I recently got a Sagicor contract. Mostly because they’re GUL rates are insanely cheap and would totally make sense for healthy non smoking people, who are 64 and younger and want a high DB. As I become more experienced in this business I feel super bad when I’m writing a simple final expense WL product for someone who is in their 40s 50s, especially when they are healthy. Obviously my commission from SIWL products are a lot higher but when someone is looking to leave more money to their kids or just want a high death benefit a GUL is the way to go. But my question is how come when you look up traditional products on fex quotes Sagicor blows everyone out of the water, even their standard rate! I know their underwriting can be strict and they punish smokers. But what else am I missing? Thier GUL look good to be true. Why in how are the rates so much lower than everyone else? Do they only pay a death benefit if you die on a full moon or something? LOL
Sagicor no lapse GUL, why does it look to good to be true?
- Thread starter Stay100
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- 24,961
You are comparing against the "Traditional" products. Most of those are whole life. Different animal. Go to the Term Rate quotes and compare to GULs. They are pretty close to the others depending on the risk.
I do not find them to be strict. They are nonmed, not SI. Just like FE you just need to know their underwriting sweet spot.
- 18,984
I would disagree with it being "the way to go". It's still a UL and the guarantee could go away. And it's not all that competitive with fu whole life.
I do agree that one shouldn't be writing siwl on younger healthy people. But I'm not presumptuous enough to say that fu is the way to go.
I was contracted with Sagicor for several years. I got termed for no production. Never found a use for them. They said I could recontract at any time just by writing an app. Still haven't seen a need for them.
If you compare Trinity, KSKJ or RNA fu rates to them then there is not much separation.
- 3,989
Writing the FE crowd a GUL is risky. You see them NEVER having a payment issue and losing the no-lapse protection?
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I picked it up when I first got in the biz. After getting 2/3 declined I realized it's not worth it.
Now getting folks approved is my #1 goal.
Now getting folks approved is my #1 goal.
- 3,989
They can lose the no lapse protection by missing pahments.
- 24,961
Are you guys talking a specific company or making a general statement on GUL? I have GUL clients that have missed multiple payments over the years, reduced face amounts, taken loans and or partial surrendered and the guarantee is intact.
How many payments can your typical FE clients miss? Most FE policies suck at CV growth and really suck in early CV growth. Reading here it sounds like most lapse every couple years.
I fully agree that I would not write a GUL on what FE guys call the FE Market.
My question is do you guys not get referrals or leads for under 65 that are not, sick, uneducated or financially irresponsible? That may be the disconnect. If you only work your leads and filter for that client. Which seems like is the correct way to go for an FE agent. It sounds that the OP gets a few average Americans. Or maybe works his book and referrals. Do you walk away from those? I get several referrals from other agents to write a product they do not. I would get a relationship with an agent that is comfortable writing what you not comfortable writing.
If there are Whole Life options that are close to a GUL I and I am sure others would be appreciative of knowing who they are.
64 male noneT, non med, APS, no exam or PHI
Sagicor
$25,000.00
$59mo Prd
$74mo Std
$96mo Rated (T3-T4)
Guaranteed death benefit and guaranteed premium.. Death benefit can not be decreased by the company and the monthly out go can not be increased.
I am not advocating anyone change what they do. Just addressing some misinformation. I write SIWL, nonmed and FU. All the same to me.
Finding a 64 yr old with just minor issues that someone quoted a SIWL is to me like you guys finding LH.
All IMohsoHO
- 3,989
So then what truly risks the guarintee if your saying that.
- 24,961
Sorry, who are you asking? I did not say that.
Again, not trying to change anyone's methods.
Just addressing some misinformation.
A couple of FE guys that seem to understand and I think use GUL are Newby and Matt (Spur). Maybe they will chime in.
Again, not trying to change anyone's methods.
Just addressing some misinformation.
A couple of FE guys that seem to understand and I think use GUL are Newby and Matt (Spur). Maybe they will chime in.
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