FE in Washington ...

[Glen Shelton]

I was told RNA and Foresters are now both able to issue policies for face amounts less than 25K. Any other carriers out there that were approved to do this?

Thanks!

 

[Josh]

You are listing fraternals vs carriers. That's how they are able to pay more in comp in NY too vs actual insurance companies. I think CSA is another fraternal that might be doing the same thihng; worth checking them out if they're in your state.

 

[Newby]

I was told RNA and Foresters are now both able to issue policies for face amounts less than 25K. Any other carriers out there that were approved to do this?

Thanks!

RNA and Foresters don't issue policies in any state. They issue certificates.

 

[Glen Shelton]

RNA and Foresters don't issue policies in any state. They issue certificates.

I understand that Fraternals don't play by the same rules and all that jazz, I was told the State law was changing and that more carriers will start allowing smaller face amounts?

Maybe the person who told me this was only referring to the Fraternals and had no idea what they were talking about.

 

[Newby]

I understand that Fraternals don't play by the same rules and all that jazz, I was told the State law was changing and that more carriers will start allowing smaller face amounts? Maybe the person who told me this was only referring to the Fraternals and had no idea what they were talking about.

It might be that certificates have different rules than policies do.

 

[Thomas NW]

I was told the State law was changing and that more carriers will start allowing smaller face amounts?

With our current commissioner, they will probably increase the smallest face amount... :-)

 

[The Admiral]

It is not a matter of Fraternals vs Legal Reserve carriers. Any carrier can re-file through the Interstate Insurance Compact and sell a minimum face amount of $5,000 in the state of Washington.

 

[Newby]

It is not a matter of Fraternals vs Legal Reserve carriers. Any carrier can re-file through the Interstate Insurance Compact and sell a minimum face amount of $5,000 in the state of Washington.

Is that something new? I thought if you sold to seniors there and it was under $25,000 there were all sorts of restrictive rules in Washington State.

 

[kuhn123]

It is not a matter of Fraternals vs Legal Reserve carriers. Any carrier can re-file through the Interstate Insurance Compact and sell a minimum face amount of $5,000 in the state of Washington.

So if they are part of the IIPRC, why have many carriers had a different product offering or higher min face in WA than most other states? Did they just recently join the compact, and carriers have yet to resubmit based on the new guidelines?

What carriers are currently offering a 5k min face in WA?

----------

Is that something new? I thought if you sold to seniors there and it was under $25,000 there were all sorts of restrictive rules in Washington State.

Looks like those rules aren't quite as restrictive and only apply under 5k now, as of Oct 2014. My guess is now it will just take a couple years for the carriers to catch up and refile.
http://www.insurance.wa.gov/laws-ru...opted-rules/2013-26/documents/2013-26103p.pdf

 

[Glen Shelton]

So if they are part of the IIPRC, why have many carriers had a different product offering or higher min face in WA than most other states? Did they just recently join the compact, and carriers have yet to resubmit based on the new guidelines? What carriers are currently offering a 5k min face in WA? ---------- Looks like those rules aren't quite as restrictive and only apply under 5k now, as of Oct 2014. My guess is now it will just take a couple years for the carriers to catch up and refile. Life insurance policies' minimum death benefit (R 2013-26)

^^ There we go. Now it makes sense, Thanks