Thoughts on New Perm Term 20

[goillini52]

I received an email this morning on this product. Is anyone familiar with it or has anyone investigated it?

Advertised features:

• Permanent Level Term (reduces to $13,000 at age 70 / $10,000 at age 75)​
• Does not expire until death​
• “A” Excellent AM Best Rated Carrier​
• LEVEL commissions – ALL years (plan has great persistency)​
• EZ on-line INSTANT issue enrollment​
  • 3 quick health questions​
    • No terminal illness
    • No hospital, hospice, or assisted living confinement
    • Able to work 20 hours a week (does NOT have to be employed – just able to work in any capacity
• Applicants DO NOT need to participate in a 3rd party verification call at time of enrollment​
• An association group instant issue LEVEL term insurance plan to individuals or families
  (Association membership is $9.95 per month & is included in the rate but is non-commissionable. The onetime $25 enrollment IS commissionable)​

Accept my apologies is this product has already been discussed previously.

I contracted with them a few years ago and ended up canceling my contract with them. I wasn't willing to make 20% commissions. They also had dental, accident and a few other products. They used to show up on FexQuotes. I can't remember the name. They ended up merging with Kingdom Health(or something like that), similar to Medishare.

 

[WinoBlues]

I contracted with them a few years ago and ended up canceling my contract with them. I wasn't willing to make 20% commissions. They also had dental, accident and a few other products. They used to show up on FexQuotes. I can't remember the name. They ended up merging with Kingdom Health(or something like that), similar to Medishare.

20% for how many years?

 

[Todd King]

20% for how many years?

For as long as the policy remains in force.

 

[WinoBlues]

For as long as the policy remains in force.

.
Yeah, I would do level comp.
Is it 20%
What are the charges back conditions?

 

[Todd King]

.
Yeah, I would do level comp.
Is it 20%
What are the charges back conditions?

It's as earned, and that's all I know for sure. I can't see anything concerning chargebacks.

 

[titeye]

According to the email and flyers I received, this product has no chargebacks.
Later this evening, I will attach one/two of the docs. They sent me everything, including contracting docs, but never said what the commission is on the product. That suggests to me that it is so low, they are embarrassed to say.

 

[WinoBlues]

According to the email and flyers I received, this product has no chargebacks.
Later this evening, I will attach one/two of the docs. They sent me everything, including contracting docs, but never said what the commission is on the product. That suggests to me that it is so low, they are embarrassed to say.

I would be curious on what happens if when the close the association pr the block of business.

 

[Rolo]

What is the name of the carrier?

 

[goillini52]

What is the name of the carrier?

Seems like it used to be Cal something.

 

[myinsurebiz]

Seems like it used to be Cal something.

You are thinking of CalStar . . .