Insurance Agent Forum

[6figureplan]

Hi fellow insurance agents. I have a question about Transamerica. I am contracted with them through an independent agency. The portfolio of products that I have access to is the Ultima products which is term and universal. But I know there is a local Transamerica agency(captive) here where I am(MS) that only sells final expense. So question is, does TA have some sort of "secret" division for final expense for captive agents only? I even called the TA home office and asked them if they have a final expense product and they said no. I have a couple of other final expense companies but I would like to at least be able to compare TA's rates. Like I said, I know for a fact that this one particular agency here in my area sells nothing but final expense through TA and has been for years. But I don't want to be captive. So does anybody know if independent TA agents are able to sell TA final expense?

[GreenSky]

They do have a FE policy and independents can sell it. Very high premiums and high commissions. So you can write it and screw your clients, but make a good living.

Rick

[6figureplan]

Where can I find out info. about it? No mention of it on their website and the home office doesn't seem to know anything about it.

[SportsNut]

Originally Posted by 6figureplan

So does anybody know if independent TA agents are able to sell TA final expense?

There is Transamerica Life (Family Mkts) and Transamerica Occidental Life. They are both part of the AEGON Grp...TA Occ Life offers the Final Exp product. You need to be contracted with TA Occ Life, then you can selll the product.

Contract Form #1-109 11-188 issued by Transamerica Occidental Life Insurance Company. Issue age 0 to 80... one class, (n/s and smoker are the same rate), so that favors smokers, but higher rates for n/s. Also issues up to 50,000 face amount. Rates aren't any higher than the avg of any other final expense companies... Higher than some, lower than others... about avg; better than avg for smokers.

The product has its niche, so I would disregard the naysayer comments. Obviously you aren't going to sell this product if someone can qualify for fully u/w life plans, but many can't and are happy to get this type of plan issued.

[6figureplan]

Thanks. That is the info. I was looking for.
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Sportsnut, I'm still having trouble finding out any more info. about this product. Does the occidental division have a website? Do you know of a brokerage that I could go through to get contracted for this? You can PM me if you'd like.
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Nevermind. Got it. Lol

[Newby]

Wow, any company that I know of that offers the same rate for smokers has gotten flooded with only smoker apps from the brokers. I don't know how they can do it that way with independent agents.

It's a good deal while it lasts.

[Ami]

Originally Posted by SportsNut

There is Transamerica Life (Family Mkts) and Transamerica Occidental Life. They are both part of the AEGON Grp...TA Occ Life offers the Final Exp product. You need to be contracted with TA Occ Life, then you can selll the product.

Contract Form #1-109 11-188 issued by Transamerica Occidental Life Insurance Company. Issue age 0 to 80... one class, (n/s and smoker are the same rate), so that favors smokers, but higher rates for n/s. Also issues up to 50,000 face amount. Rates aren't any higher than the avg of any other final expense companies... Higher than some, lower than others... about avg; better than avg for smokers.

The product has its niche, so I would disregard the naysayer comments. Obviously you aren't going to sell this product if someone can qualify for fully u/w life plans, but many can't and are happy to get this type of plan issued.

Hmmmm... the conversion to "monthly" for annual premiums under $1,000 works out to a whopper of a financing cost rate, over 21%, but for for annual premiums > $1,000, and PAC, the financing rate is just half that, at 10.53%.

[arnguy]

Ami, just curious, are you a bean counter or an actuary?

[Ami]

Originally Posted by arnguy

Ami, just curious, are you a bean counter or an actuary?

Why would that be relevant?

[Norwayguy]

Originally Posted by Ami

Hmmmm... the conversion to "monthly" for annual premiums under $1,000 works out to a whopper of a financing cost rate, over 21%, but for for annual premiums > $1,000, and PAC, the financing rate is just half that, at 10.53%.

Your comments on the APR remind me of a car salesman I once dealt with...This guy had the old standby lines if I could do this are you ready to buy today...I even commented to him when he first came up to me to catch his breath I had been watching him through my mirrors as he literally ran out of the office area and in between the cars only slowing down when he got out from the car section....What I most remember about him is the last conversation I had with him, i was phoning him to let him know I was purchasing the exact same car, same make model year options and the mileage was within 100 miles of each other with the car I was purchasing having the 100 less miles and I was explaining to him that the cost at this dealership for the car was less and financed for the same length of time and down payment the monthly cost was less and he couldn't get past asking me what interest rate where they charging me and I kept explaining to him the interest rate was irrelevant in this case because I knew the cost of the car was less and financed for the same length of time with same down payment the monthly cost was less....I couldn't remember what he had quoted me for an interest rate but without knowing the rate I knew I was getting a better deal....Should I care if company A charges 24% interest going from Annual payment to monthly and company B charges only 10.53% going from annual to monthly if the client will not pay annually and company A even with the higher APR is still providing the same coverage for a lower monthly amount?

[Ami]

Originally Posted by Norwayguy

Should I care if company A charges 24% interest going from Annual payment to monthly and company B charges only 10.53% going from annual to monthly if the client will not pay annually and company A even with the higher APR is still providing the same coverage for a lower monthly amount?

The topic of this thread was a specific product, from the SAME company, not similar products from "company A" and from "company B".

[Norwayguy]

Originally Posted by Ami

The topic of this thread was a specific product, from the SAME company, not similar products from "company A" and from "company B".

Maybe I'm not being a professional here, but I have to wonder why I would care that the company which has expenses and smaller policies paid monthly are more costly charges a higher as you put it conversion ratio...If I'm working with a client that needs to get a final expense/simplified product due to health concerns I am finding him the best value based on his needs and health conditions and in this case I define as a need whether or not they are paying annually or monthly...I mention to my clients that the carriers might rank differently based on annual payments and ask them If they want me to quote those as well...Guess what many people can't afford the annual so choose monthly based on their budget what is the best value in their situation.

I guess what ruffles my feathers is I know you have a product you are selling that calculates APR and you are working it into the conversation whenever you can...nothing in the previous posts asked about the APR on paying monthly on the FE product the poster wanted to know about the difference between Transamerica Family Markets (the old Life Investors) and Trans Occidental & to tell you the truth I had previously had the same confusion as this poster had.

[arnguy]

Originally Posted by Ami

Why would that be relevant?

Possibly irrelevant depending upon your focus, but as I clearly stated I was just curious because you tend to mathematically analyze the minutiae of the financial aspects contin some of these posts. My query was not intended to be offensive.

BTW I subsequently looked at you biographical sketch and noticed that in the list of your interests mathematics is first.

You list your locations as Toronto and Florida. Is that Toronto in the winter and Florida in the summer or vice versa?

Peace, Shalom, whatever, Brother (or Sister)!

[Ami]

Originally Posted by Norwayguy

Maybe I'm not being a professional here, but I have to wonder why I would care that the company which has expenses and smaller policies paid monthly are more costly charges a higher as you put it conversion ratio...If I'm working with a client that needs to get a final expense/simplified product due to health concerns I am finding him the best value based on his needs and health conditions and in this case I define as a need whether or not they are paying annually or monthly...I mention to my clients that the carriers might rank differently based on annual payments and ask them If they want me to quote those as well...Guess what many people can't afford the annual so choose monthly based on their budget what is the best value in their situation.

In general, I'd agree with you on the above; however, the consumer does deserve disclosure. That's all I'm getting at, period.

Originally Posted by Norwayguy

I guess what ruffles my feathers is I know you have a product you are selling... .

FALSE. The calculator is free, and that was clearly stated. What part of the word "free" are you unable to understand?

Sir, I hope that you are more careful about your assertions when you deal with your clients!

[SportsNut]

Originally Posted by Ami

Hmmmm... the conversion to "monthly" for annual premiums under $1,000 works out to a whopper of a financing cost rate, over 21%, but for for annual premiums > $1,000, and PAC, the financing rate is just half that, at 10.53%.

You should make your case to the Commissioner of Ins of each state that this product is approved for sale. If they ban it, and all other such products, then I guess that would fix the problem; (speaking of the problem that you see, not saying that most others do). This would force this and other companies to offer more competitively priced products on a monthly basis.

What it really comes down to is most folks, especially those that are seeking final exp insurance, aren't in a position to pay an annual premium. Most are lucky enough if they can afford one monthly. So as an agent I try to compare what is available for sale, based upon fair competition, and select the best options for the client of the available market.

Instead of pointing out the APR based on monthly pymts, why don't you find a good FE and other life products who do NOT charge a usuarous rate, and report back to us. Be sure to take into account underwriting standards too, because it will do us no good to offer a product to a client who cannot qualify medically; (even if the APR is sweet).

We'll be watching for your results Ami... We are pulling for you.

[R. Paul Aguirre]

Originally Posted by SportsNut

There is Transamerica Life (Family Mkts) and Transamerica Occidental Life. They are both part of the AEGON Grp...TA Occ Life offers the Final Exp product. You need to be contracted with TA Occ Life, then you can selll the product.

Contract Form #1-109 11-188 issued by Transamerica Occidental Life Insurance Company. Issue age 0 to 80... one class, (n/s and smoker are the same rate), so that favors smokers, but higher rates for n/s. Also issues up to 50,000 face amount. Rates aren't any higher than the avg of any other final expense companies... Higher than some, lower than others... about avg; better than avg for smokers.

The product has its niche, so I would disregard the naysayer comments. Obviously you aren't going to sell this product if someone can qualify for fully u/w life plans, but many can't and are happy to get this type of plan issued.

Since the merger of TOLIC and TLIC all the products should be available right?

[moonlightandmargaritas]

Originally Posted by 6figureplan

So question is, does TA have some sort of "secret" division for final expense for captive agents only?

Man, are they are going to be pissed that you have blown their cover.

This "deep background" project was so secret that not even the HO (as you discovered) was aware.

I myself only learned of it recently, in a side conversation at the regular "Medicare Advantage Breakfast Roundtable" that I attend weekly, with the head of CMS and all the top company CEOs.

If I were you, I would forget anything I ever heard or learned about it - lest the FBI come knocking on your door.

Please let a word to the wise be sufficient.

[DJAdam]

Originally Posted by moonlightandmargaritas

If I were you, I would forget anything I ever heard or learned about it - lest the FBI come knocking on your door.

Please let a word to the wise be sufficient.

Unless he knows the double secret handshake he should be OK.

[Norwayguy]

Originally Posted by R. Paul Aguirre

Since the merger of TOLIC and TLIC all the products should be available right?

Yes and No. They are still two seperate companies requiring 2 seperate appointments...Transamerica Occident and Transamerica Family Markets....it can be confusing