Scroll down for a discussion on Foresters: Final Expense within the Senior Insurance Forum.
I'm trying to get information on FORESTERS, its FE product.
How they compare with other companies in pricing, benefits, underwriting complexity, agent support and other ...
I'm trying to get information on FORESTERS, its FE product.
How they compare with other companies in pricing, benefits, underwriting complexity, agent support and other conveniences or ...inconveniences.
A comparison with RNA could be helpful.
They are higher priced than most FE companies, especially RNA. They are very difficult to work with and their underwriting is very strict with a separate questionaire for everything under the sun.
We used to joke about it and ask agents if they got the Foresters hangnail questionaire filled out.
They are not a company that knows anything about FE. They are a term, UL company that is trying to fit into a popular niche right now by rolling out a supposed FE product.
They are higher priced than most FE companies, especially RNA. They are very difficult to work with and their underwriting is very strict with a separate questionaire for everything under the sun.
We used to joke about it and ask agents if they got the Foresters hangnail questionaire filled out.
They are not a company that knows anything about FE. They are a term, UL company that is trying to fit into a popular niche right now by rolling out a supposed FE product.
Other than that JD... you think they are great, right...?
What does everyone think about their BIGUL product?
I never wrote their UL, but, most other agents bragged about it and really liked some of the bells and whistles it has.
Foresters is a fraternal company and issues certificates, not policies. That's not an issue to me, but, I know you have stated in the past that it an issue for you.
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Originally Posted by SportsNut
Other than that JD... you think they are great, right...?
I wrote a fair amount of their term. Their niche was female smokers. They always seemed to have the best rates in that market. They were also liberal on allowing pipe and cigar and pot smokers plus smokeless tobacco users to be written as non tobacco. They didn't carry that policy over to their FE.
Another thing they do is chargeback 100% for lapses, cancellations, deaths, etc. in the first 6 months on all products. Even if paid "as earned" as I am. I that person cancels after 5 months, my commission that I "earned" is no longer earned and they will charge back. There are too many companies out there that don't do business that way to have to do business with one that does.
Last edited by jdeasy : 09-23-2009 at 07:09 PM.
Reason: Posts merged
What does everyone think about their BIGUL product?
I am a fan of the BIGUL product. The lapse protection is fantastic, and matched by few others. Couldn't tell you much about their FE product.
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Originally Posted by efo2009
That "charge back" feature sounds king of awful. I'm trying to stay away also of too complicated underwriting or other carrier's "difficulties"
I believe with RNA, American Amicable,UHL in the bag I'm OK.
Talking about Term, do Foresters has something like AmAm's Easy Term with Return of Premium?
If you're looking for an easy Term, you're in the wrong place. Forester has a 2 year minimum conversion period of the term before it is considered out of chargeback.
If you want a simple term with ROP, try Assurity or Fidelity.
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Tony
Last edited by Thatguy : 09-24-2009 at 03:13 AM.
Reason: Posts merged
Rates, should not be only deciding factor when an agent is picking a primary company.. So with that being said Kwimberl could you show us some rates for Foresters FE?
I'm not sure that is factual. I would not put them higher than most FE companies at all...
I can write Foresters and I have their rates. I have about 15 other FE companies I'm appointed with and Foresters is higher priced than most of them. Of course they are better priced than LH, but, who isn't? They are probably priced better than Bakers Life.
With their difficult underwriting, chargeback policy and uncompetitive pricing, why would an agent want to write for them? On top of that, they are an NAA company.
In my experience it seems every 18 months or so a “New FE Product” is rolled out with a lot of buzz, and the same gullible, dumb, and habitually unsuccessful agents get all worked up with delusions of grandeur, about their newfound pending success.
We hit the jackpot people! Forrester’s will give all life agents a 120 percent contract!!! That’s right!!! Everybody qualifies!!! We have discussed this topic a million times. How can I make money in FE? Many people feel it is all about commission. And if you are from that school of thought… “And Yes, I am talking to you Billy Bob, from Crap-town, USA. Just because your brother-in-law, talked you into leaving your job at the Cell Phone Store, to get your Insurance license so you could give away Med-Advantage does not mean you have to quit insurance. Turns out, there was a reason that snake did not bite you Sunday morning at church after all. God has answered your prayers and blessed you with an Insurance company that is going to finally give you what you deserve… 120 percent contract!!!
So even though selling FE over the phone was a bust. And Forethought never really worked out for you. I am confident that all of the “Charlie Brown” agents will not have the football of success pulled away from you again…
This is the serious part of the post… We should all be grateful we have knowledgeable people like Jdeasy & Newby who take time and post educational and meaningful stuff on the board. Don’t blame the agent because they did not understand the underwriting or the charge back policies. They were blinded with their own tears of joy over scoring that 120 percent contract… Welcome to Easy Street…
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Foresters is not the only one who is guilty of this, a company out of Indianapolis will also give out huge commissions... Sure go ahead and grab a Foresters contract if you wish and while you are at get one from the boys in Indianapolis also, like Hooiserdaddy mentioned if you can fog a mirror you qualify.
I have written between Jan. 1 and Sept 1. $85,000 in AP with FE. That is using Forethought, Equitable, Continental Life, and Chesapeake. I have a good contract with Foresters but not the "better than 120" one you speak of. details?
Forester contracts gets much higher than 120. If you want, I can make you an offer based off of your production. Give me your external contact and I'll send you the REAL grid.
Rates, should not be only deciding factor when an agent is picking a primary company.. So with that being said Kwimberl could you show us some rates for Foresters FE?
65 male ns $55 per 1000
65 female ns $43 per 1000
75 male ns $103 per 1000
75 female ns $76 per 1000
65 male smoker $80 per 1000
65 female smoker $60 per 1000
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Originally Posted by HoosierDaddy
We hit the jackpot people! Forrester’s will give all life agents a 120 percent contract!!! That’s right!!! Everybody qualifies!!!
It takes an IMO contract to get 120% on the foresters FE product. Are you saying that everyone can get the IMO contract? I'd love to know your source for IMO contracts given to everyone....
Last edited by kwimberl : 09-24-2009 at 04:23 PM.
Reason: Posts merged
There is obviously some misunderstanding here. Commissions are higher on term policies. However, it takes IMO1 to reach 120% on the final expense products. I have seen the commission grid as recently as today. Now, are you telling me there are multiple grids for the same product with the same company??!?!
You wrote that with such conviction? I am sorry you were hoodwinked and deceived. Get a release from your upline and I will see that you get one of those 120 IMO contracts you speak of.
You could also blow the whistle on who mislead you?
It appears the forum time clock has been messed with. See my post above...
You wrote that with such conviction? I am sorry you were hoodwinked and deceived. Get a release from your upline and I will see that you get one of those 120 IMO contracts you speak of.
You could also blow the whistle on who mislead you?
Are you saying that the 120% FE with Foresters is not an IMO1 contract?
65 male ns $55 per 1000
65 female ns $43 per 1000
75 male ns $103 per 1000
75 female ns $76 per 1000
65 male smoker $80 per 1000
65 female smoker $60 per 1000
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It takes an IMO contract to get 120% on the foresters FE product. Are you saying that everyone can get the IMO contract? I'd love to know your source for IMO contracts given to everyone....
You've been deceived m'dear. If you have a 120, you don't have an IMO contract - you're not even close. I could offer you a much better contract than that, if you had the production!
As for their FE chargeback, here is the quote directly from their contract agreement. I will preempt this by saying I do not sell their FE product and I have no first hand experience of their FE procedures - only what is given to me on paper.
"First Year Commission Chargebacks
First year commissions are deducted in the current month on insurance products for losses processed at Foresters due to first-year lapses, cancellations, product not taken and first-year surrenders.
If the Producer has signed an Advance Commission Addendum (“Addendum”) and commissions have been advanced on a life Certificate issued on or after the effective date of the Addendum (defined as the date that Foresters processed the Addendum) and pursuant to the terms thereof, the Producer shall repay immediately
To Foresters an amount equal to the difference between commissions advanced less the portion of commissions earned based on premiums paid to Foresters.
If the Producer’s signed Advance Commission Addendum is revoked by Foresters, then commissions on Certificates issued on or after the effective date of that revocation shall, subject to the provision for Non-Accidental Death in First year below, be deemed to have been earned on the date that a premium is received by Foresters and credited to the Producer’s account, and shall not be charged back on any Certificate that goes out of force (other than product not taken) in the first twelve months of the first Certificate year.
If the Producer has not signed an Advance Commission Addendum, commissions shall, subject to the provisions for Non-Accidental Death in First Year below, be deemed to have been earned on the date that a premium is received by Foresters and credited to the Producer’s account, and shall not be charged back on any Certificate that lapses or otherwise goes out of force (other than product not taken) in the first twelve months of the first Certificate year. "
I don't see anything about a 6 month charge back if it falls off the books while I am on as-earned. That doesn't mean that it doesn't exist, but I don't see it. Anyone care to clarify this 6 month chargeback for me? I write mainly their BIGUL product and my clients pay annually so I never have this issue.
Foresters: Final Expense
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