Great Western Life Insurance Company

Aug 24, 2015

  1. Seattle82
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    Seattle82 New Member

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    Anyone use Great Western Life?
     
  2. Lifehlth2005
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    Lifehlth2005 Expert

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    Brand new product that was recently introduced. I only know it's a guaranteed issue product with the ability to get an immediate death benefit based on a few health questions. Rates stay the same, but obviously the convenience of one app is great. A nice, clever way for them to offset all the super unhealthy clients and still take guaranteed issue rates from everyone. Hopefully that helps! I think they are approved in most states but not positive.
     
  3. WinoBlues
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    WinoBlues Guru

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    That is my understanding also. Old company, I think I was last contracted with them over 20 years ago.
     
  4. rousemark
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    rousemark Still Here!

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    Not too old.. established 1983.. No mention of Best ratings. Their home page describes the products but I can't find the premiums online. Ritter just sent an email blast about them.

    Great Western Insurance Company
     
  5. JimmyUt
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    JimmyUt Guru

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    I think it may be a different company Rouse. The link you provided is for a company who specializes in preneed here in Utah. If it is the same, they are probably decent products.
     
    JimmyUt, Aug 24, 2015
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  6. WinoBlues
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    WinoBlues Guru

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    Send me your email address.

    I ran a 55 female and I think the rate came in at about $55. Not Gerber but second level GI I guess. Comp was 65% plus 6% Xs9yrs. 105% on the FE

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    Ogden, UT


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  7. JimmyUt
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    JimmyUt Guru

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    It is the same. Good funeral homes out here. Don't know about their products, but have heard good things.
     
    JimmyUt, Aug 24, 2015
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  8. rousemark
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    rousemark Still Here!

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    That is the company and product that Ritter is hawking. Located in Ogden,Utah. Some unusual charge back rules.

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    65 year old male 10K $86.25 .. Second only to Gerber on FEXquotes. Immediate benefit is the same premium but the coverage is increased $12K instead of $10K... Kind of high for non smokers but competitive for smokers.

    Three Health questions for immediate benefit:

    1) In the last two years, has the applicant been a patient in a hospital, hospice, or nursing home for five or more days?

    2) Is the applicant unable to perform routine activities such as bathing, dressing, eating, toileting, or transferring to or from a bed or chair?

    3) In the last two years, has the applicant been diagnosed with, been prescribed medication for, or treated by a healthcare provider for any of the following diseases:Cancer (other than basal cell carcinoma), Tumor, Insulin-Dependent Diabetes, Human Immunodeficiency Virus (HIV), Acquired Immune Deficiency Syndrome (AIDS), or Acquired Immune Deficiency Syndrome-Related Complex (ARC), or any Disorder of the Blood, Kidney, Lung, Brain, Heart, Circulatory System, or Liver? Maintenance medications are not considered treatment if prescription has remained the same (or generic equivalent) at the same or decreased dosage for the last two years.

    This could provide immediate coverage in a lot of cases, COPD or Enlarged Heart for example as long as they have been diagnosed for two years and have not had a medication increase or new drug prescribed.

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    Ritter is offering 110% Immediate / 70% GI / 6.5% renewals
     
  9. John Galt
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    John Galt Guru

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    That maintenance rx clause would be even better if it applied to insulin LOL
     
  10. Todd King
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    Todd King IMO/FMO Owner

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    Here is some information for Guaranteed Assurance & Assurance Plus from Great Western. This life product offers an immediate and guaranteed issue death benefit that is unlike anything we have seen before. Clients who can answer 3 questions NO are eligible for an immediate death benefit at 120% of the face amount applied for.

    The best thing about this product however is that medications for almost all medical conditions are considered “maintenance” meds and not treatment so long as the dosage and medications themselves have not changed or increased in the last 2 years. This means that clients with health conditions such as Congestive Heart Failure will be eligible for an immediate death benefit if they have not had a change in their medications within the last 2 years! There are just three exceptions to this rule and they are insulin and oxygen usage and the presence of a tumor in the body, all other conditions are potentially eligible for the immediate death benefit.

    I can’t tell you how many requests we get from agents looking to place clients with certain health conditions in an immediate death benefit rather than a graded death benefit. Now we have the product to accommodate these folks and give them what they want and need.
     
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