Insurance Agent Forum

[Newby]

I found out something new today about Forethought's ForeLife Final Expense. One of their payment options is a monthly automatic billing to their credit card. I've never seen an insurance company do that before.

I think everybody in the senior market should consider picking up Forethought. I've met with the new owners and they are VERY focused on becomming huge in the senior market.

I'm going to put some more info on this thread about where they came from and where they're going.

I have Forethought agent contracts available - Insurance Agent Forum

[policy doctor]

HI....got a 35 year old man, paraplegic and diabetic due to bullet wound who is looking for life insurance.

Any carriers out there, like Presidential, willing to underwrite the younger folks?

[Newby]

Originally Posted by policy doctor

HI....got a 35 year old man, paraplegic and diabetic due to bullet wound who is looking for life insurance.

Any carriers out there, like Presidential, willing to underwrite the younger folks?

I don't think Presidential or Americo will go that young. He can get the Forethought Encore as a 10-pay. It's more pricey but will be fully paid-up when he is 45 and also has an increasing death benefit.

[policy doctor]

We need to talk then. I will pm you so watch that mail.

[mswebb06]

Favorites, in realtion to customer satisfaction, time of issue, commission pay out: Presidental Life, Shenandoah Life, Union Bankers. no certain order.

[onlineagent08]

Forethought is an amazing company! -subject to change at any time.

Also - Chesapeake has a great final expense plan as well.

Chesapeake:

-Liberalized level benefit application
-Fully commissionable policy fee on level plan
-$60 quality bonus award

..virtually unbeatable non-tobacco rates, true Yes/No underwriting with a 6 - 8 min. telephone interview.

Their goal is: "to become the biggest seller of Final Expense and easiest company to do business with."

[HomeService]

These guys go to age 35 { looks like they go down to age 20}

Fidelity Life Association

[senior-advisor-indiana]

Originally Posted by onlineagent08

Forethought is an amazing company! -subject to change at any time.

Also - Chesapeake has a great final expense plan as well.

Chesapeake:

-Liberalized level benefit application
-Fully commissionable policy fee on level plan
-$60 quality bonus award

..virtually unbeatable non-tobacco rates, true Yes/No underwriting with a 6 - 8 min. telephone interview.

Their goal is: "to become the biggest seller of Final Expense and easiest company to do business with."

Last I looked, there rates were very beatable.

[mswebb06]

Royal Neighbors is a great company as well for final expense, Simplified issue and graded both on the same app. No telephone interview, policies issued in 48 hours, and they pay daily!

[Newby]

Question...which companies have great rates for smokers? I'm aware of Citizens Security but who are the others?

[mswebb06]

Is Forethought not competitive when it comes to smokers? Somehow I do not run into that many smokers during my in house visits. Newby, Give us a quote on a 57 male smoker, $7500.00 of coverage.

[Newby]

Originally Posted by mswebb06

Is Forethought not competitive when it comes to smokers? Somehow I do not run into that many smokers during my in house visits. Newby, Give us a quote on a 57 male smoker, $7500.00 of coverage.

Forethought is about average for smokers. 57 male smoker on lifetime pay is $41 monthly. 57-year olds usually buy a minimum of $15,000 though.

[mswebb06]

Newby, you beat me by .9 cents by top carier is 41.09 monthly. My main is RNA.

[Newby]

Originally Posted by mswebb06

Newby, you beat me by .9 cents by top carier is 41.09 monthly. My main is RNA.

Most companies are right in that ballpark.

[Tx249]

Originally Posted by Newby

Forethought is about average for smokers. 57 male smoker on lifetime pay is $41 monthly. 57-year olds usually buy a minimum of $15,000 though.

Looks like Citizens beats that by at least $5 per month. Around $10 per month for preferred. Add a couple dollars more per month for the extra accidental death benefit.

[Newby]

Originally Posted by Tx249

Looks like Citizens beats that by at least $5 per month. Around $10 per month for preferred. Add a couple dollars more per month for the extra accidental death benefit.

Yes I have Citizens rates. I was just wondering if there was anyone else I'm overlooking.

[senior-advisor-indiana]

So citizens are the best smoker rates? What's the commission.

[Newby]

Originally Posted by senior-advisor-indiana

So citizens are the best smoker rates? What's the commission.

The contract I've been sent is 100% first year with 11% 2-5 and 7.5% 6-10

75% advanced

There may be better out there.

[mickeyma]

Originally Posted by GreenSky

Columbia Management is owned by Shep Cutler, one of the "orginal" final expense salespersons. He's known througout the industry and even had a front page with a story in Senior Market Advisor Magazine.

I wouldn't hold my breath for a lot of support though. None of their carriers are a big deal.

However, Shep is a great guy. I've spoken with him many times.

Rick

I recently joined Columbia Management. The only support I received was the names of a direct mail firm and a telemarketing firm. They put me with Assurity Life which I feel is lousy for service.

[GreenSky]

Originally Posted by mickeyma

I recently joined Columbia Management. The only support I received was the names of a direct mail firm and a telemarketing firm. They put me with Assurity Life which I feel is lousy for service.

As I posted previously, you're not going to get a lot if support. Is Assurity the only FE company you have? It's neither the only one nor necessarily the best carrier.

All you need to do is contract with other carriers - Royal Neighbors, Americo, etc. Virtually all direct mail carriers will do a similar mailing at a similar price (about $400/1000).

Unfortunately, you'll find limited support from most FMOs.

Rick