Insurance Agent Forum

[David C]

Illinois Mutual has gotten more competitive on their term, still not a price leader.

Ohio National rates are going up 4-6%, they are still very competitive.

[WinoBlues]

We are going to see a lot of activity in rates and product changes between now and January 1.

Kinda reminiscent of the triple X days.

Originally Posted by David C

Illinois Mutual has gotten more competitive on their term, still not a price leader.

Ohio National rates are going up 4-6%, they are still very competitive.

[Robert Barney]

Originally Posted by WinoBlues

We are going to see a lot of activity in rates and product changes between now and January 1.

Kinda reminiscent of the triple X days.

This is absolutely correct. Some of the companies that put rates up, have so killed their term sales that they are now readjusting down. Meanwhile, after they put their rates up, other companies had spikes in volume that they can't handle and so they are putting their rates up.

Of course all that will cause the reverse to occur and those that went up will have to go down and those that went down will have to go up.

This should take 12 to 24 months to settle down, by which point we will have a whole new credit crisis to jack them back up.

You gotta admit, Obama promised change...

[dgoldenz]

I know one thing....trying to get some of these cases done with the transition rules of new rates (to lock in the lower rates) has a been a real pain in the ass the last few months.

[WinoBlues]

I second that!

Originally Posted by dgoldenz

I know one thing....trying to get some of these cases done with the transition rules of new rates (to lock in the lower rates) has a been a real pain in the ass the last few months.

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Right or wrong I am using this to my advantage.

"Get it while you can" One of the biggest differences between now and the XXX times is that we are already seeing product going away.

Originally Posted by Robert Barney

This is absolutely correct. Some of the companies that put rates up, have so killed their term sales that they are now readjusting down. Meanwhile, after they put their rates up, other companies had spikes in volume that they can't handle and so they are putting their rates up.

Of course all that will cause the reverse to occur and those that went up will have to go down and those that went down will have to go up.

This should take 12 to 24 months to settle down, by which point we will have a whole new credit crisis to jack them back up.

You gotta admit, Obama promised change...

[Robert Barney]

Originally Posted by WinoBlues

I second that!


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Right or wrong I am using this to my advantage.

"Get it while you can" One of the biggest differences between now and the XXX times is that we are already seeing product going away.

Anyone not selling with the pitch "get em while they're hot" is missing the boat.

Especially 30 year term and ROP term. Prices will not be lower for a long time to come because these are capital intensive products and regulators keep ratcheting up the pressure against these products - courtesy of the big companies who hate selling the stuff and who would prefer to peddle whole life.

[Markingriffin]

ROP will hit the roof by Jan 1st. Now is the best time to buy it if you are going to buy it.

[dgoldenz]

Prudential has already increased their ROP by 25% as of 11/1. Other companies will be following suit as the new laws come into effect. My guess is ROP won't even be competitive with the new rules.

I actually just got an e-mail 30 seconds ago from Western Reserve, who has one of the least expensive ROP policies, saying their products are being discontinued and a new optional rider will take the place of the ROP product. I would bet that the rider will be very expensive compared to the current product.

[WinoBlues]

I have forwarded third party pieces to some of my fence sitters. It has helped. Interestingly it has help with some nice conversions of long term termites.

Originally Posted by Robert Barney

Anyone not selling with the pitch "get em while they're hot" is missing the boat.

Especially 30 year term and ROP term. Prices will not be lower for a long time to come because these are capital intensive products and regulators keep ratcheting up the pressure against these products - courtesy of the big companies who hate selling the stuff and who would prefer to peddle whole life.

[InsuranceDan]

Ouch...I just took a look at WRL/Trans FM new ROP rates, and they are MUCH higher than their old rates. Those rates go in effect in just a few days, so here is the last chance for clients to perhaps ever get that low of ROP rates again.