Senior Life Insurance Company-worth adding??

Dec 26, 2018

  1. finalexpenseguy33
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    finalexpenseguy33 New Member

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    I was on fex and noticed when you go into traditional/siwl you see Senior Life rates. The rates are actually really good and beat most of the FE carriers. I heard they also have very liberal underwriting. Some of the forum posts say they are captive,some say no. Some say the comp is very low some say no.

    So, can someone who has the wisdom and knowledge tell me the below? I am considering adding them.

    1-Are they worth adding to your portfolio?
    2-What is the comp for 1st year/renewals?
    3-Captive or not captive?
    4-If you are terminated with them do you forfeit commissions?

    TIA.
     
  2. HoosierLife
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    HoosierLife Want to write $20,000+ Guaranteed? bit.ly/learnfe

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    I’m sure Greg will be here shortly with his large block of copy and paste text.
     
  3. rousemark
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    rousemark Still Here!

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    Lower first year and no renewal commissions if you don't add their casket plan... Terminate if you go 30 days without production so they aren't one you can pick up just for the occasional policy.
     
  4. finalexpenseguy33
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    finalexpenseguy33 New Member

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    Rousemark are you serious or kidding around?
     
  5. HoosierLife
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    HoosierLife Want to write $20,000+ Guaranteed? bit.ly/learnfe

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    I’ve seen them Vector someone for $0 after 30 days of non-production.
     
  6. shonceman
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    shonceman Guru

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  7. rousemark
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    rousemark Still Here!

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    Serious on both counts.. Used to be they cut commissions if you wrote one of their better priced plans but I think they may have changed that.. I have a commission schedule but I don't know that it is current so I won't post it just in case they have improved on what I have.
     
  8. Abrasax
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    Abrasax Super Genius

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    I'm contracted with them but you'll never catch me writing them. Too many stories of people picking up stupid vectors for fake debt. Yes their super and ultra preferred are competitive but the very best rate has horrible comp which means it's not really an offer. The 2nd best (can't remember which is which) is in the pack with the rest of the price busters but there are other companies that I'm more comfortable writing.

    One thing I do like about SL is their lack of MIB, RX. Basically, whatever you write is automatically issued if it's under 25k. I got set up on their Leads The Way App where you can order live television leads and live transfers but this would only work for phone sales since every lead was over 2 hours away from me and I'm in South Florida.
     
    Abrasax, Dec 30, 2018
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  9. Abrasax
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    Abrasax Super Genius

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    You're right. The 2nd best rate (I think it's super preferred) is still top comp but the best rates (ultimate preferred or something) has a big commission cut. This was in the most recent comp plan I got a couple months ago.

    I was started at a dismal 90% (and that was after contesting to the 80% they offered me), yet if I write a Ultimate Preferred FE plan, SL will pay me a whopping 25% commission. These policies are for looks, not for use because nobody is going to write that crap.
     

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    Abrasax, Dec 30, 2018
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  10. theinsuranceman
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    theinsuranceman Guru

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    I'm calling you out on this. Details?
     
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