Went to the SL meeting

[theinsuranceman]

How do you know that this guy qualifies for Super Preferred...you don't know anything about him?

That's like me asking you "how did you know this guy qualified for preferred? You don't know anything about him". I used the limited health info you provided.

 

[shonceman]

That's like me asking you "how did you know this guy qualified for preferred? You don't know anything about him". I used the limited health info you provided.

I don't think FEX shows the super preferred rates, so he's just making comparisons with what is likely the more common scenario. But he probably would not have objected if you had said "This male might qualify for super preferred..."

Which leads me to a question that I think may have been asked before: What percentage of SL policies are issued at super preferred rates? (I'm wondering about percentage issued at those rates now, not before the comp change.) I should add that to be fair, we would want to know the percentage just for clients over age 50, since that's the main FE demo.

 

[theinsuranceman]

I don't think FEX shows the super preferred rates, so he's just making comparisons with what is likely the more common scenario. But he probably would not have objected if you had said "This male might qualify for super preferred..."

Which leads me to a question that I think may have been asked before: What percentage of SL policies are issued at super preferred rates? (I'm wondering about percentage issued at those rates now, not before the comp change.) I should add that to be fair, we would want to know the percentage just for clients over age 50, since that's the main FE demo.

I can only give you an approximation for me. I don't have any company wide stats or other agents' stats. I'm sure it probably even fluctuates in different geographical areas. For me about 1/5 or 1/4 are super-preferred. This is primarily in NC. Maybe ND would be different for ex. if it has less tobacco usage in the population? Or less obesity? Or less fried foods causing major HBP issues? Etc.

If FEX quoter doesn't show the super-preferred rates doesn't it make you wonder how up to date it is? At least wonder why the super-preferred rates are not displayed? Sr Life's super-preferred rates have been around for years.

 

[theinsuranceman]

Someone go wake Todd up, I want him to show me the other entities that save policy holders HUGE $$$ like Legacy Assurance does. He claims they are out there. So why has he gone silent? I laid out the explanation and math on it a few posts above. Is he sleeping or is he hiding?.....lol

And for those agents who say they want to save their new clients $$$ (either because of ethical concerns or fear of being replaced) then call me. You've now had a chance to see how Legacy Assurance can save Ms. Jones a lot more $$$ than Todd ever could even if he had a carrier with a monthly premium $40 cheaper! Let that soak in.

Maybe Todd will contract with SL. His signature line says "do the right thing because it's the right thing to do". He always says to save Ms. Jones the premium money. Here's his chance to back up what he says. Or is his signature line full of hot air too?

All phone calls are confidential.

 

[shonceman]

I can only give you an approximation for me. I don't have any company wide stats or other agents' stats. I'm sure it probably even fluctuates in different geographical areas. For me about 1/5 or 1/4 are super-preferred. This is primarily in NC. Maybe ND would be different for ex. if it has less tobacco usage in the population? Or less obesity? Or less fried foods causing major HBP issues? Etc.

If FEX quoter doesn't show the super-preferred rates doesn't it make you wonder how up to date it is? At least wonder why the super-preferred rates are not displayed? Sr Life's super-preferred rates have been around for years.

My FEX quoter is IMO specific, so I don't see SL at all. I think @goillini52 has the full version, so he would know better. But I'm thinking if they're including the SL preferred rate for comparison with other preferred rates (which I think is fair) under the LEVEL tab, they may have the super preferred under the TRADITIONAL/SIWL tab. Anybody with the full version know whether that's the case?

 

[theinsuranceman]

My FEX quoter is IMO specific, so I don't see SL at all. I think @goillini52 has the full version, so he would know better. But I'm thinking if they're including the SL preferred rate for comparison with other preferred rates (which I think is fair) under the LEVEL tab, they may have the super preferred under the TRADITIONAL/SIWL tab. Anybody with the full version know whether that's the case?

You also want to remember that carrier A's preferred might be carrier B's standard. Each company has their own unique health questions, etc.

Addressing the bold in your post: Maybe you need to ask your IMO why his FEX quoter is out of date. You might be missing out on carriers who have cheaper rates for certain health niches. Is Todd your IMO?

 

[shonceman]

You also want to remember that carrier A's preferred might be carrier B's standard. Each company has their own unique health questions, etc.

Addressing the bold in your post: Maybe you need to ask your IMO why his FEX quoter is out of date. You might be missing out on carriers who have cheaper rates for certain health niches. Is Todd your IMO?

I have one contract with @Todd King, and he's a good guy as far as I'm concerned, so I won't be drawn into your feud! LOL!

I don't really have an IMO per say. I have contracts through several IMO's, and I also have some direct contracts (in fact, my 3 main carriers are all direct). I actually have two versions of FEX, and one of CSG. They're all IMO specific. None of them are out of date, but they only show carriers represented by the respective IMO. The full versions of both FEX and CSG show all the major FE carriers, including SL.

Ironically, a lot of what I write is for regional carriers who don't show up on any of the quoters! I mostly use the quoters for comparison purposes. As far as cheaper rates, I'm pretty aware of the main "pricebuster" carriers. I'm often able to beat even those rates, but price is only one consideration in what I recommend.

But, let's consider the example case given.
60 yr old male non smoker:
SL Super Preferred 10k w/20k adb rider: $38.68/mo.
I pulled up the following on FEX quotes:
Oxford $41.48; Lifeshield $38.13; LBL Flex4Life (SIWL) $36.47; Christian Fidelity $35.84; Trinity First WL (SIWL) $35.25;
Pekin $33.59.
Not on FEX, but I can offer United Life at $35.47.

None of the above include any riders, so accounting for a couple dollars for your 20k of adb puts all of the above in competitive range, with probably 4 of them right there with you, and one beating you.

But, like I said, price isn't everything. For example, the LBL Flex plan is a super low rate, but the client has to be squeaky clean to get it. Not many of those over age 50, so I almost never write it! That's why I was curious about your percentages on Super Preferred. (But if I've got somebody with just a couple normal medical conditions like HBP or non-insulin diabetes, I can still get them a similar rate.)

I do think it's great that your agents have a tool that takes the guesswork out if it.

 

[goillini52]

My FEX quoter is IMO specific, so I don't see SL at all. I think @goillini52 has the full version, so he would know better. But I'm thinking if they're including the SL preferred rate for comparison with other preferred rates (which I think is fair) under the LEVEL tab, they may have the super preferred under the TRADITIONAL/SIWL tab. Anybody with the full version know whether that's the case?

Yes I have my own subscription. You hit the nail on the head, I just checked under the Tradittional/SIWL tab and for that 60 year old NS for $10K...

SL Ultimate Preferred $34.69
SL Super Preferred $36.98
Oxford FE $41.48
Pekin FE $33.59
Sons of Norway FE $35.19

*FexQuotes didn't show SL's rates for Super Dooper Preferred.

 

[rousemark]

I don't think FEX shows the super preferred rates, so he's just making comparisons with what is likely the more common scenario. But he probably would not have objected if you had said "This male might qualify for super preferred..."

Which leads me to a question that I think may have been asked before: What percentage of SL policies are issued at super preferred rates? (I'm wondering about percentage issued at those rates now, not before the comp change.) I should add that to be fair, we would want to know the percentage just for clients over age 50, since that's the main FE demo.

FEX does show Super Preferred and Ultimate Preferred for SL.. Look under the Tradition/SIWL tab...

 

[theinsuranceman]

I have one contract with @Todd King, and he's a good guy as far as I'm concerned, so I won't be drawn into your feud! LOL!

I don't really have an IMO per say. I have contracts through several IMO's, and I also have some direct contracts (in fact, my 3 main carriers are all direct). I actually have two versions of FEX, and one of CSG. They're all IMO specific. None of them are out of date, but they only show carriers represented by the respective IMO. The full versions of both FEX and CSG show all the major FE carriers, including SL.

Ironically, a lot of what I write is for regional carriers who don't show up on any of the quoters! I mostly use the quoters for comparison purposes. As far as cheaper rates, I'm pretty aware of the main "pricebuster" carriers. I'm often able to beat even those rates, but price is only one consideration in what I recommend.

But, let's consider the example case given.
60 yr old male non smoker:
SL Super Preferred 10k w/20k adb rider: $38.68/mo.
I pulled up the following on FEX quotes:
Oxford $41.48; Lifeshield $38.13; LBL Flex4Life (SIWL) $36.47; Christian Fidelity $35.84; Trinity First WL (SIWL) $35.25;
Pekin $33.59.
Not on FEX, but I can offer United Life at $35.47.

None of the above include any riders, so accounting for a couple dollars for your 20k of adb puts all of the above in competitive range, with probably 4 of them right there with you, and one beating you.

But, like I said, price isn't everything. For example, the LBL Flex plan is a super low rate, but the client has to be squeaky clean to get it. Not many of those over age 50, so I almost never write it! That's why I was curious about your percentages on Super Preferred. (But if I've got somebody with just a couple normal medical conditions like HBP or non-insulin diabetes, I can still get them a similar rate.)

I do think it's great that your agents have a tool that takes the guesswork out if it.

Pekin has some killer good rates. Wonder if underwriting might be a little tighter than SL's super -preferred? 60 yr. old female, NT, Insulin dependent diabetic (started taking insulin at age 7), one HBP, and one depression could get SL's super-preferred. Could this person also get Pekin's great rate? If so does Pekin pay full commission on it?

Don't forget, Pekin could be a $40 per month cheaper premium than SL and Sr Life bundled with Legacy Assurance would crush Pekin on the savings.

I can't recall anyone mentioning Pekin up here before.