Assurity Term - Am I Reading this Correctly

[TwiLight]

I received an Email from them today without any prior notice that effectively is an announcement that they are out of the TERM Market by raising their Rates significantly.

I looked at their sample rates for a 35M and 45m 20 Year Term $150k T and NT. Rate increase was 60% across all Classes (Select+, Select, and Standard)

Effectively putting them out of the TERM business.

Anyone heard anything... We have not???

Effective March 1, Assurity will be changing premium rates for LifeScape NonMed Term 350 and Term 350 Plus (both Form No. I L0760) along with associated riders - Other Insured Term Rider (Form No. R I0765), Disability Waiver of Premium Rider (Form No. R I0766) and Return of Premium Rider (Form No. R I0767). Assurity will continue to issue coverage at the past rate if the application is signed by February 28 and received at Assurity by March 6.

Quoting capability for the new rates will not be available until the March 1 update of the Life Portraits Illustrations system.

 

[WinoBlues]

I received an Email from them today without any prior notice that effectively is an announcement that they are out of the TERM Market by raising their Rates significantly.

I looked at their sample rates for a 35M and 45m 20 Year Term $150k T and NT. Rate increase was 60% across all Classes (Select+, Select, and Standard)

Effectively putting them out of the TERM business.

Anyone heard anything... We have not???

Effective March 1, Assurity will be changing premium rates for LifeScape NonMed Term 350 and Term 350 Plus (both Form No. I L0760) along with associated riders - Other Insured Term Rider (Form No. R I0765), Disability Waiver of Premium Rider (Form No. R I0766) and Return of Premium Rider (Form No. R I0767). Assurity will continue to issue coverage at the past rate if the application is signed by February 28 and received at Assurity by March 6.

Quoting capability for the new rates will not be available until the March 1 update of the Life Portraits Illustrations system.

I kept waiting for a corrected email saying the face amount was in error.

 

[pcbinsurance]

C'est la vie then....all the more reason (as if I had another reason) to place more with Sagicor going forward.

 

[JRoot]

Crazy.

Sagicor just raised their rates significantly for their Preferred class as well.

Hopefully the new non-med term products hitting the market are competitive.

 

[Newby]

I received an Email from them today without any prior notice that effectively is an announcement that they are out of the TERM Market by raising their Rates significantly. I looked at their sample rates for a 35M and 45m 20 Year Term $150k T and NT. Rate increase was 60% across all Classes (Select+, Select, and Standard) Effectively putting them out of the TERM business. Anyone heard anything... We have not??? Effective March 1, Assurity will be changing premium rates for LifeScape NonMed Term 350 and Term 350 Plus (both Form No. I L0760) along with associated riders - Other Insured Term Rider (Form No. R I0765), Disability Waiver of Premium Rider (Form No. R I0766) and Return of Premium Rider (Form No. R I0767). Assurity will continue to issue coverage at the past rate if the application is signed by February 28 and received at Assurity by March 6. Quoting capability for the new rates will not be available until the March 1 update of the Life Portraits Illustrations system.

They didn't spin it that they just gave us all a raise?

 

[GreenSky]

I kept waiting for a corrected email saying the face amount was in error.

It's for term insurance, not final expense. Won't affect FE agents like you.

Rick

 

[rousemark]

Probably going to see more of this from other term carriers.. would appear they aren't making enough off their investments to justify continuing to write term at rates that do not generate an underwriting gain.

 

[GreenSky]

Probably going to see more of this from other term carriers.. would appear they aren't making enough off their investments to justify continuing to write term at rates that do not generate an underwriting gain.

Obozo's going to issue an executive order to force them to lower their rates. High prices hurts the low and middle classes.

Rick

 

[rousemark]

Obozo's going to issue an executive order to force them to lower their rates. High prices hurts the low and middle classes.

Rick

You have got it all wrong. He is going to increase the taxes on it because only the rich buy term.. all the others buy FE.

 

[GreenSky]

You have got it all wrong. He is going to increase the taxes on it because only the rich buy term.. all the others buy FE.

You certainly have more experience (and age) than I so you must be right.

Rick