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 but are too scared to sign up with any of them. It's always something like "The National Charter Association Of United Businesss Owners" underwritten by some no-name company for $10 less than Suite Solutions.

I love Secure Solutions. It pays like clockwork and I like the AIG name behind it. I just used it for my son and again, paid like clockwork. Sometimes you pay a slighly higher price for not being run through the typical mill.

[salpro22]

Originally Posted by somarco

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

What do you suggest instead of SS?