Common Sense Companies National Guardian Life
- Thread starter incis
- Start date
- 3,996
Ngl doesnt sell FE.....
- 15,041
NGL is/was the parent of Settlers.
- 29,527
And now they're selling Med Supps.
I my past experiences, they are not a very good company to work with. That's my opinion anyway.
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- #6
Well in their brochure they say "it's simple-and free to you with the purchase of an NGL policy"
"Once you made the wise decision to set aside funds for funeral expenses in an NGL policy...by transferring ownership of you NGL policy to the NGL Funeral Expense Trust..." Then what in the heck are they talking about? Thanks any input appreciated
"Once you made the wise decision to set aside funds for funeral expenses in an NGL policy...by transferring ownership of you NGL policy to the NGL Funeral Expense Trust..." Then what in the heck are they talking about? Thanks any input appreciated
- 16,920
NGL mainly sell pre-need funeral insurance through funeral homes. They’ve been the big player in that for a long time.
They also have a version of those policies that independent insurance agents can sell which you can assign to the NGL funeral trust or estate planning trust. The only thing really attractive about those is that they’re guaranteed issue single premiums. But if you’re selling to a healthier person an independent agent would usually placed the case with a single premium policy that gives them a much higher face amount that many other companies offer.
If the consumer is going to buy one of those policies they would be better off to go to the funeral home to do it where they will generally have a better growth rate and a funeral price guarantee. Those are very important pieces of that puzzle that we as independent agents cannot offer when we sell it.
They also have a version of those policies that independent insurance agents can sell which you can assign to the NGL funeral trust or estate planning trust. The only thing really attractive about those is that they’re guaranteed issue single premiums. But if you’re selling to a healthier person an independent agent would usually placed the case with a single premium policy that gives them a much higher face amount that many other companies offer.
If the consumer is going to buy one of those policies they would be better off to go to the funeral home to do it where they will generally have a better growth rate and a funeral price guarantee. Those are very important pieces of that puzzle that we as independent agents cannot offer when we sell it.
My understanding of the NGL Funeral Trust was to use if needed to make a policy irrevocable for Medicaid / Long Term Care so funds were not counted as asset to help qualify and could be used for spend down purposes. Some states have different limits on how much could be put into funeral trust. I would never make a preneed irrevocable unless by request as client loses ability to to take cash value or policy loans. Then any death benefit not used specifically for funeral expenses might need to be paid back to medicaid not sure how well this is enforced.
- 16,920
A Funeral Trust is only exempt from counting as a resource for Medicaid if it is irrevocably assigned. If they have access to cash value or policy loans then it will disqualify them from Medicaid just the same as if they have cash in the bank.
The secondary beneficiary has to be "the estate". It MUST go to creditors after the funeral bill is paid. Medicaid is the #1 creditor that will be paid any excess proceeds.
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- #10
