Prosperity Life Product Updates as of July 1st

[Northeast Agent]

Field Bulletin

As many of you are aware, Prosperity has remained consistent with premium rates since 2017 while other carriers have increased their rates because of COVID-19 and inflation. Our goal is to continue to keep rates steady and to provide the best experience for you and your customer. With that in mind, we are announcing a few changes effective July 1st, 2023.

Final Expense Face Amounts

The minimum face amount on all final expense plans will raise to $5,000. The average cost of a funeral in the US is now over $11,000. Some states have already implemented this minimum face amount requirement, and this keeps it consistent across all available states.

Final Expense Minimum Issue Age

Given lapse experience for ages 50-54, we are raising the minimum issue age on New Vista and Vista Premier to 55.

State Availability

State specific requirements in Maine, New York and South Carolina create unique financial and risk management considerations. Instead of raising rates to address these issues, we have made the difficult decision to stop selling new life insurance policies in those states. We appreciate all the business over the years and look forward to serving you in the remaining 40+ states.

 

[DonP]

That confirms why I always ran the 55-79 filter with Rgi for $1 more per lead . The main reason younger people not home as much and now we see the lapse rate with prosperity higher

 

[jdeasy]

Crap company with crap changes.

 

[DayTimer]

That confirms why I always ran the 55-79 filter with Rgi for $1 more per lead . The main reason younger people not home as much and now we see the lapse rate with prosperity higher

Simplified issue whole life is probably not the best plan for the average 50-54 year old employed individual. And Prosperity's high rates are likely behind higher lapse rates in that demographic. I've written plenty of business for folks 55 and younger and my persistency is solid across all ages (other than Guaranteed Issue cases where my persistency is littered with lapses and death claims).

 

[Baseball7]

Big change, but the market is flush with options these days.

 

[DonP]

Simplified issue whole life is probably not the best plan for the average 50-54 year old employed individual. And Prosperity's high rates are likely behind higher lapse rates in that demographic. I've written plenty of business for folks 55 and younger and my persistency is solid across all ages (other than Guaranteed Issue cases where my persistency is littered with lapses and death claims).

Lol most fe leads 50-55 don’t work .But definitely many could qualify for cheap term .I looked at my gerber and great western gi book . Wow I bet after 3 years 50% plus lapsed or claims