Final Expense in PA: Oxygen [COPD]

RSands · 09-03-2009, 05:06 PM

Greetings,

Have a 70 year old male. Only issue is COPD and uses oxygen as needed. Americo III not approved in PA.

Looking at Presidential and Columbian Mutual. Don't know Columbian Mutual rates yet but they both are two year ROP with the only difference, so far, being 6% interest vs. 5%. Obviously, that's not the deciding factor. Still waiting for Columbian to call back with info/rates.

I'm aware of Lincoln Heritage but the company had assigned me to someone who sent me all this lead crap and it really turned me off - everything went in the trash.

Would LH take this gentleman?

Also, does anyone have the Columbian rate info available and/or other company suggestions approved in PA?

Really appreciate it...Remi.

Thatguy · 09-03-2009, 05:46 PM

What face amount? I'll give you a quote.

Jim · 09-03-2009, 06:18 PM

Yes, LH would take him. We have that and a few others that would too. If you want to talk sometime drop me a e-mail.

Jim Sowder
Family 1st Insurance Brokerage
304-640-8914
Fax: 206-337-3753
[COLOR=#0000ff]jimsowder@family1stinsurancebrokerage.com[/COLOR]

RSands · 09-03-2009, 06:25 PM

Sorry about that

.

$10,000.

Thanks Thatguy.

I will...thanks Jim.

jdeasy · 09-03-2009, 07:22 PM

Originally Posted by RSands

Greetings,

Have a 70 year old male. Only issue is COPD and uses oxygen as needed. Americo III not approved in PA.

Looking at Presidential and Columbian Mutual. Don't know Columbian Mutual rates yet but they both are two year ROP with the only difference, so far, being 6% interest vs. 5%. Obviously, that's not the deciding factor. Still waiting for Columbian to call back with info/rates.

I'm aware of Lincoln Heritage but the company had assigned me to someone who sent me all this lead crap and it really turned me off - everything went in the trash.

Would LH take this gentleman?

Also, does anyone have the Columbian rate info available and/or other company suggestions approved in PA?

Really appreciate it...Remi.

LH would take him on the modified plan at an outrageous price.

The best deal for him would be MoO. $10,000 would cost him $89/mo. He can sign up by calling direct, 1-800-801-5207.

LH would cost him $127/mo. If you had Americo III, it would be over $200/mo.

magagent · 09-03-2009, 07:32 PM

Would Colorado Bankers take him anyone know?

Chazm · 09-03-2009, 09:04 PM

Originally Posted by jdeasy

LH would take him on the modified plan at an outrageous price.

The best deal for him would be MoO. $10,000 would cost him $89/mo. He can sign up by calling direct, 1-800-801-5207.

LH would cost him $127/mo. If you had Americo III, it would be over $200/mo.

Wow, I didn't realize MoO is so much cheaper, is that guaranteed issue like the Americo III? I have Americo and I will definitely suggest my manager to pick up MoO if its guaranteed

jdeasy · 09-03-2009, 09:54 PM

Originally Posted by Chazm

Wow, I didn't realize MoO is so much cheaper, is that guaranteed issue like the Americo III? I have Americo and I will definitely suggest my manager to pick up MoO if its guaranteed

Yes, the MoO is guaranteed issue. It can only be sold by their captive agents now or direct from the company. There were some indy agents that were able to sell it. I have a friend that I was referring them to. He got a letter at the end of August saying that independent brokers could not sell it after August 31, 2009.

I gave the toll free number to a client today to sign up that way.

hardwork · 09-03-2009, 11:14 PM

Columbian Mutual
Pa/male/70/10,000
120.44/mo

After reading that Moo no longer offered GI threw Indy, I thought
You maybe interested in a co that would pay you to produce GI!

Don't be surprised when see they pay a reduced commission!

Newby · 09-04-2009, 08:32 AM

The key to getting cases like that placed is to put tons of good business with a company that will also take those when you need them to.

I use Cincinnati Equitable for those type of cases. If he doesn't have a TON of other serious health problems I can write him with them on a 3-year return of premium at $67.10. That blows away MOO and everyone else and still pays me a decent commission.

Most people will take an extra year wait to save THAT much money for the rest of their life. Most of these people don't believe they are going to die anytime soon.

They wouldn't consider it for an agent that doesn't write a large volume of good business with them.

A lot of agents make the mistake of putting all their healthys with a company that is too strict on the unhealthy ones. Then you have no where to go with it.

Texas Insurance Guy · 09-04-2009, 10:22 AM

Those are very good rates Scott. What kind of volume do they look for from an agent/agency? Those types of rates are impossible to beat in the field.

Originally Posted by Newby

The key to getting cases like that placed is to put tons of good business with a company that will also take those when you need them to.

I use Cincinnati Equitable for those type of cases. If he doesn't have a TON of other serious health problems I can write him with them on a 3-year return of premium at $67.10. That blows away MOO and everyone else and still pays me a decent commission.

Most people will take an extra year wait to save THAT much money for the rest of their life. Most of these people don't believe they are going to die anytime soon.

They wouldn't consider it for an agent that doesn't write a large volume of good business with them.

A lot of agents make the mistake of putting all their healthys with a company that is too strict on the unhealthy ones. Then you have no where to go with it.

Newby · 09-04-2009, 11:33 AM

Originally Posted by Texas Insurance Guy

Those are very good rates Scott. What kind of volume do they look for from an agent/agency? Those types of rates are impossible to beat in the field.

Lets just say it's a lot. I actually tried to roll this product out to the masses for them a year or so ago but they had to shut it down real quick because agants were only placing their bad health business with them.

You have to make sure you put plenty of good business at the same place you want to take your bad health ones to get a deal like that.

new2insurance2009 · 09-04-2009, 12:08 PM

Scott

You say that Cincinnati E. is good for perhaps people with a bunch of health issues...I have 3 ladies that I am trying to get into policies....One has COPD, the other 2 ladies each on oxygen too but with diabetes with insulin 2 shots per day

Thoughts? I went to the carriers website, and did not see contracting info.....

Thanks

Originally Posted by Newby

The key to getting cases like that placed is to put tons of good business with a company that will also take those when you need them to.

I use Cincinnati Equitable for those type of cases. If he doesn't have a TON of other serious health problems I can write him with them on a 3-year return of premium at $67.10. That blows away MOO and everyone else and still pays me a decent commission.

Most people will take an extra year wait to save THAT much money for the rest of their life. Most of these people don't believe they are going to die anytime soon.

They wouldn't consider it for an agent that doesn't write a large volume of good business with them.

A lot of agents make the mistake of putting all their healthys with a company that is too strict on the unhealthy ones. Then you have no where to go with it.

RSands · 09-04-2009, 01:10 PM

Thanks for all the replies. Columbia never called me back so thank you for the rate info!

Called MOO yesterday before I posted and sat on hold for 10 minutes....and had to keep pushing '1' and then '3' to STAY on hold. Finally left what they call a "callback message" where you enter your phone number. No one called me back. Great service.

Cincinnati sounds like a real deal and I know you've been in this business longer than me Scott; but, they appear to be a very small company [$10-50 MM] and with a "not so great" credit rating. I know credit ratings can change overnight [either way] but maybe that is why they are so "cheap"?

Thanks again all...Remi

Newby · 09-04-2009, 03:16 PM

Originally Posted by new2insurance2009

Scott

You say that Cincinnati E. is good for perhaps people with a bunch of health issues...I have 3 ladies that I am trying to get into policies....One has COPD, the other 2 ladies each on oxygen too but with diabetes with insulin 2 shots per day

Thoughts? I went to the carriers website, and did not see contracting info.....

Thanks

They are good ONLY if you place a lot of good healthy business with them. They don't want to be cherry picked.

They are regional and only sell in Indiana, Kentucky, Georgia and Ohio.

CHUMPS FROM OXFORD · 09-04-2009, 03:32 PM

I'm not too involved in this particular market, but their home office is only about 45 minutes away.

They were downgraded last year and haven't been an "A" rated company in a while. No downgrade this year...yet.

jdeasy · 09-04-2009, 05:41 PM

Originally Posted by Newby

They are good ONLY if you place a lot of good healthy business with them. They don't want to be cherry picked.

They are regional and only sell in Indiana, Kentucky, Georgia and Ohio.

Which one of those states is in Pa?

pomfin · 09-04-2009, 07:44 PM

Originally Posted by magagent

Would Colorado Bankers take him anyone know?

Yes, Colorado Bankers Life will take it as graded benefit in other states but PA, MA, MD and NC. The cost for other states is 105 dollars for 10000 coverage.

SportsNut · 09-04-2009, 10:26 PM

Based on what the OP provided, I would consider Assurity Life's GDB plan, which offers some decent coverage in yrs 1 (40% of face amt, or 4,000 db) and year 2 (75% of face amount or 7,500 db), the 10,000 db thereafter. Prem is is 105.88 per mo for 70 yr old.

Just depends what value the client places on the higher DB in yrs 1 and 2... vs. a straight return of prem product...? There is some pure insurance in yrs 1 and 2 with the GDB product and that has to weighed carefully against the delayed benefit of a ret of prem product, IMO. Obviously the decision is usually made more by the inability to pay such a premium, versus the need for insurance, in most cases.

RSands · 09-05-2009, 08:09 AM

"They're regional and only sell in Indiana, Kentucky, Georgia and Ohio." So it sounds like Cincinnati is out.

As is Colorado Bankers Life?

SportNut: Assurity is my "goto" carrier...they rejected him. Underwriter said "no oxygen at all".

I'm new to FE and it's been quite difficult. Everyone on these boards that sells FE seems to be discussing leads and how to sell, like there are many objections to overcome. I wish I had that problem. I've only placed 20 cases but found only one that was a true "sell". All others thought they were uninsurable or had existing and I replaced.

PA is a nightmare.

My conscious was starting to get the better of me so I called MOO for the client to get some info. They did confirm that only captives can sell GI but they do still have an independent channel for their other products including their standard FE. So I can sell for them but not the GI...of course! They then bopped me to the consumer line to get rate info and I found myself on that ridiculous hold system again. Left a "call back" number...again. No return call. That's ridiculous! I'm not sending the client to them.

So I'm still looking at Presidential or ???

Regards,
Remi