Insurance Agent Forum

[arnguy]

Is anyone on this forum selling Critical Illness coverage (as stand alone)? I would appreciate any comments.

[CHUMPS FROM OXFORD]

Metlife used to have a contract. Simple coverage. Simple rate calculations.

It became available around 2003 and disappeared in 2006.

[johnrocks]

do u mean like heart attack strokes cancer type policies if so gtlic has one but i have never sold one i have spoken to other agents who have(so they say) been pretty successful with them especially with the lower income people who can't afford a lot

[BKrocko]

GTL - Guarantee Trust Life Ins. Co., has a product that serves a duel purpose of CI combined with a 10 yr. term life. K-Dub has had success with this product as an add on to individual health policies. Reasonable cost for the right age bands.

.............Sorry Johnrocks - I didn't see your post prior to this one.

[johnrocks]

that's ok glad u posted maybe i will start sharing this product with some of my clients if they are in the age bands

[arnguy]

I was thinking more along the line of stand-alone coverage of many different major illnesses.

[somarco]

MoO has (had?) an outstanding product. Only one I have seen that is a true health product.

http://www.mutualofomaha.com/critica...nce/index.html

Most of the rest are built on a life product (GTL, Colorado Bankers, etc.)

Loyal American has one that is a rider to an Accident plan.

Assurity has one that seems to be decent. Not approved in GA so I haven't studied it that closely. Their plan might be a health product.

Frankly, if you look at the way the products are worded, chances of anyone collecting is slim. I think most of the CI products are more sizzle than steak.

http://www.westernsouthernlife.com/p...ategoryId=1004

http://www.unitedamerican.com/cancer_uaoffers.asp

[James]

You also have AIG Quality of Life policy or the Flex Pro Plus plan. I'm not sold on it yet, some words being used in their own brochures seems a bit weasley. http://www.americangeneral.com/lifei..._qualityoflife looks promising, think I'll need to study this one a little bit more.

[arnguy]

Thank you somarco and james.

[Biggz33]

arnguy,

I've sold CI policies stand alone with United American and now with Mutual of Omaha. I like MofO's muchhhh better though. Let me know if you want more info.

[arnguy]

Thanks to all of you for the replies. Biggz33, I will keep you in mind if I decide to go further with CI. Just dipping my toes in the water for now.:smile:

[newmindfashion]

Biggz33,
What's the typical premium for a 10K critical illness benefit for a 40 year old male with good medical history? Just curious whether this is a good product to start offering. I've heard bad things about the difficulty of qualifiying for benefits, i.e. need to be on one's death bed to get paid.

[newmindfashion]

Does the accelerated living benefit on term plans render a CI standalone as useless or does a CI product have a better set of definitions?

[somarco]

Generally CI is a better approach than relying on accelerated benefits under a life plan. Look for a plan that pays a lump sum on first diagnosis. Also, you want a plan that is a health policy, not a life policy with a CI rider.

[newmindfashion]

Bob,
Good advice. In CT, the DOI will not approve lump some CI plans at all so there's no market here. I would like to look into it for other states that I work in. Would be interested in a carrier that is easy for an independent broker to work with.

Assurant has a CI policy that is attached to its SelectSolution feature that I can't sell here in CT.

[salpro22]

Another nice aspect about SS is that the client can take it with them if they switch to another carrier.

[newmindfashion]

I did not realize that about taking the membership with them. Very nice. I would lose a lot of customer interest in Assurant without the SuiteSolutions program.

[somarco]

I rarely sell Suite Solutions. Only when someone wants an accident benefit do I even roll it out. Overpriced in my opinion.

[healthagent]

I have seen cheaper accident plans around