Your opinions on this product?

[Crabcake Johnny]

Would that mean I'd have to go through this group for the contract? This much I can say - if my commissions are assigned I'd be out. If the commissions come directly from the carrier I'd be in - sounds like a good product.

 

[Brad Howard]

No offense to Brad but this whole "I could tell you but I'd have to kill you" crap is really getting old.

No offense taken. I was watching that piece of garbage product that was assailing all of us recently in these forums. It was clearly a sham and I will get you answers on these inquiries. Give me some time to get an ok, I'm just trying to respect the person who approached me with this product.

 

[Brad Howard]

Would that mean I'd have to go through this group for the contract? This much I can say - if my commissions are assigned I'd be out. If the commissions come directly from the carrier I'd be in - sounds like a good product.

I believe you would be direct to the carrier. There are no assignments and such. I'm sure I've not covered every aspect of this product but have tried to create a snapshot of it in order to discuss it with this group. The comp reminds me of a health type comp of 15 to 18% but it pays out every year like health does. It's not a "heap" kind of pay out like term life is and that makes sense given the benefits they are bundling here.

 

[Crabcake Johnny]

well in my experience with health in MD you have 'em at hello when you're talking to anyone with health conditions about an affordable legitimate guaranteed issue product. I'm selling MHIP like it's going out of style.

 

[HomeService]

For people with no other choice, I.E. bad health conditions, it sounds ok.
It sounds just like most graded plans I've seen, with the exception of the one year deal. { most gradeds are two or three}
The DI portion is just a gimmick to me, but it's there, gimmick or not, it's there to be had.

When looking around for higher amounts of coverage, graded, few health questions, I ran across a graded term, { or whole} up to 250K.

The problem I have found with this product, especially in the older ages, is premium. 100k of coverage is high$$$. In younger ages, for someone like 36 yr old, diabetes, it ain't too shabby. { too use a phrase}

I have not written one as of yet. Brad or anybody with an opinion would be appreciated.

Fidelity Life Association

 

[CHUMPS FROM OXFORD]

I can vouch for Brad. I have known him for 38 years and in fact, we were roomies in grad school. We have gone on many trips together to Jordan and the UAE. I personally handle all of his investments, and...oh. Wait a second. Different guy.

Well, anyhow...I did receive assurances from a reliable source that Brad is an above-board guy. That's good enough for me.

 

[Ahnuld]

I can vouch for Brad. I have known him for 38 years and in fact, we were roomies in grad school. We have gone on many trips together to Jordan and the UAE. I personally handle all of his investments, and...oh. Wait a second. Different guy.

LOL.

This product sounds reasonable on the face of it for those with very high risks, but speculating is a waste of time. I'm sure Brad will keep us posted.

 

[LGilmore]

I'm up WA state, land of the slow approval process...

As with any type of insurance, it's better than a poke in the eye with a sharp stick but.....

I think it would only appeal to the unisurable which as they come onboard and the plan has experience, serve to only raise the premium that much further.

The hard part out there, at least for me... is figuring out the ALL or NOTHING mentality out there.. "If I can't afford a million of coverage (term), I won't carry any." " if I can't have a $200 deductible, I just won't carry coverage as it's no good." So I don't know if the pricing as it is will get much action as I'm not finding as many people who see the value of insurance these days.

 

[Brad Howard]

For people with no other choice, I.E. bad health conditions, it sounds ok.
It sounds just like most graded plans I've seen, with the exception of the one year deal. { most gradeds are two or three}
The DI portion is just a gimmick to me, but it's there, gimmick or not, it's there to be had.

When looking around for higher amounts of coverage, graded, few health questions, I ran across a graded term, { or whole} up to 250K.

The problem I have found with this product, especially in the older ages, is premium. 100k of coverage is high$$$. In younger ages, for someone like 36 yr old, diabetes, it ain't too shabby. { too use a phrase}

I have not written one as of yet. Brad or anybody with an opinion would be appreciated.

Fidelity Life Association

Patrick, we do use the GDB of FLA from time to time for states that have approved it. It's competitive I'm told for the niche and yes the face option is higher than most.

 

[Brad Howard]

I'm up WA state, land of the slow approval process...

As with any type of insurance, it's better than a poke in the eye with a sharp stick but.....

I think it would only appeal to the unisurable which as they come onboard and the plan has experience, serve to only raise the premium that much further.

The hard part out there, at least for me... is figuring out the ALL or NOTHING mentality out there.. "If I can't afford a million of coverage (term), I won't carry any." " if I can't have a $200 deductible, I just won't carry coverage as it's no good." So I don't know if the pricing as it is will get much action as I'm not finding as many people who see the value of insurance these days.

This will for sure happen, we do get this too when a prospect won't move forward because they can't get preferred or the face they, we'll just have to work around this.

As for the carrier it is Life of the South B++ rated and some of its subsidiaries. For some states the carrier will be American Modern A rated. If I understand correctly the "unemployment" component will be writeable in some states with standard L&A licensing, while in others they require a "limited lines" apptment which is VERY easy to request and obtain I'm told. The multiple carriers are because of the different components.

I appreciate all the feedback from you folks. It's forced me to really drill down on how this product is built and how it's priced and such.