JDeasy a Question for You...

[lifeagent007]

...or anyone else really just seem jd is good with pointing out the fraternal benefit wording of a certificate.

They spell it out clearly in their certificate that they can come back to the member and assess charges. All you have to do is show that to the person and ask them if they would rather have a policy.

I am meeting with a client I lost to Catholic life insurance and would like to show her the difference between this fraternal certificate and the policy I wrote for her. (what page if you know)

Any other advice regarding Catholic Life would also be helpful if anyone knows. Thanks!

 

[tins]

Why did they switch, did they get more coverage for the same price or just a lower premium for the same coverage?

 

[lifeagent007]

Why did they switch, did they get more coverage for the same price or just a lower premium for the same coverage?

Well when I called my [ex] client she said they gave me a "better deal" whatever that means. I would assume it means a few bucks a month cheaper but I cant confirm unless someone has the rates??

 

[tins]

Well when I called my [ex] client she said they gave me a "better deal" whatever that means. I would assume it means a few bucks a month cheaper but I cant confirm unless someone has the rates??

I write a different catholic fraternal, but it's very similar. Great rates, can replace most other companies by price if the person is healthy enough to get through fully underwritten without any sort of rate up.
On the company I write for, it spells out on the first page inside of the certificate that the rate is not guaranteed. So, there are 2 things for you to use. 1) tell them to look at it and ask if it says 'certificate' or 'policy' (obviously, it will clearly state 'certificate' on the cover). 2) Find out where it says the rate is not guaranteed (usually on first page).
Lastly, hope the agent that replaced didn't do a good job of preempting any of these things. I always point out to my clients where it says rates are not guaranteed, but let them know that the company has never raised a certificate holder's rates once it has been issued in the entire history of the 140+ years they have been in business.
If the agent did a good job of going over these things, you may want to just move on and not drive yourself crazy. If the client got more coverage for less money it will be extremely difficult to convince them to switch back.

 

[WinoBlues]

Just devils advocate - when an agent, say primerica, says "yes our 30 year term is not guaranteed but we have never increased premium" I ask if the company is so confident, why are they putting the risk on you instead of guaranteeing it like many other companies?

 

[tins]

Just devils advocate - when an agent, say primerica, says "yes our 30 year term is not guaranteed but we have never increased premium" I ask if the company is so confident, why are they putting the risk on you instead of guaranteeing it like many other companies?

That's a good line. I'm going to use it next time I run into that situation.

 

[Newby]

Just devils advocate - when an agent, say primerica, says "yes our 30 year term is not guaranteed but we have never increased premium" I ask if the company is so confident, why are they putting the risk on you instead of guaranteeing it like many other companies?

That's exactly right. It amazes me that we even have to point this out to the public.

 

[lifeagent007]

I write a different catholic fraternal, but it's very similar. Great rates, can replace most other companies by price if the person is healthy enough to get through fully underwritten without any sort of rate up.
On the company I write for, it spells out on the first page inside of the certificate that the rate is not guaranteed. So, there are 2 things for you to use. 1) tell them to look at it and ask if it says 'certificate' or 'policy' (obviously, it will clearly state 'certificate' on the cover). 2) Find out where it says the rate is not guaranteed (usually on first page).
Lastly, hope the agent that replaced didn't do a good job of preempting any of these things. I always point out to my clients where it says rates are not guaranteed, but let them know that the company has never raised a certificate holder's rates once it has been issued in the entire history of the 140+ years they have been in business.
If the agent did a good job of going over these things, you may want to just move on and not drive yourself crazy. If the client got more coverage for less money it will be extremely difficult to convince them to switch back.

Thanks this is good advice.

Just devils advocate - when an agent, say primerica, says "yes our 30 year term is not guaranteed but we have never increased premium" I ask if the company is so confident, why are they putting the risk on you instead of guaranteeing it like many other companies?

Nice 1 liner

 

[Newby]

...or anyone else really just seem jd is good with pointing out the fraternal benefit wording of a certificate. I am meeting with a client I lost to Catholic life insurance and would like to show her the difference between this fraternal certificate and the policy I wrote for her. (what page if you know) Any other advice regarding Catholic Life would also be helpful if anyone knows. Thanks!

Some of it could be non. -guaranteed fraternal benefit too. All fraternal benefits can change at any time. One Catholic company I carry (but never sell) gives a 20% additional death benefit after 2-years. So if you sell a $10,000 policy, they get an extra $2,500 check on top of that as a fraternal benefit. Even though they have always paid it for many many years they can stop that benefit at any time.

 

[lifeagent007]

20% additional death benefit after 2-years. So if you sell a $10,000 policy, they get an extra $2,500 check on top of that as a fraternal benefit.

I'm assuming you meant 25%? But yes your exactly right fraternal companies can change at anytime and It is clearly written in there policies. It is just a matter of explaining this to the customer and letting them make the choice. By the way what is the name of that catholic company... I think I may have ran into something like that a while back...

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