Settlers Life .
Renewels
- Thread starter krock
- Start date
Settlers Life .
Whats their renewals like for street level contracts?
10-12% .
I hear Old American Insurance have renewals at 19% level.
- 5,261
One thing newbies need to understand is that renewals take a back-seat to properly placing clients with the best product.
A 105% contract with 19% renewals doesn't mean crap if the policy gets replaced in Month 10 with a 115% contract with 5% renewals that stays on the books a few years.
A 105% contract with 19% renewals doesn't mean crap if the policy gets replaced in Month 10 with a 115% contract with 5% renewals that stays on the books a few years.
I have to disagree with you on this one. The 5% renewals are chopped down by several IMO or uplines for obvious reasons. Some even have a nice zero renewals.
For FE, renewals should be closer to the 10% for the filed agents.
- 29,516
What he's saying is that most companies that have the higher renewals have the higher premiums and will probably not stay on the books long because they'll be replaced by a company that has lower premiums (and lower renewals).
- 9,744
With a 115-120% fyc contract, I think 6.5-7.5% is more like it.
- 5,261
10%? Maybe at the RMO/IMO level; definitely not for the field agent at street comps.
If you are dealing with an IMO that isn't trying to gauge you, your final expense renewals will range between 4% to 10%, with most in the 6% to 7% area.
Additionally, many carriers are increasing FYC in lowering renewals in the 6-10 year range. Transamerica did this a few years ago.
EXACTLY!!! And do you notice the carriers mentioned above with the HIGHEST renewals are some of the WORST carriers to deal with in FE. Most carriers mentioned have either HIGH priced products or hard to deal with underwriting.
I. E...UHL, Columbian, Settlers, Assurity
