Safe Harbor Term

[rousemark]

Received a recruiting email blast about the Safe Harbor Term.. email proclaimed, "Top Agent Compensation, Bundled Living Benefits, Fast Approvals & Flexible Underwriting, 500K Non med.."... I clicked on the link to learn a bit more about it, but you have to give all your information before you can learn about the product.

Anyone dealt with them? Is the product simplified issue? If so is it competitive with other SI term products. Commission range? Renewals?

 

[gca80]

No, but I believe it’s through Brokers Alliance (IMO). The actual company is Philadelphia Life. I may use them in the near future as well.

 

[jboussea]

I believe it's Phoenix Life .. it's simplified issue, rapid decision. Sagicor and Foresters would probably have better rates but they might be a quicker decision than the other 2 though I might be wrong on that.

 

[BADTROUT]

I have access through Brokers Alliance. Check this out... Term Life Insurance Quotes, Term Life Living Benefits :: Safe Harbor Term

Here is the Product Guide: https://phoenixsalesnet.phl.com/fil...Documents/Marketing-Materials/Life/L5088G.pdf

 

[FinalExpenseDojo.com]

The safe harbor product has 2 versions. The term life express is great verses other SI products because of its underwriting. I got a 60 something year old man using insulin approved with it. Also got a woman that was in her 50s approved that had RA & had gotten declined with 3 other agents. Highly reccomended.

 

[rousemark]

I have access through Brokers Alliance. Check this out... Term Life Insurance Quotes, Term Life Living Benefits :: Safe Harbor Term

Here is the Product Guide: https://phoenixsalesnet.phl.com/fil...Documents/Marketing-Materials/Life/L5088G.pdf

Thanks for the links..

 

[JRoot]

We write a lot of Safe Harbor. They definitely have their place. FYI - they are an AMBest B rated carrier.

There are 2 different Safe Harbor products. "Express" is the simplified issue accept/reject application up to Table 4 to $400k. It's higher priced than the traditional Safe Harbor which is no exam (they can order an APS) up to $500k. Over $500k requires an exam.

If you're talking about being competitive price-wise with other simplified issue carriers, no their Express is more expensive. However, the traditional Safe Harbor can be competitive in various bands and the Express has some underwriting niches. Living benefits are the real selling point.

Street level is 100% per Phoenix, no renewals. Others will say it's higher because this product was mass marketed over the last few years with people handing out higher than 100% like candy - Phoenix ended up cancelling/reducing a lot of those contracts who didn't justify those contracts. They are really trying to protect the integrity of this product and anyone advertising more will hear from Phoenix directly. You can get higher than 100% without proof of production, but it can't be advertised.

First app has to be paper, but we have a workaround to submit your first app electronically.

 

[10X]

They recently moved their underwriting to a new location and the underwriting experience has been underwhelming for the couple months or so. They are also very unwieldy to work with over the phone for policy corrections or updates as they have to be initialed and dated by the client. This can result in multiple trips back to clients homes. Most other carries can take care of this over the phone.

 

[HealthBroker]

I have placed a fair amount of business with them. They can be a good resource especially for simplified issue over 65. They FE is the only one out there with "living Benefits". You have to know what to place with them or you can be taken on a long and seemingly hayride.

 

[10X]

They FE is the only one out there with "living Benefits".

The Phoenix "Remembrance" final expense/simplified issue whole life goes down to age 30. Most final expense starts at age 50. This is a nice feature for younger clients that don't qualify for term products.