The best final expense carrier?

[Newby]

I asked Greg what the GI contract pays at SL. He won’t tell me ?

He claims he doesn’t know,even though he’s just recently contracted 3 new agents on this forum ?

He plays dumb,Gollini says he’s not playing!

Lol !

We know FEX is or was contracting agents with Senior Life.

Please tell us what kind of commission structure you are or we’re able to get agents contracted for ?

Level and GI please ?

Is the GI as earned ?

What’s the GI charge back?

Thanks

I only picked up Senior Life for a short time right at the beginning of Covid. I had recently met with Ron that owns the company on some other business and he is a very impressive guy. So when Covid hit it wasn’t a big deal to reach out pick it up as I thought it might be a good turn key phone sales option to keep it simple for agents who really don’t like to sell by phone.

What I didn’t expect was that FexQuotes had their rates wrong in their system. So one part of my thought process was that they would be reasonably priced. Anyone who knows me knows that I have always been a priced based agent. Doesn’t have to be the cheapest but I’m extremely uncomfortable using a carrier that is not realistically in the ballpark unless there is an underwriting reason for it on a particular case.

I found out the correct rates right after I announced that we picked them up on an agent call. Very quickly I knew this just isn’t for us. So I kind of unrolled out the roll out. Also several of our main carriers Trinity, SNLand even KSKJ allowed our agents to sell their products by phone during Covid and most other carriers took steps to make phone sales easier. So there was no need to run with Senior Life.

I think Senior Life is very good at what they do. Some agents thrive in that type of environment. Using one carrier for everything and having a company financed lead system and a turn key presentation that is unique to them.

But my agency is very different and it’s just not a good fit for us. No harm, no foul.

 

[goillini52]

I only picked up Senior Life for a short time right at the beginning of Covid. I had recently met with Ron that owns the company on some other business and he is a very impressive guy. So when Covid hit it wasn’t a big deal to reach out pick it up as I thought it might be a good turn key phone sales option to keep it simple for agents who really don’t like to sell by phone.

What I didn’t expect was that FexQuotes had their rates wrong in their system. So one part of my thought process was that they would be reasonably priced. Anyone who knows me knows that I have always been a priced based agent. Doesn’t have to be the cheapest but I’m extremely uncomfortable using a carrier that is not realistically in the ballpark unless there is an underwriting reason for it on a particular case.

I found out the correct rates right after I announced that we picked them up on an agent call. Very quickly I knew this just isn’t for us. So I kind of unrolled out the roll out. Also several of our main carriers Trinity, SNLand even KSKJ allowed our agents to sell their products by phone during Covid and most other carriers took steps to make phone sales easier. So there was no need to run with Senior Life.

I think Senior Life is very good at what they do. Some agents thrive in that type of environment. Using one carrier for everything and having a company financed lead system and a turn key presentation that is unique to them.

But my agency is very different and it’s just not a good fit for us. No harm, no foul.

Since Greg won't answer Noah's questions. would you?

Please tell us what kind of commission structure you are or we’re able to get agents contracted for ?

Level and GI please ?

Is the GI as earned ?

What’s the GI charge back?

Thanks

 

[Newby]

Since Greg won't answer Noah's questions. would you?

Please tell us what kind of commission structure you are or we’re able to get agents contracted for ?

Level and GI please ?

Is the GI as earned ?

What’s the GI charge back?

Thanks

All of our agents were at 115% on the 1st day coverage product. I don’t remember what GI was but it was way lower. It didn’t matter because we would always use Gerber if the person needs GI which also has low commissions (60%) but is priced very competitively and is full benefit after 24- months.

I don’t remember if the GI advances or the chargeback rules. Like I said that product didn’t matter to me.

 

[goillini52]

All of our agents were at 115% on the 1st day coverage product. I don’t remember what GI was but it was way lower. It didn’t matter because we would always use Gerber if the person needs GI which also has low commissions (60%) but is priced very competitively and is full benefit after 24- months.

I don’t remember if the GI advances or the chargeback rules. Like I said that product didn’t matter to me.

That's right SL GI is 3 year ROP.

 

[noah]

Wait a minute…….You can’t remember the GI contract ? It’s 0-85. Does Gerber have 0-85 GI ?

“I only picked up Senior Life for a short time right at the beginning of Covid. I had recently met with Ron that owns the company on some other business and he is a very impressive guy. So when Covid hit it wasn’t a big deal to reach out pick it up as I thought it might be a good turn key phone sales option to keep it simple for agents who really don’t like to sell by phone.”

You only picked them up because you thought it might be a good turn key phone sales option for agents who don’t like to sell by phone ?

You have Liberty Bankers,right ? 120%,phone sales,decent underwriting,well priced,18-80.

Really ?

 

[noah]

Rouse I explained how I googled it. I was not trying to be deceptive about anything. Why would I do that? I don't know if the google search is true or false, I don't even care if google is right or wrong for reasons explained in the next paragraph. I guess you're saying we can't trust google searches? That's kinda ass backwards don't you think?

You're right, I have posted up here in the last 10 years why the AM Best is not that important. And I used the Settlers going into receivership as further evidence that AM Best is not all that accurate or reliable, and therefore not important. What IS important is for a carrier to pass the state dept. of insurance requirements, minimum reserves, financial health, etc.

I never said I didn't know whether or not Sr Life had an AM Best rating. I've known for years that they didn't think paying AM Best for a ranking was as important as using that membership fee money to grow their business.

Hope that clears it up for you and anyone else.

Why would anyone on this forum get a Senior Life contract with you when they can get a Senior Life contract with Newby at 115% ?

No wonder your so sneaky,deceptive …..you start new agents at 90%.

His IMO blows you away. He has many companies with way better prices,way better underwriting,way better training.

He’s also the “no spin zone” for final expense agents.

What can you do with what you have that he can’t do ?

I’ll get the popcorn going and wait……

 

[Newby]

Why would anyone on this forum get a Senior Life contract with you when they can get a Senior Life contract with Newby at 115% ?

No wonder your so sneaky,deceptive …..you start new agents at 90%.

His IMO blows you away. He has many companies with way better prices,way better underwriting,way better training.

He’s also the “no spin zone” for final expense agents.

What can you do with what you have that he can’t do ?

I’ll get the popcorn going and wait……

Do you work for CNN now? That's fake news. You can not get a 115% Senior Life contract with Newby or any level. We no longer contract with them. When we did it was only to our main group of agents that have everything else with us. I never promoted it or offered it to agents that were not already full on with us.

Also I think they have changed commissions entirely now. When they started advertising the 150% thing they went to production based commission levels. I think that EVERY agent starts at a lower level and has to work their way up through production. I think that is an excellent fair way to give everyone an even playing field for a captive type of company. In the broker world it wouldn't give them any quality production since they would be paying so much less than the other insurance carriers. So broker agents would only give them the junk that no one else would take. No company wants that type of biz.

 

[Baseball7]

There is a lot of truth, a lot of rumor and a lot of assumption in this thread.

 

[PhxSunsFan]

why was fex wrong on sl quotes? they often came in as well priced?? maybe they didnt include the legacy?? a vital component to all,...

 

[Newby]

why was fex wrong on sl quotes? they often came in as well priced?? maybe they didnt include the legacy?? a vital component to all,...

Yeah the Legacy thing adds a little bit too. But the big problem is that FexQuotes had (and I think still has) their smoker rates incorrect.
Like on a healthy male smoker age 70 that wants $15,000 policy quotes at $110.46 on Fexquotes (ultra preferred) or $118.11 if he was knocked up to Super Preferred) or or $148.11 if he was knocked up to preferred.
But in the real world, none of those products exist for smokers. The best that applicant who smokes is going to get no matter how healthy he is would be Standard at $217.71
I can't sell a guy on $217.71 for his premium when I know he would qualify with our other carriers as low as $113.74. That's just too big of a difference.
So I wouldn't want to commit to their TV leads or anything and put myself in that position. And if I wouldn't do it, I don't want my agents to be in that position either. Because we all know what would happen. They would either sell SL's TV leads with outside carriers which would not be good. So I just didn't see a fit for them with us.