Transamerica Pulls Transace Immediately???

[scagnt83]

But 10 year term is pretty much 10 year term. Would I pay a couple more dollars for an A+ versus A rated company, probably. But they are both going to pay the same death benefit for the same claim - right?

There are considerations beyond price. If you dont know what they are I suggest you spend some more time in the insurance side of the forum. But to understand you first have to look at life insurance as a tool to help with proper financial planning. Cost is a factor, but not the only factor.

Is a term policy that costs twice what the cheapest option cost worth it? Most likely not 99.9% of the time. Is a term policy that is 10%-20% higher worth it? Possibly depending on the persons needs and wants and the extra features or options the higher priced policy gives you.

----------

My other vehicle is a 2008 Red Solara convertible with a tan interior. A poor man's Ferrari with a back seat that actually is a back seat.

I rarely drive it, my wife likes it.

The ladies (and some men) might not like me for saying this, but Im glad your wife drives the Solara because its a chick car.

And the official poor man's Ferrari was the Toyota MR2:

I always imagined you as a Ford guy.

 

[NinjaNic]

it is my opinion that if all agents are selling on is price, that is why life insurance ownership is at such a low point. I win deals because I go thru the mechanics and benefits of one vs. the other. I often dont sell cheap. Even in term, I dont sell cheap. Why would I sell Banner over ING --even if ING may be cheaper? Conversion...Mediguide etc. Explain that to clients and they will pay more in most cases. If all I sell is "this one is $62, this one is $64...let's go $62 just on the fact that it is $62" I am done and the client isn't confident in their purchase because once cheap is discussed, it is all they will look for.

 

[scagnt83]

If you win solely on cost, you will lose solely on cost. If someone wants the cheapest just because its the cheapest then they are not someone I want as a client.

 

[calivol]

Hello, this is my first post so go easy on me I know a lot of us are dealing with the aftermath of TransAce being pulled so I thought I'd share something I just found out. If you have cases that are already in house, Symetra has created a Rapid Response Plan to expedite the transfer of formal policies in process at Transamerica to Symetra:

.Formal applications with final offers received from Transamerica:
-Cases will be moved directly to Symetra, and policies will be jet-issued with no further review or underwriting
-Ages: 75 and under
-Underwriting class: Table D or better
-Face amount: $3 million maximum ($6 million survivorship) -Domestic business

.Formal applications without final offers received from Transamerica:
-Cases will be expedited in underwriting review using files already provided by Transamerica -The underwriting process will pick up where Transamerica left off -Cases subject to Symetra underwriting guidelines and underwriting review

Talk to your IMO - or contact me (I run a small BGA). I'd be happy to help. Chris

 

[Lewis_FL]

Note too that Mutual of Omaha has the same deal. Which is not to say you couldn't take the case anywhere else anyway if an exam has already been completed. MoO and Symetra don't go down to $25k like Trans.

 

[calivol]

Thanks Lewis, I didn't realize MoO was offering the same deal. Although most carriers will accept an exam w/in six months, I like the idea of jet or express issue given some have already waited a while for a decision. Of course, there's really no telling how long it will actually take...

 

[Tahoe Ray]

Note too that Mutual of Omaha has the same deal. Which is not to say you couldn't take the case anywhere else anyway if an exam has already been completed. MoO and Symetra don't go down to $25k like Trans.

MoO also has an ROP very similar to that of TransAce as well as a chronic rider that allows more access to the DB than Symetra's.

 

[scagnt83]

MoO also has an ROP very similar to that of TransAce as well as a chronic rider that allows more access to the DB than Symetra's.

But do they both pay a Death Benefit???

 

[Tahoe Ray]

But do they both pay a Death Benefit???

Only the lowest priced carrier in a given situation pays a death benefit.

----------

Thanks Lewis, I didn't realize MoO was offering the same deal. Although most carriers will accept an exam w/in six months, I like the idea of jet or express issue given some have already waited a while for a decision. Of course, there's really no telling how long it will actually take...

MoO will actually take the Trans app....you would need to complete a MoO app upon approval (as opposed to Symetra's process which requires a part I w/o a formal offer).

 

[Robert Barney]

Smart move by Symetra.

Question: How do agents explain the fact that the Symetra product has a lower premium?

To avoid embarrassment increase the premium by 2% and go for an earlier "paid-up" scenario, and forget to mention to your client that you enhanced their policy.

----------

The ladies (and some men) might not like me for saying this, but Im glad your wife drives the Solara because its a chick car.

When you reach 60, comfort is a little more important than performance.

I rented a Mustang convertible for a week when we were on vacation, and I really did not like the car. What's the point of a back seat only a toddler could fit into?

As for better performance, I don't live near an autobahn.

If I wanted to go fast, I'd buy one of these (again).

But those days are gone.

I had one of these in the day:

But in truth the newer cars, like the Solara, are so much better built.