Average FE Issue Age (61) and Face Amount ($10,864)

[Brian Anderson]

The just-released 2013 LIC/CSG Actuarial Study finds the average issue age for FE policies in 2013 was 61, and the average face amount was $10,864. New premium increased 7% and policy count improved 2% last year.

How do the average age and face amount compare with your experience?

Insurance Forums | Report pegs average Final Expense issue age at 61; face amount $10,864

 

[PaperHanger]

Ave $55 mo, 10k policy, sounds about right

The Ave age seems young, I'd say most of mine are over 65

 

[rousemark]

Average age surprises me since based upon reading the forum most FE agents seem to prospect 60+. Looking at premiums based on the average age and face amount, it certainly appears that the majority of the business is not going to the low premium players. if anything, it is the other end of the scale.

 

[Brian Anderson]

I was also surprised the average age in the report is so young. I'm trying to find out what it was from earlier versions of the report, or from some other sources for comparison and will post what I find.

 

[TwiLight]

We are averaging age 62.2 in MI and OH with a 10,877 avg face. But we only prospect 55-75.

We have a sizable block of 45-55 from Referrals of FE clients off our FE Lead generation (TM and DM) that brings the average down to 62. Otherwise it would be 64.7.

We define FE as any SIWL under $25k

 

[WinoBlues]

I was also surprised the average age in the report is so young. I'm trying to find out what it was from earlier versions of the report, or from some other sources for comparison and will post what I find.

I would be interested in the face amounts on the 50-60 group. Those tend to be higher for me.

 

[RichMcK]

Alright let me ask the dumb question, what are the top three FE companies? Is Lincoln Heritage in any position? They come on here and brag repeatedly. Thanks in advance.

 

[jdeasy]

The just-released 2013 LIC/CSG Actuarial Study finds the average issue age for FE policies in 2013 was 61, and the average face amount was $10,864. New premium increased 7% and policy count improved 2% last year.

How do the average age and face amount compare with your experience?

Insurance Forums | Report pegs average Final Expense issue age at 61; face amount $10,864

I don't figure any averages but those sound about right. The average age seems on the low side but I don't have any calculations to argue against it.

 

[InsKid]

Alright let me ask the dumb question, what are the top three FE companies? Is Lincoln Heritage in any position.

Top 3 FE companies for what?
Easiest to replace: LH is #1

I'm sure others here can also put LH as #1 in a few categories.

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[RichMcK]

Top 3 FE companies for what?
Easiest to replace: LH is #1

I'm sure others here can also put LH as #1 in a few categories.

I almost never run onto a LH policy, don't remember the last time. Maybe my lucky day is coming.