Pekin Life

[rousemark]

Anybody using this company? Their rates on both the FE product and their FU product look to be outstanding. Underwriting? Commission Rates? I notice they also write Med Supp but their premiums on those seem to be mid range.

 

[adjusterjack]

I've had Pekin homeowners and auto insurance since 2013. Rates are very competitive. I had a wind claim in 2013 and the claim service was great.

I checked the company out a long time ago and seem to recall them being an A rated company with strong financials.

The A. M. Best website is down for maintenance until Sunday night so you can check out the company after that.

If the competitive rates help you write the business I wouldn't hesitate. The only thing you might have to get past is that nobody's ever heard of the company.

As for underwriting and commissions, that's stuff you should be asking the Pekin marketing rep.

 

[rousemark]

I've had Pekin homeowners and auto insurance since 2013. Rates are very competitive. I had a wind claim in 2013 and the claim service was great.

I checked the company out a long time ago and seem to recall them being an A rated company with strong financials.

The A. M. Best website is down for maintenance until Sunday night so you can check out the company after that.

If the competitive rates help you write the business I wouldn't hesitate. The only thing you might have to get past is that nobody's ever heard of the company.

As for underwriting and commissions, that's stuff you should be asking the Pekin marketing rep.

Actually, it is better asked of other agents. Marketing reps might be just a bit biased as to how good both are...

 

[Newby]

Pekin is a well known company in the mid-west. Big with P&C. Good life products and preneed too.

I met with them a couple of years back. Good people. We had Grange at the time and they were pretty similar. Seems like they had rules on advances or chargebacks or domething that wasn't on par with other FE companies. Don't remember exactly what it was.

 

[jdeasy]

I've had Pekin homeowners and auto insurance since 2013. Rates are very competitive. I had a wind claim in 2013 and the claim service was great.

I checked the company out a long time ago and seem to recall them being an A rated company with strong financials.

The A. M. Best website is down for maintenance until Sunday night so you can check out the company after that.

If the competitive rates help you write the business I wouldn't hesitate. The only thing you might have to get past is that nobody's ever heard of the company.

As for underwriting and commissions, that's stuff you should be asking the Pekin marketing rep.

Name recognition means absolutely nothing in the FE market. The prospects have never heard of most of the companies we use and recommend.

It actually can be a detriment. The companies they have heard of may very well be because of a bad experience with that company.

As for Pekin for FE, going on memory it seems they don't really have a product for FE as we know the product. Kinda like NSS, they have a product some use for FE but it's more a traditional whole life with traditional underwriting.

 

[Mattschmidt]

commissions low, tight underwriting, and state availability is a mess. Ex. in states like OHIO, only P&C agents can sell the life products. NO indy agents

 

[rousemark]

Rec'd a commission schedule from them. On the WL, it was 80% FY. 8% 2nd yr, 0% after that.... The SI was 57.5% FY, 4.5% 2nd yr. then 2%...The graded is even less. Was told the SI only had three health questions and was level benefit. Guess you can have low premiums if you don't pay the agents very much.

 

[mudhound]

Rec'd a commission schedule from them. On the WL, it was 80% FY. 8% 2nd yr, 0% after that.... The SI was 57.5% FY, 4.5% 2nd yr. then 2%...The graded is even less. Was told the SI only had three health questions and was level benefit. Guess you can have low premiums if you don't pay the agents very much.

This seems to be normal.

 

[rousemark]

This seems to be normal.

Normal?