Lowest Premium on Final Expense? Who?

[tyler9953]

I understand what you are saying completly, but, there are times when either the person you are dealing with is straped financially, but wants/needs a burial policy and doesn't need/can't afford the "frills and "add ons". There are also some persons, that are going to buy on price alone. I will never walk away from a sale if I don't have too. If I can offer them what they want, then I will. In this particular case, this person is buying on price alone. I always look for value, and yes, sometimes you get what you pay for. Although, when dealing with some products, med supp, FE etc, you can compare apples to apples on benefits and look at price and make an educated decision. Lets face it, price is very important...especially in the current economis state we are in.
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The P&C agent is probably quoting him term or UL.
How much are you trying to write on him? How is his health? Smoker? NS? Age?

You could be right. I will be making a follow up call and I will find out, although, even a Genworth $25k UL would probably be a higher premium than the Oxford FE.?

He is 67 male, non smoker, preferred health and wanting $10k. Oxford came in the lowest at $49. That looks to be the best rate here. I have checked with several companies.

 

[SportsNut]

He is 67 male, non smoker, preferred health and wanting $10k. Oxford came in the lowest at $49. That looks to be the best rate here. I have checked with several companies.

If someone is preferred health they shouldn't be buyng a rated/loaded FE policy. Std issue rates for WL M67 are in the 42 to 45 mo range. Most P&C agents will have access to a similar product and rate structure through their main carriers.

FE products should be used for those who have had previous health events that are accomodated by these type of products.

Using a mtg loan comparison... why would someone with A credit be accepting a B/C mtg loan with a higher int rate...? They shouldn't. Same fits here in this case, IMO. Sometimes you gain more credibility by telling the client that the other product is their best choice... and you recommend that they buy it. You will be amazed at how that elevates you in their eyes, as you become more of an objective advisor in their eyes.

 

[TristanTLC]

He is 67 male, non smoker, preferred health and wanting $10k. Oxford came in the lowest at $49. That looks to be the best rate here. I have checked with several companies.

What state? I'll run a quote for you since you are entertaining UL as well.

 

[dgoldenz]

I understand what you are saying completly, but, there are times when either the person you are dealing with is straped financially, but wants/needs a burial policy and doesn't need/can't afford the "frills and "add ons". There are also some persons, that are going to buy on price alone. I will never walk away from a sale if I don't have too. If I can offer them what they want, then I will. In this particular case, this person is buying on price alone. I always look for value, and yes, sometimes you get what you pay for. Although, when dealing with some products, med supp, FE etc, you can compare apples to apples on benefits and look at price and make an educated decision. Lets face it, price is very important...especially in the current economis state we are in.
- - - - - - - - - - - - - - - - - -


You could be right. I will be making a follow up call and I will find out, although, even a Genworth $25k UL would probably be a higher premium than the Oxford FE.?

He is 67 male, non smoker, preferred health and wanting $10k. Oxford came in the lowest at $49. That looks to be the best rate here. I have checked with several companies.

A preferred non-smoker $25k no-lapse UL with Genworth would be $61.85/month for a 67 year old male.....much better deal than $10k for $49/month, about half the cost-per-thousand rate of the Oxford.

 

[jdeasy]

I understand what you are saying completly, but, there are times when either the person you are dealing with is straped financially, but wants/needs a burial policy and doesn't need/can't afford the "frills and "add ons". There are also some persons, that are going to buy on price alone. I will never walk away from a sale if I don't have too. If I can offer them what they want, then I will. In this particular case, this person is buying on price alone. I always look for value, and yes, sometimes you get what you pay for. Although, when dealing with some products, med supp, FE etc, you can compare apples to apples on benefits and look at price and make an educated decision. Lets face it, price is very important...especially in the current economis state we are in.
- - - - - - - - - - - - - - - - - -


You could be right. I will be making a follow up call and I will find out, although, even a Genworth $25k UL would probably be a higher premium than the Oxford FE.?

He is 67 male, non smoker, preferred health and wanting $10k. Oxford came in the lowest at $49. That looks to be the best rate here. I have checked with several companies.

For a 67 year old non smoker male in good health, RNA's whole life would $40/mo for $10,000

 

[pomfin]

I quoted Oxford and the guy said that his P&C agent could still beat that quote. I don't think he is quoteing what I am quoteing. I asked what company his P&C agent was quoteing and he didn't know...
This one gets me a little, because I handle this guys Medicare Advantage Plan. We do a lot of personal service (newsletters etc.). Oh, well. It may be that he has a better relationship with his local P&C guy. Thanks for the help guys. I will check with the Colorado company.

I would ask for the illustration from this P&C guy. I have many people said to me that AARP gives them good deal of life insurance. Also someone would say that they got 50K coverage with much less premium than I quoted. I asked them to show me the policy. When I see the policy, it was AD&D coverage! I have to explain to them the difference between what I quote to them and what they would get from their current AD&D coverage. The AARP was a term policy till age 80 with rate increase every 5 years. I don't feel too good about those policies. The seniors have fixed income. If the rate increases, it will disturb their day to day money balance. The FE product never increases the premium and it is more predictable for seniors to manage their finance for their fixed income with fixed expense.

 

[tyler9953]

If someone is preferred health they shouldn't be buyng a rated/loaded FE policy. Std issue rates for WL M67 are in the 42 to 45 mo range. Most P&C agents will have access to a similar product and rate structure through their main carriers.

FE products should be used for those who have had previous health events that are accomodated by these type of products.

Using a mtg loan comparison... why would someone with A credit be accepting a B/C mtg loan with a higher int rate...? They shouldn't. Same fits here in this case, IMO. Sometimes you gain more credibility by telling the client that the other product is their best choice... and you recommend that they buy it. You will be amazed at how that elevates you in their eyes, as you become more of an objective advisor in their eyes.

----------------------------------------------------------With all due respect "sports nut", that is exactly why I posted a thread about "who had the best rates on FE". And thanks to a few members, that have proven helpful, I have some ideas on a few companies that I am not contracted with. I never want to turn business away on a competitive situation. If said person is buying on price, then I would like to be able to offer a better rate or the same. Again, that is why I made this thread.

 

[SportsNut]

----------------------------------------------------------With all due respect "sports nut", that is exactly why I posted a thread about "who had the best rates on FE". And thanks to a few members, that have proven helpful, I have some ideas on a few companies that I am not contracted with. I never want to turn business away on a competitive situation. If said person is buying on price, then I would like to be able to offer a better rate or the same. Again, that is why I made this thread.

Tyler:

Maybe semantics, but you asked about "which FE company has the lowest rate?" In fact this client doesn't need a classic FE expense product at all, due to excellent health, (which was my point).

As you know most FE products are loaded and designed to look-back 2 to 5 yrs for health issues. Whereas fully u/w products are going to look-back 10yrs or longer. So maybe had you asked the question "which life ins product is lowest prem on small face amount", you may have gotten a different repsonse from me or others.

Some companies that have fully u/w WL policies in small face are: RNA, Motorists Life and Grange Life; although the latter two are available in a small region of states. I personally would lean more in the direction of a WL product versus the no-lapse UL product... just a matter of what one believes in, I suppose, and I am not a no-lapse UL fan based on lifes many variables.

 

[steveadlman]

Take a look at Lafayette Life. They have low rates on their final expense plan called The Protector.