How Competitive Are Foresters & Equitable

[thomasm]

My captive agency contracts with only two FE carriers. Foresters and Equitable. How competitive are these carriers. So far I've written only Foresters. Are you FE guys going to come in right after me and replace these carriers? I really try to build value by talking about the "fraternal benefits" that Foresters provides to policyholders. Do you think that gives them it a little bit of an competitive edge instead of just being another commodity FE product where only price wins?

 

[AnonymousOne]

If you plan on doing FE full or part time, purchase fexquotes and see how competitive they are when you run a quote.

 

[Newby]

My captive agency contracts with only two FE carriers. Foresters and Equitable. How competitive are these carriers. So far I've written only Foresters. Are you FE guys going to come in right after me and replace these carriers? I really try to build value by talking about the "fraternal benefits" that Foresters provides to policyholders. Do you think that gives them it a little bit of an competitive edge instead of just being another commodity FE product where only price wins?

Your company is not in the FE business. You should focus on what they specialize with. If you want to be great at Football would you join the Boston Celtics? You are going against the grain.

Foresters can get replaced easily. They do not issue policies. They issue certificates which is not the same thing. If your client has an agent show them they can get a policy for nearly the same price, they can replace your sale. I haven't worked with Equitable so I don't know the strengths and weaknesses of them.

If you are going to focus on FE, you need to go with an FE marketer OR become independent. You could probably dabble in it with those two companies.

 

[rousemark]

Equitable can be competitive in certain niche markets but not the premium is on the high side for most prospects.

 

[AnonymousOne]

Foresters can get replaced easily. They do not issue policies. They issue certificates which is not the same thing. If your client has an agent show them they can get a policy for nearly the same price, they can replace your sale. I haven't worked with Equitable so I don't know the strengths and weaknesses of them.

Can you elaborate on that please.

 

[nfl72]

Elaborate on what? Its mostly propaganda with very little if any substance. I have been writing FE for 4 years and can't recall ever having a Foresters replaced.

Foresters is an A rated company with over 137 years of being in business. They also offer great benefits for free. If your a non smoker their rates are very competitive. Its a very easy policy to sell. Yes they do have some issues in underwriting but they do send emails and keep you abreast of whats going on with your policies.

In spite of what some of the locals here would have you believe, they do pay their claims and pay them quite well. I have had them pay claims on several that in reality should not have been paid.

If you are trying to replace them sure you can try and suggest they are getting certifcates and not a policy. And that might work with some of the typical FE clientele. In over 137 years of doing business has it ever been an issue? I don't believe so.

Opinions are like assholes and everybody has one. Foresters wirtes a lot of very good business and donates millions of dollars anualy to many very good causes. That alone will help you sell more policies if you think to bring it up. Its a tool, if you use it, it can help you, if you choose to ignore it, it won't help you.

And yes I know if newwby and JD talk we must listen because it is the gospel. I choose to go against the grain on this one. Foresters, while they do have some pain in the ass issues in underwriting for the most part is a good company to use and promote.

Re: How Competitive Are Foresters & Equitable Go to Top Originally Posted by Newby

Foresters can get replaced easily. They do not issue policies. They issue certificates which is not the same thing. If your client has an agent show them they can get a policy for nearly the same price, they can replace your sale. I haven't worked with Equitable so I don't know the strengths and weaknesses of them.
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Can you elaborate on that please.

Re: How Competitive Are Foresters & Equitable Go to Top Originally Posted by Newby

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[Newby]

The poster asked if Foresters gets replaced on price. I explained that they get replaced on certificates vs policies.

The public doesn't like certificates as well as they do policies. It's a weak area for them.

I've never had Foresters not pay a claim. They were just so rude to the family that it was unacceptable to them and to me.

Everyone has to go by their own experience.

 

[LonghornMark]

Newby, do you find it the same with RNA since they issue certificates as well?

 

[nfl72]

You insinuate its easy to replace Foresters and it is not, without making very misleading statements. Your attempt to discredit them because they offer certificates is nothing more than a scare tactice used by a salesman that doesn't have anything else to hang their hat on.

Suggesting agents should attempt to replace Foresters because they offer certificates is borderline fraud and is most certainly un-ethical.

Being a fear monger with no merit or basis to stand on is jsut plain weak and wrong.

 

[VolAgent]

You insinuate its easy to replace Foresters and it is not, without making very misleading statements. Your attempt to discredit them because they offer certificates is nothing more than a scare tactice used by a salesman that doesn't have anything else to hang their hat on.

Suggesting agents should attempt to replace Foresters because they offer certificates is borderline fraud and is most certainly un-ethical.

Being a fear monger with no merit or basis to stand on is jsut plain weak and wrong.

To state that a certificate is the same as a policy is actually illegal and would be fraud. They are not the same. For the most part they will behave the same, but they are not the same.

Fortunately for anyone selling a fraternal, most DOIs frown upon mentioning the state guarantee fund to induce a sale.