Final Expense Coverage to Age 95?
- Thread starter xBaBaBooeyx
- Start date
- 1,930
I know, I don't even drink Miller. I'm a Sam Adams man.
I can imagine how easy the underwriting is at 95
Doesn't look like there is a catch on the product itself. Non-med up to age 95, however it will be underwritten more like a fully underwritten plan with an APS on every applicant.
Messer has the exclusive marketing agreement on the product and everything looked good on the contracting until I got to a page wanting assignment info. Have a call into them to see if assignment is required.
- Thread starter
- #14
xBaBaBooeyx
New Member
- 4
I get emails from Messer all the time but I usually delete them before I even open them. Here's a quick comparison w/Foresters in Ohio:
10,000 Face, non-smoker
Postcard:
Male Age 65 = 41.04/mo; Female = 31.83
Male Age 75 = 62.25; Female = 41.42
Foresters:
Male Age 65 = 51.28; Female = 40.78
Male Age 75 = 93.27; Female = 69.65
HUGE difference at age 75. I'm not even that interested in the 85+ crowd, but that's a significant difference for the 65+ crowd. There has to be a catch, right?
Fastpitch posted the same card that I got.
10,000 Face, non-smoker
Postcard:
Male Age 65 = 41.04/mo; Female = 31.83
Male Age 75 = 62.25; Female = 41.42
Foresters:
Male Age 65 = 51.28; Female = 40.78
Male Age 75 = 93.27; Female = 69.65
HUGE difference at age 75. I'm not even that interested in the 85+ crowd, but that's a significant difference for the 65+ crowd. There has to be a catch, right?
Fastpitch posted the same card that I got.
- 19,619
It's being promoted as whole life although the lady kept saying "permanent" when I called. I asked her if it was UL or whole life and she said "Yes". I asked her if she was licensed and she said "no".
Those are great rates if whole life. But, if it's as Brad said and you have to assign commissions, it's not worth it for the agent at any price.
It is not simplified issue in the way we norally talk about simplified issue.
I would want more info on this product. All we have now to age 89 is AmCon. I love AmCon, but the rates are not great.
- 2,452
I will get the scoop tomorrow! I am interested as well. Even if you have to assign commissions I may still be, what other options do you have for the 90+ crowd.
- 1,311
This postcard is referring to the National Slovak Society of the USA aka "NSS". They've been around for 121 years, but are still worth around $500 million - which is not a lot for a life insurance company's assets. They're not rated by AM Best.
Their rates do appear to be good, at first glance. However, their applications require approval of an underwriter who rates up based on what is on the application. There is no field underwriting guide where you can know what the rate will end with once it is reviewed on the other end. This takes away the immediate euphoria over those teaser rates you saw on the postcard.
Their application is very small - see below; but so are their commissions. Street level is 80% and MGA is 90%. Both require minimum production levels within each year, per their contract. Oh, and their commissions are paid "As Earned" once per MONTH, too.
Just by way of comparison to a known player, the Independent Order of Foresters aka "Foresters":
Compare NSS assets of $500 million to Foresters at $6.2 BILLION.
NSS earned just $534,482 last year in net profit from operations. I know agents who made that much last year... and certainly small agencies.
Foresters actually gave away $30 million just last year to local community projects and is still wildly profitable, having made $96 million in net profits in 2009.
As a quick side note and for full disclosure, slight positive bias is presented based on Foresters building a playground near my community next week and inviting their members to an Orlando Magic basketball game April 1st. Foresters is out front, giving back in tangible ways to their members and the community.
The postcard about NSS was slick, no doubt. But uncovering the strength, arbitrary underwriting/rates, and commissions structure just doesn't make this a good fit for me.
You can see their NSS life application forms here: Applications
Their rates do appear to be good, at first glance. However, their applications require approval of an underwriter who rates up based on what is on the application. There is no field underwriting guide where you can know what the rate will end with once it is reviewed on the other end. This takes away the immediate euphoria over those teaser rates you saw on the postcard.
Their application is very small - see below; but so are their commissions. Street level is 80% and MGA is 90%. Both require minimum production levels within each year, per their contract. Oh, and their commissions are paid "As Earned" once per MONTH, too.
Just by way of comparison to a known player, the Independent Order of Foresters aka "Foresters":
Compare NSS assets of $500 million to Foresters at $6.2 BILLION.
NSS earned just $534,482 last year in net profit from operations. I know agents who made that much last year... and certainly small agencies.
Foresters actually gave away $30 million just last year to local community projects and is still wildly profitable, having made $96 million in net profits in 2009.
As a quick side note and for full disclosure, slight positive bias is presented based on Foresters building a playground near my community next week and inviting their members to an Orlando Magic basketball game April 1st. Foresters is out front, giving back in tangible ways to their members and the community.
The postcard about NSS was slick, no doubt. But uncovering the strength, arbitrary underwriting/rates, and commissions structure just doesn't make this a good fit for me.
You can see their NSS life application forms here: Applications
- 7,790
NSS is a small fraternal organization. They are licensed in New York which has tough rules. IMO they can't be bad.
- Thread starter
- #20
xBaBaBooeyx
New Member
- 4
Nice post daytonaguy. Thanks for the info.
Similar threads
