Transamerica Final Expense?

[6figureplan]

Hi fellow insurance agents. I have a question about Transamerica Texas. I am contracted with them through an independent agency. The portfolio of products that I have access to is the Ultima products which is term and universal. But I know there is a local Transamerica Life Insurance Texas agency(captive) here where I am(MS) that only sells final expense. So question is, does TA have some sort of "secret" division for final expense for captive agents only? I even called the TA home office and asked them if they have a final expense product and they said no. I have a couple of other final expense companies but I would like to at least be able to compare TA's rates. Like I said, I know for a fact that this one particular agency here in my area sells nothing but final expense through TA and has been for years. But I don't want to be captive. So does anybody know if independent TA agents are able to sell TA final expense?

 

[GreenSky]

They do have a FE policy and independents can sell it. Very high premiums and high commissions. So you can write it and screw your clients, but make a good living.

Rick

 

[6figureplan]

Where can I find out info. about it? No mention of it on their website and the home office doesn't seem to know anything about it.

 

[SportsNut]

So does anybody know if independent TA agents are able to sell TA final expense?

There is Transamerica Life (Family Mkts) and Transamerica Occidental Life. They are both part of the AEGON Grp...TA Occ Life offers the Final Exp product. You need to be contracted with TA Occ Life, then you can selll the product.

Contract Form #1-109 11-188 issued by Transamerica Occidental Life Insurance Company. Issue age 0 to 80... one class, (n/s and smoker are the same rate), so that favors smokers, but higher rates for n/s. Also issues up to 50,000 face amount. Rates aren't any higher than the avg of any other final expense companies... Higher than some, lower than others... about avg; better than avg for smokers.

The product has its niche, so I would disregard the naysayer comments. Obviously you aren't going to sell this product if someone can qualify for fully u/w life plans, but many can't and are happy to get this type of plan issued.

 

[6figureplan]

Thanks. That is the info. I was looking for.
- - - - - - - - - - - - - - - - - -
Sportsnut, I'm still having trouble finding out any more info. about this product. Does the occidental division have a website? Do you know of a brokerage that I could go through to get contracted for this? You can PM me if you'd like.
- - - - - - - - - - - - - - - - - -
Nevermind. Got it. Lol

 

[Newby]

Wow, any company that I know of that offers the same rate for smokers has gotten flooded with only smoker apps from the brokers. I don't know how they can do it that way with independent agents.

It's a good deal while it lasts.

 

[Ami]

There is Transamerica Life (Family Mkts) and Transamerica Occidental Life. They are both part of the AEGON Grp...TA Occ Life offers the Final Exp product. You need to be contracted with TA Occ Life, then you can selll the product.

Contract Form #1-109 11-188 issued by Transamerica Occidental Life Insurance Company. Issue age 0 to 80... one class, (n/s and smoker are the same rate), so that favors smokers, but higher rates for n/s. Also issues up to 50,000 face amount. Rates aren't any higher than the avg of any other final expense companies... Higher than some, lower than others... about avg; better than avg for smokers.

The product has its niche, so I would disregard the naysayer comments. Obviously you aren't going to sell this product if someone can qualify for fully u/w life plans, but many can't and are happy to get this type of plan issued.

Hmmmm... the conversion to "monthly" for annual premiums under $1,000 works out to a whopper of a financing cost rate, over 21%, but for for annual premiums > $1,000, and PAC, the financing rate is just half that, at 10.53%.

 

[arnguy]

Ami, just curious, are you a bean counter or an actuary?

 

[Ami]

Ami, just curious, are you a bean counter or an actuary?

Why would that be relevant?

 

[Norwayguy]

Hmmmm... the conversion to "monthly" for annual premiums under $1,000 works out to a whopper of a financing cost rate, over 21%, but for for annual premiums > $1,000, and PAC, the financing rate is just half that, at 10.53%.

Your comments on the APR remind me of a car salesman I once dealt with...This guy had the old standby lines if I could do this are you ready to buy today...I even commented to him when he first came up to me to catch his breath I had been watching him through my mirrors as he literally ran out of the office area and in between the cars only slowing down when he got out from the car section....What I most remember about him is the last conversation I had with him, i was phoning him to let him know I was purchasing the exact same car, same make model year options and the mileage was within 100 miles of each other with the car I was purchasing having the 100 less miles and I was explaining to him that the cost at this dealership for the car was less and financed for the same length of time and down payment the monthly cost was less and he couldn't get past asking me what interest rate where they charging me and I kept explaining to him the interest rate was irrelevant in this case because I knew the cost of the car was less and financed for the same length of time with same down payment the monthly cost was less....I couldn't remember what he had quoted me for an interest rate but without knowing the rate I knew I was getting a better deal....Should I care if company A charges 24% interest going from Annual payment to monthly and company B charges only 10.53% going from annual to monthly if the client will not pay annually and company A even with the higher APR is still providing the same coverage for a lower monthly amount?