While there is no exact magic number, a good quality mix of “A” rated carriers is best. We recommend contracting with about five life insurance carriers which will give you an opportunity to have a product available regardless of heath conditions.
While we have dozens of carriers available here are some of the things to look for when choosing your mix:
- Social Security Billing –
This payment option can be one the most important when working the Final Expense market. When you consider the market you are working older folks often forget they have their life insurance policy premium coming directly out of their bank account after three or four months. When they get their Social Security check if something came up they clean out their account and their policy premium is returned NSF and then lapses one month later.
With Social Security billing the premium is drafted in the morning on the exact day a client receives their check. For example, is the 3rd of the month falls on a weekend they get paid the business day before or in this case Friday. Most people these days are being paid on the 2nd, 3rd, or 4th Wednesday. With true Social Security billing the premium draft can fall on the exact day.
- Medication Guide –
While most cancer meds are about the same across most carriers as well as HIV drugs the other medications most folks take can differ greatly across all carriers. CHF vs High Blood Pressure meds seem have one of the widest range on take what and for which health condition.<
Inhalers seem to most always pose an issue. For some reason people consider those medications. They only think of the pills or insulin they take as actual medication. Asking people specifically if they take any inhalers is something I always ask. Some carriers consider any inhaler as a graded benefit only while others may consider them a standard risk and still others won’t count the common inhalers as any issue at all offering a preferred rate.
- Guaranteed Issue -
Lastly, you should always have a couple of Guaranteed Issue companies. Gerber has been one of our go to GI companies as the premiums are hard to beat. As they start at 50 years old having another that starts at 40 years old is always a good idea.
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