I Sold 62 Final Expense Life Insurance Policies My 1st Month Lic.

[Newby]

Re: I Sold 62 Final Expense Life Insurance Policies My 1st Month

Which 3 companies would you say have these added vaue features?

Well obviously ForeThought leads the pack with most of that already in the premium.

Monumental has the Legacy Safeguard program. LH has the FCBS built into the premium.

Many companies sell the accidental benefit for extra premium (Monumental, Settlers, etc.)

Child riders are through Settlers, GPM

Limited pay policies are available with Settlers, Monumental and RNA

 

[HomeService]

Re: I Sold 62 Final Expense Life Insurance Policies My 1st Month

You should be able to leave that house knowing if the person qualifies for a regular life or a graded, just by sitting there and asking the health questions, and knowing the underwriting rules of the company. Do not leave a house with a questionable application, sit down and get all the info and recommend the right company that will issue the policy. I have never worked with Monumnetal, if they are that tough on underwriting look elsewhere- is my advice. A few agents get all the health questions figured out over the phone before they drive an hour, I don't like that method, but some do.

 

[rousemark]

Re: I Sold 62 Final Expense Life Insurance Policies My 1st Month

DO you find final expense companies bringing out lower rates year after year? I've never seen it happen.

DO you think a captive company will bring out low rates? Not likely to ever happen. That's not the business model of captives.

And the MOO GI IS a perfect example. Many agent do steer people to that product if that is their best option.

I was really speaking hypothetically but several years ago companies were dropping premiums due to improvements in mortality along with other factors. However, unfortunately, it seems rates are going the other way at this point in time. However, sooner or later, someone will want to increase their market share; will come out with low ball plans and others will follow..

 

[Staggs]

Re: I Sold 62 Final Expense Life Insurance Policies My 1st Month

I agree with everything you outlined. I wrote one policy with them over a year ago and had a problem with UW. They approved the policy as applied for, that wasn't the problem. The problem I had was procedural. First, it took several weeks before the policy was issued (not what I would call fast underwriting). Then, several months later (well after policy issue), an underwriter called my client at 7:00am to discuss a heart issue that was fully disclosed and explained on the original application. The underwriter explained that it just appeared on an MIB and that is the reason for the call.

After that fiasco, I would be VERY reluctant to use them again.

They did the same thing to 2 of my policies that had been enforce for over 6 months. They said that they did another MIB and found new information. Then canceled both and refunded premiums and I got charged back advances. Never heard of a company doing this.

 

[HomeService]

Re: I Sold 62 Final Expense Life Insurance Policies My 1st Month

They did the same thing to 2 of my policies that had been enforce for over 6 months. They said that they did another MIB and found new information. Then canceled both and refunded premiums and I got charged back advances. Never heard of a company doing this.

That is crazy. I would never place a policy with them again.

 

[jdeasy]

Re: I Sold 62 Final Expense Life Insurance Policies My 1st Month

You should be able to leave that house knowing if the person qualifies for a regular life or a graded, just by sitting there and asking the health questions, and knowing the underwriting rules of the company. Do not leave a house with a questionable application, sit down and get all the info and recommend the right company that will issue the policy. I have never worked with Monumnetal, if they are that tough on underwriting look elsewhere- is my advice. A few agents get all the health questions figured out over the phone before they drive an hour, I don't like that method, but some do.

I don't know of a successful face to face FE agent that does qualifying over the phone.

 

[HomeService]

Re: I Sold 62 Final Expense Life Insurance Policies My 1st Month

I don't know of a successful face to face FE agent that does qualifying over the phone.

I don't either. I used to know several who did it when I lived in NY back in the 80's, but that was mostly health and some life, but that was a few veteran agents and they really did not want to waste their time going out there if the person did not qualify.
They would get most of the app filled out, quote the price and everything, and just go collect the signatures and checks. That was before the "final expense" craze swept the nation. I really only knew two or three agents who did this, and trust me, they wrote a lot.

 

[Newby]

Re: I Sold 62 Final Expense Life Insurance Policies My 1st Month

Newby is 5 Star decent to work with?

Yes 5 Star is a good company.

 

[Daytona_Guy]

Re: I Sold 62 Final Expense Life Insurance Policies My 1st Month

My only thoughts on Monumental are that if I am going to have to drive an hour or more to write a policy I want to know the moment I walk out the door that they are covered and I am getting paid. The odds of getting a second chance with them diminish as soon as I have to call and say "I am sorry but due to circumstance you were declined, but I can come back and write you with a different company."

Or.. "I have to come back out to meet you to get you to sign this amendment first."



.

 

[jdeasy]

Re: I Sold 62 Final Expense Life Insurance Policies My 1st Month

Or.. "I have to come back out to meet you to get you to sign this amendment first."



.

That's more likely to happen with them than anything else. They are the most amendment happy company I've ever dealt with. And just try to get someone on the phone there at customer service.