Security National Life Commission Increase

[rousemark]

Just received a notice that Security National Life is going to increase the commission level on ages 70-74 to the same as ages 40-69.

Also they are going to give you change to make even more commission per policy by increasing the premiums effective April 1, 2021. It does not appear a flat across the board increase but an increase of 5%-25% depending upon the age, sex and product. The steepest rates appear to be at younger ages and on the modified plan which seemed to be underprice d compared to most other companies.

 

[DonP]

They raised the price on their modified a few yrs ago . Their smoker modified is super expensive and will now be almost un sellable .Gtl is the best almost GI out their . That's a big rate increase . 500 k additional unexpected people died this yr . So every company got big claims they didn't expect .

 

[rousemark]

They raised the price on their modified a few yrs ago . Their smoker modified is super expensive and will now be almost un sellable .Gtl is the best almost GI out their . That's a big rate increase . 500 k additional unexpected people died this yr . So every company got big claims they didn't expect .

Don't know that is the real reason.. The majority of the Covid deaths were people who were on their way out before Covid. Covid may have hastened their exit by a month or two.

 

[DonP]

The US had an increase of deaths from 2019 to 2020 of 12%. Most yrs its about a 2% increase. Wether these people would have died 3- 7 yrs from now makes a huge difference in the profitability of their products . That's an incredible about of premium they never collected . The life expectancy of the us dropped a full yr dropping us back 12 yrs or so

 

[Baseball7]

Low interest rates, And a need for a higher reserves. I appreciate the fact that they increased the commission.

 

[DayTimer]

Covid may have hastened their exit by a month or two.

Years, rouse. Many folks had decades cut off the other end of their life.

 

[theinsuranceman]

Low interest rates, And a need for a higher reserves. I appreciate the fact that they increased the commission.

Yep, that's what I hear, as well as higher exposure to claims with covid. When I posted this same thing last month Todd was such the nay sayer. Everyone can make a mistake though.

 

[damadcrapper]

New Standard Nonforfeiture Law takes affect 1/1/22 - most carriers will need to reprice. More to follow.

 

[Todd King]

Yep, that's what I hear, as well as higher exposure to claims with covid. When I posted this same thing last month Todd was such the nay sayer. Everyone can make a mistake though.

See, your reading comprehension is tailored to what you want to hear. I never said companies won't be raising prices. Hell, they all will eventually. We know that.

You just made it sound like all this was going to happen with every company right now and very soon SL will be competitive. Well, that's not going to happen. That's the part of your crystal ball that is cracked.

 

[rousemark]

Even with SNL

See, your reading comprehension is tailored to what you want to hear. I never said companies won't be raising prices. Hell, they all will eventually. We know that.

You just made it sound like all this was going to happen with every company right now and very soon SL will be competitive. Well, that's not going to happen. That's the part of your crystal ball that is cracked.

Even with SNLs rate increase, the beat SL far and away. SL still will not be competitive with them.