Transamerica Final Expense

[magagent]

How overpriced is it? I got a goofy flyer in the mail yesterday from "The Catchings Agency" in Jackson,MS searching for "exclusive" agents to market burial insurance to groups. Premiums as low as $3.00 a week. They claim to be the number one agency for Transamerica. Has anyone ever done this successfully?

 

[coachd]

seems odd to me. I think I smell something wrong.

How overpriced is it? I got a goofy flyer in the mail yesterday from "The Catchings Agency" in Jackson,MS searching for "exclusive" agents to market burial insurance to groups. Premiums as low as $3.00 a week. They claim to be the number one agency for Transamerica. Has anyone ever done this successfully?

 

[ksigmtsu]

Transamerica FE prices were around 15-25% higher than Foresters last time I looked, unless my memory is fail today. I remember they weren't competitive so I didn't spend a lot of time looking at it.

 

[magagent]

I thought, something smelled very fish about this.. They claim they have been doing this since the 80's.

 

[dgoldenz]

Looking at the health questions for the FE product, they might as well buy underwritten. Seems like if they have any type of health issues at all they are declined.

 

[dadkins131]

Looking at the health questions for the FE product, they might as well buy underwritten. Seems like if they have any type of health issues at all they are declined.

I haven't sold any of this yet, but do have one app in underwriting. The premiums are higher than other carriers, but they will actually underwrite the case instead of go/no go decisions. I have a client who was in the hospital recently, 80 years old, with vertigo. It is fixed, and not life threatening. The problem is she fell and hit her head (okay, maybe a little life threatening) and they kept her in for 5 days to make sure there was no underlying issues. She checked out just fine, but Assurity, who I use for FE, wont take it because she was hospitalized over 24 hours within the past year.

So ,I am using and to underwrite the case as FE, non med, and hopefully make a judgement call in our favor.

 

[Special Eddie]

Transamerica has this priced at something comparable to table 8. If you shop the case and find that your client can do better than table 8 your advice should be to go with full exam and underwriting. As with all simplified or guaranteed issue products, taking a shot at full underwriting first is a prudent direction.

 

[magagent]

Well, after finding out a little more information this agency doesn't go after people that are interested in "fully underwritten product". They are only interested in blue collar workers, or state agencies where the employee makes less than 20.00 dollars per hour. They won't even mention the word life insurance, they say "burial insurance". This is done via payroll deduction.

 

[redjeeper]

I know Howard and he is definitely the real deal. His product may be a little higher than the average, but he sold over 15,000 of those policies last year alone.

 

[arnguy]

This thread is over a year old!