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Yes, you do have to know how to use it but you standards are way too strict for the product. I just had a lady approved standard that takes two meds for hypertension. I recently had a guy approved at table 2 that takes oral meds for diabetes.
I had a guy approved table 2 that had a stroke 5 years ago. I did learn to stop calling underwriting for risk assessments.
And I do know that they will not take them on any other product once declined but that's not an issue to me. I just place them elsewhere.
A lot of agents have gotten into big trouble though by leading with Essential Life for FE. That is almost always a mistake. It was way worse when it was Royal Prime and the minimum was $10,000. That's a big reason the minimum is now $25,000. Agents using it as an FE product ruined it for all the rest of us. That's what happened to the guy that runs the FE101 site. He was using primarily Royal Prime and was replacing business left and right because of the price. Once it wasn't issued he was stuck because he couldn't go back with anything even close to what he had quoted.
Agents can pay him $50 to learn about that.
Those are my standards for 'Leading for FE'. Yes they are too strict for the 'product'...but I don't like the 'risk' of leading with Ess Life unless I absolutly know they will get approved.
I called about a diabetes guy with oral meds, they told me table 7....almost double the SIWL rate!
I've had a 10+ year stroke declined!
More recently I had a client who previously had Royal Prime, and it lapsed. She wanted to get a new one. No change in meds, no health events...Declined by RNA Ess Life!
When I read your report of a 5yr stroke getting approved, my jaw is now on the floor. That is shocking. I literally woudn't believe it from anyone else.
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The commissions are much lower for ROP.
The rates are much higer for ROP.
There is essentially zero risk for the carrier for 2 years for ROP.
If the client who qualifies for ROP says "Nah, I'll just wait out the 2 years", that's when the carrier looses money.
But the agent who convinces him "No, you should get this now and at least lock-in something", now the carrier at least has a chance at making a buck.
I do good by the carrier for selling the ROP to begin with.
Then I do good by the client by getting him a better policy when he qualifies.
If it was a big issue, there'd be a rule against replacing a policy ever.
If they tried to make that rule, the consumer advocate groups would howl, and it would never pass.
There are not 'many' clients who would fit this scenario...only the 'few'.
My main message is, be careful with RNA Essential Life...it's not a go-to FE product.
If they are declined, they will be blacklisted from RNA.
It will also blacklist them from any other carrier who asks on the application "Have you been declined for life insurance in the past 2 years". It can really mess up your day and the client's day, if it goes wrong.
If they had a problem with it, they would put it in the contract.
It's not something to base a business model on....but it is a way to give good service to those certian clients.
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