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Originally Posted by STIBROKER@AUSTIN.RR.COM
and who is the insurance company....and how long do you have to wait to get some or all face amount....
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Sorry, I thought I was more clear about that. It's return of premium (plus 8% annualized) if any health related death during the first 36 months. Accidental deaths are covered from the first day.
They also have full coverage for healthy people but there is nothing special about that and the commission is too low to put healthys with them.
Here's more backstory so STIBROKER and others don't think it's too good to be true (like zero premium life insurance.) And STIBROKER, I thought you knew me enough from being on the forum here that you could tell I'm not falling for a scam or pulling a scam.
The insurer has been around for a long time. They changed their focus a few years ago to concentrate on Pre-need Funeral Insurance because they are a small regional company. Since pre-need insurers work closely with their client funeral homes, being small and regional is an advantage.
They have always offered a whole-life final expense product to their funeral home clients as a back up to offer if they have someone who wants to preplan but can't afford it. I never paid a lot of attention to it because the product is just one of MANY final expense options and all the other ones pay better commission and have rates as low or lower.
BUT, a few months ago, when I was talking to thier field rep (who is a friend of mine) and figured out their graded product is "guaranteed issue" I compared the rates to Presidential and Americo and figured out they have a HUGE advantage on premiums and are comparable on commissions to Presidential.
I began selling the policy to people who don't qualify for Forethought and Oxford and have been VERY happy to walk away from the appointments with something rather than nothing. Their own guaranteed issue rates are even lower than their own healthy-smoker rates. As long as the client can accept a 3-year wait before they are fully covered, they will have a great payment for the rest of their life.
SO, I approached their VP of sales about making it available to agents outside of the funeral homes. They are working with me on this and understand that the outside agents won't be selling any of their healthy clients because there are better choices for the agent.
SO, they have given me the green light to sign up agents which will sell only the guaranteed issue although you are free to sell the underwriten version too if you want to.
That's the story. Those of you in the states I mentioned (Indiana, Kentucky, Tennessee and Ohio) who have e-mailed their info to me, will get the contracting paperwork, rate card etc (as well as the company name.) e-mailed to you later this week.
You will need to be given an agent number BEFORE you write business.
There are no fees, obligations, gotchas or anything to be concerned with. Straight contract. If you make a sale...you get paid...I get an over ride.
Guaranteed Issue FE at great rates
Newby explained most of it. It is a 3 yr period before you get the full DB. I assume you atleast get your premium back if death occurs before the 3 yr period.