Rate comparison, Lincoln Heritage and Senior Life

[theinsuranceman]

I love to put as much business through one or two companies as possible. If it's within $5 a month or so, I feel like it's a good fit all the way around. I'm not committed to getting Gertrude the cheapest plan no matter what, because it also has to be a good experience for everyone, and those cheapo companies aren't always the best experience. So around $5 or 10% is my threshold where I feel like if I can stay within that range, I'm remaining competitive with my preferred carriers.

Competitive pricing is one of several things that has to fit. It also has to be a POS decision and a company with good customer service. If the cheapest app is paper, and the second cheapest is a POS interview for $7/mo more, I'm doing the POS.

I feel like if you have to put some people in 2 yr waits where you could have given them immediate coverage with another company, you've already made the argument for me why working with several companies is best.

There are SOME ways that SL is agent friendly, but there are also some where it's not so attractive, at least to a broker.

Does SL have an instant decision e-app? I know they run an RX check. Is that something UW reviews or is it integrated into the app?

The agent is the underwriter accompanied with the script check. No POS while in the house and no MIB either.

SL is not the best at everything, no carrier is. But SL has the best total package when you lay their agent opportunity beside any other FE carrier. I know because I've looked.

There's a reason SL is growing by leaps and bounds. A few of the FE carriers are leaving the FE arena or tightening up their underwriting or raising premiums or no longer writing people younger than age 60. Agents from other carriers and agencies are slowly migrating to SL. And it seems to be accelerating every year. Word on the street is several FE carriers shrunk a little in 2018 when measuring production issued. Maybe this is a trend? Who knows? We shall see.

My prediction for the future of FE carriers: The carrier with the best agent opportunity will grow the most. Agents always go where they are the happiest. The other carriers, the ones I hear everyone gripe about up here, will continue to find their agent sales force shrinking. When your sales force is shrinking then your production is shrinking. And when your production is shrinking you are pointed towards the exit door.

Time will tell.

 

[Abrasax]

The agent is the underwriter accompanied with the script check. No POS while in the house and no MIB either.

SL is not the best at everything, no carrier is. But SL has the best total package when you lay their agent opportunity beside any other FE carrier. I know because I've looked.

There's a reason SL is growing by leaps and bounds. A few of the FE carriers are leaving the FE arena or tightening up their underwriting or raising premiums or no longer writing people younger than age 60. Agents from other carriers and agencies are slowly migrating to SL. And it seems to be accelerating every year. Word on the street is several FE carriers shrunk a little in 2018 when measuring production issued. Maybe this is a trend? Who knows? We shall see.

My prediction for the future of FE carriers: The carrier with the best agent opportunity will grow the most. Agents always go where they are the happiest. The other carriers, the ones I hear everyone gripe about up here, will continue to find their agent sales force shrinking. When your sales force is shrinking then your production is shrinking. And when your production is shrinking you are pointed towards the exit door.

Time will tell.

How does the RX check come into play then? Would it come back a day or two after you submit it with a possible decision other than expected?

 

[rousemark]

LOL.....Looks like you have nothing better to do. Who goes around counting someone's posts? I'm up here a lot for one day, not a whole week.

Rouse this is not directed at you but here's a thought that popped into my mind:
Losers are losers because they worry about other people instead of themselves.
Winners are winners because they worry about themselves instead of other people.

Your thoughts?

You are the one slamming others for the amount of time the spend on the forum, not me.. As for counting your posts, it took all of about 60 seconds to look at your profile page. Also, I don't worry about other people, I really could not care less how many companies you or anyone else represents. I also don't care how much they make or produce but you seem obsessed with Todd's income. Another thing I don't do is go around calling or hinting that people are losers because they may have a different view of success or a different goal in business or life than I. You asked for my thoughts, enjoy...

 

[shonceman]

LOL.....Looks like you have nothing better to do. Who goes around counting someone's posts? I'm up here a lot for one day, not a whole week.

Rouse this is not directed at you but here's a thought that popped into my mind:
Losers are losers because they worry about other people instead of themselves.
Winners are winners because they worry about themselves instead of other people.

Your thoughts?

Trying to keep up with Todd.

These two adjacent posts are dripping with irony.

 

[goillini52]

Do you have a non GI for COPD w/ oxygen?

Yes. Sentinel Security is true Graded. 30%/70%/100%. They have a 5 minute POS PHI with no decision, but quick issue and pay. They're competitive and I've found them to be a nice experience, as you refer to it.

 

[goillini52]

No

He was talking to me.

I do.

You don't.

 

[Abrasax]

Yes. Sentinel Security is true Graded. 30%/70%/100%. They have a 5 minute POS with no decision, but quick issue and pay. They're competitive and I've found them to be a nice experience, as you refer to it.

Do you use them as a primary or just for the graded? How's their level? I think they're pretty competitive from what I remember seeing.

 

[goillini52]

Do you use them as a primary or just for the graded? How's their level? I think they're pretty competitive from what I remember seeing.

I try to use them for level. They're very competitive and easy to work with. Lots of good things about them.

 

[titeye]

Interesting....the GI rates are much cheaper than immediate coverage rates.

According to a reliable source at SLIC, the GI rate for a male age 67 is $141.41 for $10,000 of coverage, excluding ADB and their Legacy Benefit (casket merchandise at wholesale). GI clients DO NOT qualify for more than $10,000, so this is the maximum they can get under those health conditions. Comparing the rate for $10,000 with SLIC to $15,000 with any other company is comparing apples and oranges.
The GI rate with SLIC for the 68 year old male is $149.81 for only $10,000. Again, this excludes the additional premium for ADB and Legacy.

If the client passes away in the first year, 110% ROP.
If the client passes away in year 2, 110% ROP.
If the client passes away in year 3, 110% ROP.
Full benefits are payable in year 4.

Same 67 yr old male client with Gerber, for example, premium is only $137 for $15,000. The 68 yr old would pay only $141. Either way, Gerber saves the client a minimum of $5/mo., depending on actual age; plus, gives the client an additional $5,000 benefit; and, only requires a 2-yr wait.

NOTE: The SLIC client's benefit payout is reduced by the amount of Legacy benefits exercised. If the beneficiary maximizes the Legacy benefit of $3,500, which would include casket, headstone and burial vault, the beneficiary receives the difference is cash of $6,500.

On the other hand, Gerber will pay $15,000 to the beneficiary to shop their own casket, headstone, and vault, assuming a traditional funeral is sought. The beneficiary would have to spend in excess of $8,500 on these items for SLIC and their Legacy benefit plan to even make sense.

Here lies the potential conflict of interest and ethical concerns: SLIC agents make the assumption that everyone wants a traditional funeral and burial.
Why? Because their commission is reduced by 30%, if they don't sell Legacy's product(s) along with SLIC's insurance policy. This equates to an agent who has a 100% commission contract actually being only a 70% contract. However, In the case of a GI policy, it gets worse. The agents commission drops so low, he may as well be a social worker. He's lucky if he earns 20% without Legacy, which has absolutely NOTHING to do with life insurance.

"It's the bottom line that counts...., provided you know how to count."

 

[theinsuranceman]

How does the RX check come into play then? Would it come back a day or two after you submit it with a possible decision other than expected?

It's possible if the client or agent left a serious med (heart for ex.) off. The SLICE app on the ipad makes everything almost error free, which means agents get paid on time rather than having to rewrite corrections, amendments, etc.