I knew this was coming the day they started selling 1 yr ago . You can’t have a 2 Nd yr death benefit of 50% , reasonable rates and especially no mib and rx check . The products now worthless.You can no longer write cancer unless over 2 yrs ( was 1 day cancer free) or daily oxygen ( was 24 hr continuous). Agents will still exploit no mib or rx check .
Fe agents exploit another product . GTL just changed app and now 8% rate increase
- Thread starter DonP
- Start date
- 25,002
You mean <gasp!> they will lie on the app?!?
- Thread starter
- #3
Remember what happened to 5 star with no rx check? Gone . Even Great western adjusted there chargeback on death from 9 to 12 months . Just had a $118 premium with GW . Lady was on dialysis. Policys 9 months old in a week . She paid 9 premiums s. It went suspended 15 days ago . I said oh grap a death claim and weeks from no chargeback . Today it said client cancelled .Dodged a chargeback.
- 16,902
I agree except for one thing. Even if they got every single case 100% legit with no fudging the underwriting they still had a product that was designed to fail.
I’m pretty sure they thought agents were going to place healthy cases with them along with the unhealthy. I doubt they had one single actual field agent involved anywhere in the design of that product.
- Thread starter
- #5
100% agree . You can’t give oxygen use or cancer 4 weeks ago a 2nd yr benefit with pretty competitive rates and very competitive smoker rates . There ultimate mistake was miscalculation. They assumed the product would be a nice add on for med sup agents selling somewhat healthy people . They never dreamt every fe IMO would be pushing to 1000’s of fe agents who deal with sick people day in day out . Their no mib and rx attests to their lack of understanding of the life mkt . Fe agents are very good at exploiting loop holes in products . I recall years ago settlers didn’t have an als question . Agents exploited Trans aggressive underwriting and they paid .
- 5,778
And why would an agent do that?
Another instance of a company who rolls out a product not fully understanding the potential client base as well as how agents view its usage.
- 5,261
GTL is still good. Congestive heart failure and heart issues less than 12 months still eligible.
- 2,057
Important Heritage Plan Graded Benefit Update
Guarantee Trust Life Insurance Company
GTL's Heritage Plan
Graded Benefit Whole Life Insurance
For e-App Submission Only
Effective December 29, GTL's Heritage Plan Life Insurance product will only be available for ages 50-90. You will receive a notification on your GTL e-App when it is available.
This change will apply for all Heritage Plan applications dated 12/29/21 or later.
Guarantee Trust Life Insurance Company
GTL's Heritage Plan
Graded Benefit Whole Life Insurance
For e-App Submission Only
Effective December 29, GTL's Heritage Plan Life Insurance product will only be available for ages 50-90. You will receive a notification on your GTL e-App when it is available.
This change will apply for all Heritage Plan applications dated 12/29/21 or later.
As long a they have been around, there is no excuse for them not knowing that. I remember them being a great company with which to do business in the 80s and early 90s. Then they started doing away with all their products and coming out with some odd niche type products and that is where they have been ever since.
