Should I Leave EFES?

[Newby]

Maybe Newby can chime in on this. I've noticed from many different companys different back ends on similar or slightly different fyc. For instance I've seen an imo offer 115 %and 9% renewals and another imo offer 120% and 7% renewals. My question is does each imo have the ability to not only control the front end but also control the back end?

Absolutely. You should pay attention to 1st year and renewals. Some IMOs even keep all the renewals. Very few IMOs even want the agents to see their commissions and renewals until AFTER they are contracted.

Anyone have any idea why they would do that?

 

[John Galt]

FE Companies today are hungry for production.
Most of them will allow the IMO to write their own contracts, which includes how the renewals are structured. New companies are coming into the Final expense market every year, with cheaper rates. In most cases 5-10yrs, their product is pulled or major changes. i.e Texas Life. I would also be weary of the Fraternals companies. There was a company called ACA Assurance, they went into rehabilitation and one of my clients passed. They reduced their insurance from 10k to 7k.
Since Fraternals do not pay into the state insurance fund, they reinsure themselves. Page 14 of forrersters contracts indicates this. Tip- you can use this info to replace their policies. I replace 5 of their polices a year with this info.

I think it's actually page 16 isn't it? It's really a bs move but it does work, even though they haven't raised rates in over 120+ years

 

[goillini52]

Interesting.. The Fraternal boys are always trying to say it hasn't happened in the last 100 years but here is the first assessment letter ACA certificate holders received.

http://www.nh.gov/insurance/legal/rehabs/documents/aca_assess_ltr-1.pdf

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It got worse.. after a three year moratorium on cash surrenders and loans, preneed plans were assessed 40% with the lifting of the moratorium.. If they had purchased a 10K preneed plan they ended up with 6K.

What benefits are payable upon my death?

This assessment will result in a forty percent (40%) proportionate reduction in benefits
payable under your policy. In other words, while the assessment is in place, ACA will pay 60%
of the amount of any death claims received on or
after April I, 2011. Upon the assumption of your policy by Royal Arcanum,
Royal Arcanum will likewise pay 60% of the amount of any death claims received.

Can I surrender my policy?

Yes.
A moratorium had been in place with respect to the surrender of policies and with respect
to new policy loans from September 2008 until April 22, 20 II. This moratorium has been lifted
as to surrenders, and you may surrender your policy to ACA at any time prior to the closing date
of the assumption of your policy by Royal Arcanum. If you elect to surrender your policy during
this period, your payment will equal the cash surrender of your policy reduced by 40%. In other
words, you will receive 60%
of the cash surrender value.

With the "French Connection", it doesn't surprise me.

 

[jdeasy]

I think it's actually page 16 isn't it? It's really a bs move but it does work, even though they haven't raised rates in over 120+ years

Some Foresters contracts it's page 14 and in some it's page 16. Whatever page, it's in there. It's in RNA's too becvause it has to be. They just don't make it sound as ominous as Foresters.

 

[GAInsuranceGal]

To change your state, click on "User CP" located on the blue bar near the top of the page. In the drop down, click "edit options'.; Scroll down to "thread display options" You will find "state" at the bottom of that box.

Thanks Rousemark. I changed my flag!

It was like a hang nail. Every time I would post something, there it was, irritating me.

 

[rousemark]

Thanks Rousemark. I changed my flag!

It was like a hang nail. Every time I would post something, there it was, irritating me.

Now you just need to change your signature....

 

[GAInsuranceGal]

That I know how to do.