What GI Final Expense Products Are Out There?

[Newby]

I haven't seen the rates on the new ForeThought product yet but I'll bet it's a winner. It's called ForeThought TrustGuard. Guaranteed issue from ages 0-99.

It's basically the same design as the preneed product but will be available to agents and has the optional funeral trust and estate planning trust like the NGL product does.

NGL didn't promote their multi-pays much they mainly promoted the single pays. TrustGuard offers both.

It looks like it will be offered through their annuity channel rather than the FE channel.

If it's priced similar to NGL's similar product the rates will be lower than Americo's GI and will be 10-pay (not lifetime) with increasing death benefit and non-contestible 70% coverage after the 12th month.

This should be a sellable product.

 

[Zydo]

I haven't seen the rates on the new ForeThought product yet but I'll bet it's a winner. It's called ForeThought TrustGuard. Guaranteed issue from ages 0-99.contestible 70% coverage after the 12th month.

This should be a sellable product.

Newby,

Have you had the opportunity to review this product? If so, what is your opinion? Are you marketing it?

Thanks...

 

[Newby]

Newby,

Have you had the opportunity to review this product? If so, what is your opinion? Are you marketing it?

Thanks...

I believe it will be pretty good. I haven't looked it over in detail yet. It should be pretty comparable with the NGL product but I don't think ForeThought is going to REQUIRE a trust to be assigned when the policy is taken unless the client wants one (I could be wrong on that though.)

A lot of the NGL agents were never told of the multi-pay plans by their uplines from what I understand. ForeThought's should be more readily available.

Should be a good option for agents who need a guaranteed issue whole-life IF the client is able to pay more than MOO for a limited pay with increasing death benefit. It will work for some, not for others.

The estate planning trust option is much more attractive to me than the funeral trust option for the sales that most agents or financial advisors will do.

 

[HomeService]

I do not think that applies to the Columbian MDO. They have not said anything to me and the GI is all I write with them.

I only write MDO and that's what they told me, but it was like 5 years ago when they told me that, I don't write ordinary FE.
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Columbian will issue a graded policy when a level benefit is declined.

I believe the rule is only 1 out 5 or 6 FE policies you write can be issued Graded. Once you go over this, you are suspended from writing any more graded until your level benefit issue fits the % grid.

But this is still not a GI. It is underwritten with medical questions and there can be a decline even for a Final Expense Graded Policy.

The true Guaranteed Issue that Columbian offers is either the Security Protector GI with a 3 year wait or the MDO GI, which is very costly that has a 2 year wait.

True, I think it had like two health questions, not true GI. Could be different for different states.