Great American Companies Exit the Final Expense Market

SportsNut · 07-07-2009, 05:17 PM

Per their email today: Effective August 1st, Great American Supplemental Benefits Group will be exiting from the Senior Life/Final Expense market.

This includes Loyal American Life, United Teachers Associates Life, Central Reserve Life, Continental General, and Provident American.

Seems like final expense is a rather difficult market in which to be profitable, from the ins co perspective. I have wondered how this plays out many times, as I have seen policies being approved that simply didn't seem there would be any way to make money on the risk long term.

The Hunter · 07-07-2009, 05:42 PM

I Read That Baltimore Life Is Looking For More Profitable Products To Market.

Newby · 07-07-2009, 06:27 PM

From my discussions with them, they know they went wrong with the phone apps. They told me 6-months ago not to actively appoint agents with their FE because they were slowly getting out of it.

Their Med Sups are their strong product.

SportsNut · 07-07-2009, 06:34 PM

Originally Posted by Newby

From my discussions with them, they know they went wrong with the phone apps. They told me 6-months ago not to actively appoint agents with their FE because they were slowly getting out of it.

Their Med Sups are their strong product.

That's funny... I recently ran into Carl Lindner and he didn't mention anything about this to me.

Jim · 07-07-2009, 06:49 PM

A lot of people smelled that one coming.

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

theinsuranceman · 07-07-2009, 08:47 PM

Looks like all these FE co.'s that have low, low premiums are not charging what they should be charging....