Over 150.000 insurance professionals and consumers come to the Insurance Forum every month. Click here to register for FREE

Go Back   Insurance Forum > Insurance Agents and Brokers Forum > Final Expense Forum

Reply to Final Expense Companies That Pay the Fastes     
Old 06-05-2012, 04:02 PM   #51
Guru
rousemark on Final Expense Companies That Pay the Fastes - Insurance Forum
 
Join Date: Dec 2010
Posts:7,297
State: rousemark is an Insurance Agent from Tennessee
rousemark is a member of 5000 posts Super VIP club
Final Expense Companies That Pay the Fastes Re: Final Expense Companies That Pay the Fastes
Originally Posted by TRK3031962 View Post
And if you do a good job, is there a bonus you'll be paying yourself? Maybe take yourself out on a date?
He might refer a couple of his friends to himself..

------------------------------------
Forget the health food. I need all the preservatives I can get.
  Reply With Quote to Final Expense Companies That Pay the Fastes

Old 11-15-2013, 10:38 PM   #52
Guru
 
Join Date: Feb 2009
Posts:1,387
State: deadhead is an Insurance Agent from North Carolina
deadhead is a member of 1000 posts VIP club
Final Expense Companies That Pay the Fastes Re: Final Expense Companies That Pay the Fastes
[QUOTE=Newby;548155]The companies that come from a funeral Preneed background all pay within 24 hours of death on NON-CONTESTIBLE claims. Those include ForeThought, Lincoln Heritage, NGL, And lots of regional companies like Investors Heritage, Cincinnati Equitable, Atlantic Coast, Homesteaders Life and many others. None of these companies can claim to be any faster than another because they ALL pay within 24 hours of death and often quicker. The claims are paid WAY before there is even a death certificate.

Most FE companies have a more traditional death claim process. Most REQUIRE a certified death certificate with the death claim. That requirement can slow the claim down a month or longer in some states. Death claim with most FE companies takes from a few weeks to a couple months. CONTESTIBLE claims often take 90- days to settle but I've only seen one company that takes longer than 30-days AFTER they have all the medical records. That is unacceptable.

5-Star Life is unique in that they pay 50% of the claim Preneed style (24-hours with no death certificate needed) and the other 50% traditional style (after death certificates are issued).

I guess if one company can claim to be the fastest, it has to go to Homesteaders Life. They give all the funeral homes their own check book. If the funeral home receives a death call of one of their insureds, they call a toll free number to verify coverage amount and the funeral director writes the check himself on the Homesteader check book. It can't get any quicker than that.
- - - - - - - - - - - - - - - - - -

Just replaced a homesteader's policy to day. Saved a customer 50 dollars a month
------------------------------------
  Reply With Quote to Final Expense Companies That Pay the Fastes
Old 11-15-2013, 10:53 PM   #53
Guru
Newby on Final Expense Companies That Pay the Fastes - Insurance Forum
 
Join Date: Apr 2007
Posts:9,186
State: Newby is an Insurance Agent from Indiana
Newby is a member of 5000 posts Super VIP club
Final Expense Companies That Pay the Fastes
Yes but that's not apples to apples.

Yours is likely lifetime pay, the Homesteaders is paid up in 3,5 or 10 years.

Yours is level benefit. The Homesteaders increases the death benefit each year.

Still could have been a good replacement. Just not the same thing.

------------------------------------
www.fexcontracting.com
fexcontracting is about helping independent FE agents get good contracts with the top quality companies and get them up to speed fast with product knowledge and a plan to succeed.
  Reply With Quote to Final Expense Companies That Pay the Fastes
Old 11-15-2013, 11:04 PM   #54
Guru
 
Join Date: Feb 2009
Posts:1,387
State: deadhead is an Insurance Agent from North Carolina
deadhead is a member of 1000 posts VIP club
Final Expense Companies That Pay the Fastes Re: Final Expense Companies That Pay the Fastes
Originally Posted by Newby View Post
Yes but that's not apples to apples.

Yours is likely lifetime pay, the Homesteaders is paid up in 3,5 or 10 years.

Yours is level benefit. The Homesteaders increases the death benefit each year.

Still could have been a good replacement. Just not the same thing.
At age 75 a ten pay and lifetime are about the same
------------------------------------
  Reply With Quote to Final Expense Companies That Pay the Fastes

Register Now for FREE!
To sign up for your FREE INSTANT account, please complete the form.

Username:
    Password:   Confirm Password:     E-Mail:   Confirm E-Mail:     
   
Question of the day:   Type the result for 11 x 3 I agree to forum rules 


Old 11-16-2013, 05:13 AM   #55
Guru
Newby on Final Expense Companies That Pay the Fastes - Insurance Forum
 
Join Date: Apr 2007
Posts:9,186
State: Newby is an Insurance Agent from Indiana
Newby is a member of 5000 posts Super VIP club
Final Expense Companies That Pay the Fastes
Originally Posted by deadhead View Post
At age 75 a ten pay and lifetime are about the same
Could be but they certainly won't be hitting the Guinness Book if they end up paying 15 more years beyond the 10.
------------------------------------
  Reply With Quote to Final Expense Companies That Pay the Fastes
Old 11-16-2013, 08:29 AM   #56
Guru
goillini52 on Final Expense Companies That Pay the Fastes - Insurance Forum
 
Join Date: Aug 2013
Posts:2,981
State: goillini52 is an Insurance Agent from Illinois
goillini52 is a member of 1000 posts VIP club
Final Expense Companies That Pay the Fastes Re: Final Expense Companies That Pay the Fastes
Originally Posted by deadhead View Post
At age 75 a ten pay and lifetime are about the same

What was the Face Amount? That $50 a month you saved her amounts to $6,000 after 10 years(don't know how much her FA would've increased in that time).
------------------------------------
  Reply With Quote to Final Expense Companies That Pay the Fastes
Old 11-16-2013, 10:49 AM   #57
Guru
Newby on Final Expense Companies That Pay the Fastes - Insurance Forum
 
Join Date: Apr 2007
Posts:9,186
State: Newby is an Insurance Agent from Indiana
Newby is a member of 5000 posts Super VIP club
Final Expense Companies That Pay the Fastes
Originally Posted by goillini52 View Post

What was the Face Amount? That $50 a month you saved her amounts to $6,000 after 10 years(don't know how much her FA would've increased in that time).
With current growth rates $10,000 would only grow around $3,500. But there are more variables than that. The funeral home prices usually increase more than the growth rate so they get that through the price guarantee. Also most people with preneed insurance pay the policy off early and save more on it.

I'm not saying an FE is never a better option than the preneed insurance policy. I'm saying they aren't a direct comparison.
------------------------------------
  Reply With Quote to Final Expense Companies That Pay the Fastes
Old 11-16-2013, 10:53 AM   #58
Guru
 
Join Date: Jul 2008
Posts:10,790
State: jdeasy is an Insurance Agent from Kentucky
jdeasy is a member of 5000 posts Super VIP club
Final Expense Companies That Pay the Fastes Re: Final Expense Companies That Pay the Fastes
Nor is it an good comparison to compare 5 Star to other FE companies.
------------------------------------
  Reply With Quote to Final Expense Companies That Pay the Fastes
Old 11-16-2013, 10:56 AM   #59
Guru
goillini52 on Final Expense Companies That Pay the Fastes - Insurance Forum
 
Join Date: Aug 2013
Posts:2,981
State: goillini52 is an Insurance Agent from Illinois
goillini52 is a member of 1000 posts VIP club
Final Expense Companies That Pay the Fastes Re: Final Expense Companies That Pay the Fastes
Originally Posted by Newby View Post
With current growth rates $10,000 would only grow around $3,500. But there are more variables than that. The funeral home prices usually increase more than the growth rate so they get that through the price guarantee. Also most people with preneed insurance pay the policy off early and save more on it.

I'm not saying an FE is never a better option than the preneed insurance policy. I'm saying they aren't a direct comparison.
So Homesteaders isn't FE, but Pre Need?
------------------------------------
  Reply With Quote to Final Expense Companies That Pay the Fastes
Old 11-16-2013, 10:58 AM   #60
Guru
 
Join Date: Jul 2008
Posts:10,790
State: jdeasy is an Insurance Agent from Kentucky
jdeasy is a member of 5000 posts Super VIP club
Final Expense Companies That Pay the Fastes Re: Final Expense Companies That Pay the Fastes
Originally Posted by goillini52 View Post
So Homesteaders isn't FE, but Pre Need?

The only thing I've ever run across with Homesteaders has been preneed. If they have FE also I've never seen it in the field.
------------------------------------
  Reply With Quote to Final Expense Companies That Pay the Fastes
Reply to Final Expense Companies That Pay the Fastes 

  Insurance Agent Forum > Insurance Forum > Insurance Agents and Brokers Forum > Final Expense Forum




Similar Threads with Final Expense Companies That Pay the Fastes
Thread Thread Starter Forum Replies Last Post
Final Expense Funny Happenings Joe Moore Final Expense Forum 342 07-05-2014 01:33 PM
My 1st Month at EFES/Equita Final Expense Rearden Final Expense Forum 852 11-19-2013 06:46 PM
Final Expense Leads atlantainsguy Final Expense Forum 71 10-09-2012 09:52 AM
The Final Expense Market: Overview and Demographics chaos Final Expense Forum 19 04-15-2012 02:01 PM
Best Final Expense Company for Newby and By Phone Final Expense Programs?? ForeverAngela Final Expense Forum 1 03-11-2012 06:21 PM
Top 5 NC Life Companies for Final Expense FinancialWhiz Final Expense Forum 0 01-03-2011 08:59 PM
Final Expense Question Newby Final Expense Forum 55 10-01-2009 03:34 PM
Final Expense Organizations..advice Texas Insurance Guy Final Expense Forum 6 05-08-2009 04:44 PM



All times are GMT -5. The time now is 04:42 PM.

Forum enabled with vBulletin®
Copyright ©2000 - 2014, vBulletin Solutions, Inc.


Join the Forum - It's FREE

Share This Page



Weekly Poll

What is your main strategy for growing your insurance business ?