Yeah that too. Also had a customer pay her fiance's policy with her ssi account
Greatest FE Company Around
- Thread starter InsuranceManMike
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Yeah that too. Also had a customer pay her fiance's policy with her ssi account
- 5,309
RNA, Mon, AmCon, and SL.
- Thread starter
- #13
InsuranceManMike
Expert
- 85
Reardon, why those four? And what percentage of each of those do you write?
- 5,309
RNA -- Pre-6/2013, great rates, great product, excellent UW WL for the occasional healthy senior. Now, I would just use them for UW products.
Monumental -- Somewhat flexible underwriting; allows for Day 1 Full Coverage in certain health situations commonly written as Graded. I write maybe 50% of my business here.
American Continental -- No MIB/Rx check. If rates weren't on the high side, I'd write these guys all the time. They are perfect for the senior on heavy doses of meds which other companies knock out.
5-Star -- Until Thursday, my absolute favorite company to write. Competitive rates, competitive underwriting, decent turn-around on issue and policy delivery. No phone interview required.
Standard Life -- My favorite replacement company. This opens the door to many more replacement opportunities, as they absolutely kill it for female. Only problem is they ask about disability qualification, and I think their height/weight parameters are tighter than the competition. However, this will open up alot more new business for me personally over the long run.
I also like Oxford, in that one can be diabetic and have heart disease history and still be open to qualification. That's becoming more important with carriers tightening up across the board on the combo questions.
I would also pick up Vantis for GI business, if that's your thing. I've written probably 10 to 18 Vantis cases over the past year I otherwise would have sent to the direct mail solicitors.
Beyond RNA's Essential Life product, I will not write Fraternals anymore, as Obi-Wan Rousemark taught me many moons ago.
Monumental -- Somewhat flexible underwriting; allows for Day 1 Full Coverage in certain health situations commonly written as Graded. I write maybe 50% of my business here.
American Continental -- No MIB/Rx check. If rates weren't on the high side, I'd write these guys all the time. They are perfect for the senior on heavy doses of meds which other companies knock out.
5-Star -- Until Thursday, my absolute favorite company to write. Competitive rates, competitive underwriting, decent turn-around on issue and policy delivery. No phone interview required.
Standard Life -- My favorite replacement company. This opens the door to many more replacement opportunities, as they absolutely kill it for female. Only problem is they ask about disability qualification, and I think their height/weight parameters are tighter than the competition. However, this will open up alot more new business for me personally over the long run.
I also like Oxford, in that one can be diabetic and have heart disease history and still be open to qualification. That's becoming more important with carriers tightening up across the board on the combo questions.
I would also pick up Vantis for GI business, if that's your thing. I've written probably 10 to 18 Vantis cases over the past year I otherwise would have sent to the direct mail solicitors.
Beyond RNA's Essential Life product, I will not write Fraternals anymore, as Obi-Wan Rousemark taught me many moons ago.
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- 5,309
Refer to "WTF 5-Star" thread.
- 17,077
Hopefully 5-Star will be back around to being everyone's favorite FE company next week. Here is what happened:
ALL life insurance companies have the right to contest or rescind (can't spell) policies for the first 24 months. We usually only expect them to do that IF the applicant dies within the 1st 24 months.
MIB is marketing an extra feature to companies that pull MIB reports. That feature monitors the MIB reports for existing policies for 24-months after policy issue. If there is a major MIB change that would affect the approval of the policy (MIB changes aren't in real time, they can take months to show up) this new MIB feature can cause the company to red flag the policy.
5-Star has been using this MIB feature for 2-years. They have recinded a few policies that were in force for several months. That's not good.
They are not the first FE company to do this. Monumental did it a few years ago and had a tidal wave of agent blowback from it. They promptly agreed to never do it again.
We have been in contact with the main decision maker at 5-Star on Friday about this. He completely understands our point of view and it appears that he will put an end to this. We should know a definite answer this week.
Any company CAN do this and has the right to do this (this meaning recind policies WITHOUT someone dieing in the first 24-months.) But it totally repels agents if they practice it.
I'm pretty certain that 5-Star will follow Monumental's path and end it. Then the next question will be...which company is next?
ALL life insurance companies have the right to contest or rescind (can't spell) policies for the first 24 months. We usually only expect them to do that IF the applicant dies within the 1st 24 months.
MIB is marketing an extra feature to companies that pull MIB reports. That feature monitors the MIB reports for existing policies for 24-months after policy issue. If there is a major MIB change that would affect the approval of the policy (MIB changes aren't in real time, they can take months to show up) this new MIB feature can cause the company to red flag the policy.
5-Star has been using this MIB feature for 2-years. They have recinded a few policies that were in force for several months. That's not good.
They are not the first FE company to do this. Monumental did it a few years ago and had a tidal wave of agent blowback from it. They promptly agreed to never do it again.
We have been in contact with the main decision maker at 5-Star on Friday about this. He completely understands our point of view and it appears that he will put an end to this. We should know a definite answer this week.
Any company CAN do this and has the right to do this (this meaning recind policies WITHOUT someone dieing in the first 24-months.) But it totally repels agents if they practice it.
I'm pretty certain that 5-Star will follow Monumental's path and end it. Then the next question will be...which company is next?
- 19,666
This must be what happened to that Foresters deal that marie was talking about on the call a few weeks ago. That policy was recinded 8 months in and she insisted that wasn't another agent involved.
- 3,764
5star needs to focus on building relations, not torching them
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- #20
InsuranceManMike
Expert
- 85
What are the most common health issues you come across in FE (probably diabetes, cancer, heart issues...)? What are the best carriers to have to be able to write business with the most common health issues? (I want to have as few carriers in my bag until I get good at this and can add more carriers later, but I don't want to leave to much business on the table). Thanks for responses.
