping my own leads now - so I'm not in need of a lead program.

Be extr

Agents posting in the FE forum.

So not being a FE only agent makes my contestible claims different than an agent that makes his living only selling FE? Why?

That actually would make a difference. If you write more traditional (fully-underwritten) biz than an FE focused agent, you are writing healthier, wiser (about taking care of their health) and more affluent applicants. Plus the insurance company checks them out much more carefully on the way in the door.

Don't you think the claims experience would be better on those than sicker, poorer, and people who have shoeboxes full of Meds that they don't often know why they take them?

 

[nfl72]

so put that in your pipe and smoke it!

 

[rousemark]

I have no reading comprehension problem. You can keep up with the insults all you want.

The fact that you speak in riddles doesn't mean someone can't comprehend. It's easy to comprehend everything you try to say.

"The sky is falling" , "no wait, I didn't say it's falling, I said it's possible". "And it may have fallen one time and you didn't know it, so you can't say it's not falling".

Or, "I heard from a guy one time that heard from an agent that he was under that that agent's uncle heard down at the feed store that someone might have had that happen and it was just awful".

JD, I just can't understand your obsession with me but it isn't magnificent. And, I did say "if possible".. No riddle there ..

 

[WinoBlues]

Be extr


That actually would make a difference. If you write more traditional (fully-underwritten) biz than an FE focused agent, you are writing healthier, wiser (about taking care of their health) and more affluent applicants. Plus the insurance company checks them out much more carefully on the way in the door.

Don't you think the claims experience would be better on those than sicker, poorer, and people who have shoeboxes full of Meds that they don't often know why they take them?

I completely agree on probably having more claims with my SIWL business. They are not only sicker but older as well.

Your explanation makes sense. While I have probably had as many total claims as anyone here. My contestible claims experience has been pretty positive. Both fully underwritten and simplified issued. Field underwriting aside, the biggest difference may be who the average "FE people" I write versus the guy doing DM. I don't look for typical FE people. Very few cat pee stories. And my FE people have checking accounts and cell phones ;}

Thanks

Edit: I did say I was probably in the minority in this. I am not sure if JD was agreeing or not.

 

[WinoBlues]

so put that in your pipe and smoke it!

Been a long time since I put anything in a pipe to smoke. If I decide to partake again I would probably go with edibles.