Perfect FE Plan
- Thread starter deadhead
- Start date
- 3,764
the one that wouldn't pay out...oh wait...i think Senior Life already developed that product
- 5,309
Top 20% Most Competitive Pricing.
Extra Sizzle to improve policy stickiness; stuff like grandkid riders I think are the best.
Optional POS.
Short application.
Extra Sizzle to improve policy stickiness; stuff like grandkid riders I think are the best.
Optional POS.
Short application.
- 17,077
I actually had the opportunity to have a lot of input on one a few years ago. It would have been very nice if they kept my design. After I was done with it, they paid an actuary $100,000 to go over it. He completely ruined it. It was unrecognizable and basically unsellable.
They tell me we are going to have another go at it soon.
My plan is to have a 5-tiered product.
Tier #1- Super Prefered rates - must be perfect health. Similar to RNA Essential Life but priced a little higher to allow for no parameds. 10-year clean health look back.
Tier #2- Prefered rates- 2-year lookback on cancer, heart, etc. Very competitive rates. Favorable to diabetics, liberal ht/wt chart, etc.
Tier #3 - Standard rates. 1st day full coverage but higher premiums. Allow COPD, similar to MonLife Standard. No height/weight chart. One year lookback on cancer similar to American Memorial.
Tier #4- graded- priced slightly higher than Standard but allow more health conditions. 30/70/100 % coverage.
Tier #5- GI guaranteed issue. Priced high (between Settlers Bronze and Americo GI) but 50% coverage at 12th- month and 100% at 24th month. GI policy is 10-pay up to age 75. 5-pay age 76 or older and a built in spousal 1st to die benefit (pays if either spouse dies.)
All tiers would accept ages 0-85
Optional riders would include child/grandchild rider, accidental up to $50,000.
The plan would have a 24-hour death benefit payout on non-contestible claims (no death certificate necessary.)
Payment options: monthly draft, credit/debit card draft, monthly bill (at extra charge.)
In my opinion, if this is designed properly, it would prevent having to jump to one company for your healthiest and another company for your diabetics and another for your graded, etc. make each tier a very competitive option.
It will probably never go this way. But it's the best I could dream up.
They tell me we are going to have another go at it soon.
My plan is to have a 5-tiered product.
Tier #1- Super Prefered rates - must be perfect health. Similar to RNA Essential Life but priced a little higher to allow for no parameds. 10-year clean health look back.
Tier #2- Prefered rates- 2-year lookback on cancer, heart, etc. Very competitive rates. Favorable to diabetics, liberal ht/wt chart, etc.
Tier #3 - Standard rates. 1st day full coverage but higher premiums. Allow COPD, similar to MonLife Standard. No height/weight chart. One year lookback on cancer similar to American Memorial.
Tier #4- graded- priced slightly higher than Standard but allow more health conditions. 30/70/100 % coverage.
Tier #5- GI guaranteed issue. Priced high (between Settlers Bronze and Americo GI) but 50% coverage at 12th- month and 100% at 24th month. GI policy is 10-pay up to age 75. 5-pay age 76 or older and a built in spousal 1st to die benefit (pays if either spouse dies.)
All tiers would accept ages 0-85
Optional riders would include child/grandchild rider, accidental up to $50,000.
The plan would have a 24-hour death benefit payout on non-contestible claims (no death certificate necessary.)
Payment options: monthly draft, credit/debit card draft, monthly bill (at extra charge.)
In my opinion, if this is designed properly, it would prevent having to jump to one company for your healthiest and another company for your diabetics and another for your graded, etc. make each tier a very competitive option.
It will probably never go this way. But it's the best I could dream up.
- 3,247
I think a 3 tiered product with a free accidental/double death benefit rider would be great...
Preferred
Graded
Guaranteed Issue
With a system like 5 Star uses.. electronic app, choice of POS, etc....
Preferred
Graded
Guaranteed Issue
With a system like 5 Star uses.. electronic app, choice of POS, etc....
As a former Actuary.....I know, that explains a lot about me LOL...it would be difficult to do this on a single app to allow for a sliding tiers.
First you would have to separate your tier 1-super preferred plan to a separate App as they do with RNA and make it a fully underwritten plan and non-med 0-75 and medical 76-85. Also, you would have to make Face amount adjustments for this type of plan. 0-65, $50k and 66-75, $25k then 76-85, $15k.
I think the rest sounds great and could work.....Pricing could work if a company already selling FE would do it. Transamerica type pricing is what I would expect....
- 17,077
I would want to keep it all non-med. Just real strict and long term health questions for the super preferred. It would have to be priced higher than RNA's WL. But I think if it's priced lower than any other FE product with stricter qualifications that would be a sweet spot.
Couldn't all 5-tiers be on one app if it's all non-med?
Ideally it would replace an agent having to carry 5 companies around if it's designed just right. Then the agent could sell 90% with one company and win more trips, qualify for lead credits, etc.
- Thread starter
- #10
Yeah, but that makes too much sense
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