Settlers Rate Adjustments - Up or Down?

[rousemark]

Received an email from Settlers stating:

"Settlers Life’s Gold and Silver products recently underwent their first actuarial review since 2012. The actuaries’ findings have resulted in minor rate adjustments for the Gold and Silver 10-Pay, 20-Pay, and Life Pay plans. The updated rates will be effective January 1, 2018."

No in dication if the adjustment is up or down.... Anybody know?

 

[indiana260]

I am going out on a limb to say up. Otherwise they would touting how great the new rates are.

Just a bunch

 

[jdeasy]

I had dinner Monday evening with one of their former advisory council members. He said the rates are going up.

He said they were really going up on the ages where they used to be good. I can't figure out what that was.

 

[Birdman300]

out of curiosity...is there anyone on here who uses Settlers as their main carrier?

 

[VolAgent]

Sounds like the Aetna school of Final Expense Pricing, although I'm sure Aetna isn't the first.

Let's put together a product that has tight underwriting in some areas and lax in others.
Then we'll price it to be above market or have weird competitive areas.
Once we start getting adverse selected against, let's double down by raising rates! That way we'll only get nichey business.

 

[Birdman300]

Settlers was one of the first carriers I picked up for FE about 4 years ago...haven't written them once!

 

[SammyJ]

Several co's have raised rates the last few weeks. United Heritage who had lax underwriting Like Trans raised rates a whopping 12% across the board and tightened underwriting big time. Gerber just raised rates about 15% ( If you still have old apps you can use the old rates till April). The Lady at Gerber said there going to start paying renewals on the new rates but she didn't know that they'd be. I guess paying out 180-200% total first yr comp coupled with lax underwriting and poor persistency is starting to hit some co's.

 

[Baseball7]

I haven’t heard anything about gerber paying renewals. When Aetna jacked rated at least they raised comp.

 

[Baseball7]

What changed with UH’s underwriting?

 

[mudhound]

up up and a way