chaos
Expert
Who would you reccomend for a guaranteed issue FE policy? I've seen alot on Presidential and a lot of companies that have a 3 year waiting period. ANy suggestions?
What Company Has Cheapest GI Final Expense?
- Thread starter chaos
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- 19,641
Presidential is not a true GI. The best rate out there is buying direct from MoO. it's a true GI and it's ROP +10% for two years.
Sometimes Vantis will beat the price of MoO by a dollar or two. I don't know if Vantis is a tru GI. It's ROP only for the first two years, {no + 10%}.
Vantis can be sold by independent agents. MoO cannot.
I don't know how you would get a contract with Vantis, but just mention it on here. I had a recruiter contact me last week about going with them for Vantis. I didn't keep the info, but I'm sure they are still lurking.
- Thread starter
- #3
chaos
Expert
Thanks, I'll check them out.
The information Presidential sent me states:
Guaranteed Issue
No Medical Questions
No Medical Exams
No Medical Tests
And, the app has no medical qustions at all.
But then they say a person that is a resident in health care facility is not eligible so I guess you would have to say they are "almost" Guarantee Issue. However, if an agent went out and wrote a bunch of health care residents, they would have to pay the claims because the application doesn't ask and there is no misrepresentation on the applicants part.
I am not advising it and would not do it. Had to turn down a prospect a couple for months ago for that reason. But the company is setting themselves up for it. If they don't want applications on those folks, they should put the question on the app. And, if they aren't going to accept them, they shouldn't be allowed to advertise Guarantee Issue. They shouldn't be allowed to have it both ways.
And UHL, if they are accepting those cases now, need to change the agent report on their app.
- 19,641
Presidential will not accept people that are in a nursing home, in a hospital or that have AIDS or HIV. It's not on the app, but the agent guide tells you they won't take them.
I don't know what would happen if an agent wrote them anyway. Probably go after the agent's E&O.
UHL is the same. They are a pretend GI.
Don't think it would be an E&O claim but I am sure they would terminate the agent in a heartbeat.. Not sure they could even do that for cause.
UHL sent out a memo a while back saying that theirs was a true GI but they haven't changed the agent report. If I am asked to write another, I am going to write UHL and then answer the agent report honestly with an explanation and see what happens.
But even if UHL is still going by the agent report, they could not refuse to pay a claim on one of those polices if an agent did write it. The question is not on the application and while the application is made a part of the policy and therefore can be used as grounds to contest, the agents report is not made an part of the policy and can't be used.
- 19,641
I'm sure they would find a way to not pay the claim. But, why would anyone write UHL in the first place?
- 235
It really depends on what state your in. The one true guaranteed issue out there is with Americo. Some states have a 3 year waiting period where others have a 2 year waiting period. However on the Americo application there is a question that states the client is requesting not to answer any health questions and elects Ultra Protector 3.
Other so called guaranteed issue products have guidelines that say the client cannot be in a nursing home or being treated for aids.
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Shannon Davey
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