MLM Agencies??

[goillini52]

FE does. It's a permanent policy, but it's not designed to build up any cash values.

Sure it does, but at a slower rate. It usually takes 2 years before FE policies start building cash value.

 

[Newby]

FE does. It's a permanent policy, but it's not designed to build up any cash values.

What? FE doesn’t build cash values? Are you joking?

FE is 100% guaranteed to endow. It definitely builds cash value. Just like any other WL. Smaller in the early years. More in the later years.

 

[DHK]

I'm allowed to be wrong. Keeps me humble.

 

[Todd King]

SO what is Final Expense considered because I have been told that FE has Renewal Commssions as well

This might make a little more sense to you. FE is only a term that is used to describe Whole Life (WL) that is Simplified Issue (SIWL), meaning there are no parameds or anything like that. There are simple yes/no questions on the app. Either you qualify or you don't. With FE, most companies will do a ScriptCheck and take a look at the MIB.

Since it is Simplified Issue, it usually starts at a table rating of 4, which simply means it is already priced higher than regular WL to cover the easy underwriting. It is not really designed to build up cash value fast or anything, though it does build some.

Depending on the company, it is usually offered to clients 50-85. Some companies will go down further in age, but very few would ever go above 85.

It also has some upper face value limits, usually. Those can vary by company, but will usually run between $25K and $50. FE policies also differ from many regular WL policies in that they will go down to around $2-4K, once again, depending on the company.

I hope this makes it a little bit clearer.

 

[lukifer]

WIth Primerica people, I have noticed that as soon as you mention you have an Insurance license, usually at a networking event, they are like hawks.
.

If you are breathing and can tie your shoes, or at least know how to operate Velcro, they will try to recruit you.

Otherwise, they will try to sell you their overpriced term policies.

 

[StarterAgentKG]

This might make a little more sense to you. FE is only a term that is used to describe Whole Life (WL) that is Simplified Issue (SIWL), meaning there are no parameds or anything like that. There are simple yes/no questions on the app. Either you qualify or you don't. With FE, most companies will do a ScriptCheck and take a look at the MIB.

Since it is Simplified Issue, it usually starts at a table rating of 4, which simply means it is already priced higher than regular WL to cover the easy underwriting. It is not really designed to build up cash value fast or anything, though it does build some.

Depending on the company, it is usually offered to clients 50-85. Some companies will go down further in age, but very few would ever go above 85.

It also has some upper face value limits, usually. Those can vary by company, but will usually run between $25K and $50. FE policies also differ from many regular WL policies in that they will go down to around $2-4K, once again, depending on the company.

I hope this makes it a little bit clearer.

Ok so we FE it is known as Burial Insurance. So stupid question, but let’s say you have a client and purchase 25k, but the burial costs less, who gets the difference. Does that part work like any other policy.

 

[lukifer]

Ok so we FE it is known as Burial Insurance. So stupid question, but let’s say you have a client and purchase 25k, but the burial costs less, who gets the difference. Does that part work like any other policy.

Aside from any ethical debates on the FEx, it works like any other life insurance policy.

I know SF started having the option to send $5k to the funeral home of their choice, like a split beneficiary set up with their FEx policies.

Final Expense is there to cover burial and other incurred costs of death with payouts going to the assigned beneficiary, not specifically for a funeral home per se. Pre-needs I believe are meant to pay out to funeral homes directly.

 

[Todd King]

Ok so we FE it is known as Burial Insurance. So stupid question, but let’s say you have a client and purchase 25k, but the burial costs less, who gets the difference. Does that part work like any other policy.

Yes, it does work like that. The beneficiary gets it. It is not normally assigned to a funeral home, but can be as some companies do allow that.

 

[myinsurebiz]

Ok so we FE it is known as Burial Insurance. So stupid question, but let’s say you have a client and purchase 25k, but the burial costs less, who gets the difference. Does that part work like any other policy.

Are you contracted with any life insurance carriers now?

 

[myinsurebiz]

Aside from any ethical debates on the FEx, it works like any other life insurance policy.

I know SF started having the option to send $5k to the funeral home of their choice, like a split beneficiary set up with their FEx policies.

Final Expense is there to cover burial and other incurred costs of death with payouts going to the assigned beneficiary, not specifically for a funeral home per se. Pre-needs I believe are meant to pay out to funeral homes directly.

Meaning?