Anybody Doing this Safe Harbor Thing?

[cowgoesMoO]

I heard about his plan through an add on this website. Phoenix life Safe Harbor Term. Pretty unique product.

Simplified issue, standard rates not table 4; they do have a table 4 rate for substandard risk classes. very liberal underwriting and ht/wt. offers up to 95% acceleration for critical illness, chronic illness, terminal illness, and unemployment waiver. ON A TERM!!!!!

I got a 57 yr old male NT, that had been to the hospital twice last year. once for vertigo and once for diverticulitis. multiple meds prescribed in the past year mostly antibiotics but included 5mg oxycodone. got approved for standard. 125K 20yr term for 101/mo. fully convertible.

just curious if anyone else got in on their initial promotion. also I've seen a lot of posts about tricky underwriting lately......

 

[unic.consulting]

I'm going to be listening to their talk on the 27th. I'll let you know anything I find out.

 

[Lewis_FL]

If they were better than B++ we would be more interested...

 

[Brokers Alliance]

FYI - the Safe Harbor product from Phoenix is having incredible success in these early stages of the launch. You are correct...the ht/wt table are more liberal than most every other carrier. The wait times are running longer than normal right now to get a policy done due to the high volume of incoming business. It may take 5-7 days to get a policy done instead of 2-3 days as was originally promoted. BUT, that will change and improve drastically when the eapp is available in March, cutting down on any NIGO submissions.

Bottom line...excellent product, excellent premium, excellent commissions.

 

[cowgoesMoO]

If they were better than B++ we would be more interested...

We as in?.......

B++ = probably out of business within the next 5 years

the B stands for bankrupt.....doesn't it?


I did some research; the company has solid policy reserves and from what I understand they received a slap on the wrist from the SEC from an internal paperwork error; which they themselves notified the SEC of. everything has been corrected and they are probably working harder than the A rated companies to earn the good faith of customers and agents alike......just my humble opinion.

 

[Ron Van D]

But...what about E&O coverage for a B++? That's what has me thinking the ANICO product will continue to be just fine.

 

[rousemark]

But...what about E&O coverage for a B++? That's what has me thinking the ANICO product will continue to be just fine.

E&O coverage restriction only applies to claims arising out of a company going into receivership. All other claims are covered the same as they would be for an A+ company. An A company is just as likely to go bankrupt as a B++ company. Best doesn't have a crystal ball as we saw in the 80s and 90s when A and A+ companies went under. Mutual Benefit being one of the more notable.

 

[Tahoe Ray]

Which one of the Phoenix companies is B++? I only see them as a "B"...

 

[Cash]

They aren't B++, or B+, they are a B.

WEISS has them at C if I remember correctly, which is above more than a few "A" companies according to Best's.

I'm not saying they will go bankrupt or anything but just understand the situation: a poorly rated company, buying a lot of business with loose underwriting, and paying big commisions. Maybe it works out but I am dubious.

Really, we all should be dubious when approaching a new product, design, or methode in this business.

And no "B" doesn't stand for bankrupt MOO. Some of the things you say are kind of scary.

 

[pcbinsurance]

I'm not sure all FMO's do this but the one I'm looking at (for this product) is telling me that they provide E&O for this product at no charge.
I haven't decided whether to add them or not.