Looking for a Guaranteed Issue Final Expense available in NC

al3 said:
Yeah, that's what it looks like. I don't know why but I'll ask and find out. I can't imagine why they would reserve the GI Life just to career agents. It makes no sense to me... but there are a number of things that MoO does that make no sense... same with all "career house" carriers I'm told.

As posted earlier, there are probably (surely?) FE products out there that have better value. I've never sold a low-face FE product... not a sector that I prospect for. There is no one I call on that doesn't have or can't quickly raise $10K for burial.

Al
Click to expand...

I know this is a very old post, but I thought I'd chime in my Career Agent knowledge...

MoO has a Guaranteed Whole Life with a 2-year graded benefit. If you die of natural causes in the first two years, you are paid 120% of premiums paid as a benefit. It pays 100% for accidental death at time of issue. You can get $5k-$20k, and it's only available to career agents because they want us to be able to cross-sell their products to people that we can hook up with GWL.
 
sdmink said:
I know this is a very old post, but I thought I'd chime in my Career Agent knowledge...

MoO has a Guaranteed Whole Life with a 2-year graded benefit. If you die of natural causes in the first two years, you are paid 120% of premiums paid as a benefit. It pays 100% for accidental death at time of issue. You can get $5k-$20k, and it's only available to career agents because they want us to be able to cross-sell their products to people that we can hook up with GWL.
Click to expand...

If someone needed the guaranteed whole Life policy, what other products would MOO offer that they could pass underwriting on?

Or do they want you to offer this graded policy to healthy people?
 
National Guardian Life has a Guaranteed Issue product that just rolled out 1, 3, 5, 7, and 10 year payment options for their Asset Guard funeral trust product. Monumental Life has a traditional final expense product with simplified underwriting, no height or weight charts and no point of sale interview.

Just a thought....
 
csobray said:
National Guardian Life has a Guaranteed Issue product that just rolled out 1, 3, 5, 7, and 10 year payment options for their Asset Guard funeral trust product. Monumental Life has a traditional final expense product with simplified underwriting, no height or weight charts and no point of sale interview.

Just a thought....
Click to expand...

NGL has had that product for many years. They just didn't allow agents outside of funeral homes to sell it other than the single pay or the 1-year pay options.

The problem you have to watch out for is the multi-pay premiums will quickly add up to more than the coverage amount if the person lives too long after taking the policy. Most companies allow a 24 month or 36 month early payoff option that is based on the single pay amount. NGL only allow 12-months if I understand correctly.

For instance on a 10 pay $10,000 policy they will pay $171.12 for a total of $20,534 if they live the full 10-years. If you set the policy to grow at 3% compounded it would be worth $13,439 at that time.

You have to be careful with these types of multi-pays or you will have a LOT of angry clients.
 
I agree with you on the full term. It makes more sense to use it to lead into the single pay product because that's where, as an agent, you want to sell anyways due to higher commissions.

With this particular product the monthly premium you quoted is still $20 more than the premiums for an 80 year old with the guaranteed issue, which would be $157.50 a month.

With a 2% interest growth, at the end of the 10 year term they have a face value of $12,000. The fact is, if they pass anytime before the end of the term they still end up getting the full death benefit no matter what they paid in. AND the face will continue to grow $200 a year past the end of the term.

Have you had much success with the Funeral Trust?
 
Last edited:
Interesting and timely that I stumbled on this thread.

I've been shopping a graded benefit policy for a client, and had passed on MofO because they only had the Whole Life Express for which he wouldn't have qualified. I found something decent for him and when I called him back he said he received a mailing for a graded benefit with Mutual of Omaha. Got it issued, with dirt cheap premium. Turns out they sell one on line but not through brokerage.
Sounds like HO is competing with brokerage. Oh well.
 
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