State Farm---Annuities, Life, Etc?

[Gulfman]

So i get a call from a LH friend who was being recruited by State Farm to sell their LH products. He's getting pitched by the Regional Sales Manager to "come work for us and sell out Annuities, Life and health products."

My buddy says, "I will sell your products, but only from the leads you give me." IOW, i'm not giving up my bob to pitch your products exclusively.

I know they have a TON-OF-MONEY to even create their "own products"---just wondering what exactly are they selling?

• Anyone know what kinda products State Farm is pushing on the LH side?
• Have they been pushing their Annuities and Life for a long time?

Thanks for your input...!

 

[MVI]

Life stuff is typical 10-30yr term. They do have ROP as well which is nice. Single Premium Life. Whole Life. Universal Life. No indexed stuff. Very conservative in nature.

From my experience there rates are higher. A broker will win the price war every time. But SF relies on their in place customer relationships to overcome price. Thats the name of the game with them.

Don't know about annuities.

Health: medigap A,C,F.....income disability, LTC. Standard stuff.



Thanks for your input...![/QUOTE]

 

[DHK]

I don't see how State Farm could be #8 for selling life insurance if they haven't been selling it for a long time.

http://www.lifehealthpro.com/2016/07/25/the-top-50-life-health-insurance-companies-of-201?page_all=1

https://www.statefarm.com/insurance/life


Regarding their annuities, you'd only be selling fixed annuities come April, if (when) the DOL ruling holds up.

Here's the link for their immediate and deferred annuities:
https://www.statefarm.com/finances/annuities/secure-your-retirement

 

[marindependent]

I too agree I dont know how it would be competitive. However I do believe that State Farm is an A++ Credit Rating which is the highest.

Personally if I were to just focus on life and annuities the only way to do it is as an independent.

 

[MVI]

I too agree I dont know how it would be competitive. However I do believe that State Farm is an A++ Credit Rating which is the highest.

Personally if I were to just focus on life and annuities the only way to do it is as an independent.

I agree. Its not competitive price wise. But P&C agents have the solid relationships in place. The clients listen to their agents. That is why SF is #8 Life Insurer as DHK said.

Price wise - not competitive....but you have to overcome that if you go down that road.

 

[Gulfman]

I don't see how State Farm could be #8 for selling life insurance if they haven't been selling it for a long time.

http://www.lifehealthpro.com/2016/07/25/the-top-50-life-health-insurance-companies-of-201?page_all=1

https://www.statefarm.com/insurance/life

Regarding their annuities, you'd only be selling fixed annuities come April, if (when) the DOL ruling holds up.

Here's the link for their immediate and deferred annuities:
https://www.statefarm.com/finances/annuities/secure-your-retirement

Thanks DHK...are you saying that "fixed index annunities" will require additional lic.?

 

[DHK]

No, I'm saying that State Farm is getting out of the Variable Annuity, Mutual Fund, and Index Annuities due to the DOL ruling.

http://www.insurance-forums.net/for...ents-stop-selling-vas-mfs-due-dol-t84411.html

 

[62doddst]

State Farm has not sold variable life or variable annuities in about 10 years. SF has never sold index annuity or life. In the annuity line SF only has a single premium fixed annuity and SPIA.

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SF has been selling life insurance since 1929.

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SF is not getting out of the mutual fund biz, the agents are... SF is going to a direct call center format out of Phoenix for sales and service. Agents will be U5 in April and all MF accounts will be sent to and serviced in the Phoenix call center.

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If you are in competition selling SF products you will lose every single time. You will lose on price, features and most likely underwriting. SF depends on the P&C relationship and customer loyalty...

 

[DHK]

What you mean is that State Farm has not issued its own Variable Annuities or Variable Life policies themselves... but, I'm quite sure, that State Farm has sold OTHER company's VA/VUL policies through their securities licensed agents through their broker/dealer.

 

[62doddst]

SF had a relationship with Phoenix for a short time, but canceled the relationship in 2008, or so.