Standard Life & Casualty Final Expense Review

Are you a final expense agent interested in adding Standard Life And Casualty to your final expense insurance companies line-up?

Do you want a “No BS” overview on Standard Life And Casualty’s final expense product from a field-tested agent?

If so, you have found the right article!

I’ll be discussing at length how Standard Life And Casualty’s final expense product stacks up, why final expense agents should consider it, and give you my opinion on its pros and cons as a producing agent selling final expense.

NOTE: If you are a consumer looking for information on buying a Standard Life And Casualty final expense plan, you can learn more about the company and product here.

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Overview Of Standard Life And Casualty’s Age 50-85 Final Expense Product

Application Type: Paper with required point-of-sale interview (888-908-7812 – Interview Hours: M-TH, 8AM-9:30PM CST, F, 8AM-5PM CST, SAT-SUN, no interviewers
State Availability: AL, CO, FL, GA, IN, KY, LA, MS, NV, NC, SC, SD, TN, TX, UT
Fax For Paper Application Submission: 1-866-754-9350 (also can upload completed application to your agent portal)
Average Policy Issue Turnaround Time: 24 hours.
Commission Payout: On issue and on draft available depending on company’s qualifying guidelines.
Can You Sell Over The Phone? No, only face-to-face sales allowed.
Advancing Available? Yes – 9 months advance for those that qualify.
How Far In Advance Can The First Draft Be? 30 days from the application date.
Frequency Of Commission Payout: Weekly on Fridays if commission is greater than $25.00.
Pays Commission On Policy Fee? No
Rewrite Policy: You’re paid full commission on writing a new application on a former SLAC client; won’t receive an advance.
Age Rating: Insured’s Age Based On Effective Date Of Policy
Chargebacks On Death: Only on successfully contested death claims within first 2 years of death. If client’s death claim is approved, no chargebacks are assessed..
Underwriting Overview: MIB and Rx check
Underwriting Guide: Refer to Rx Check Guide And Sample Application For Underwriting Guidelines
Requires E&O? No
Face Amount Issue Limits:

Secure Advantage Product (ages 50-85)

  • 50 to 80 – $5,000 to $25,000
  • 81 to 85 – $5000 to $15000.

Available Riders: Accidental death benefit rider (issue ages 0-65, maximum $10,000 in coverage, expires age 70).
Cover Foreign Nationals? No
Height-Weight Chart? Download Here
Sample Final Expense Application: Download Sample App Here
Rate Guide: Download here
Prescription/Rx Guide: Download here
Underwriting Advantages:

  • Some of the most competitive men’s smoker rates.
  • Very competitive women’s smoker rates.
  • Very competitive non-smoker rates.
  • 2-year look back on most cancer and non-congestive heart failure cardiac events.
  • No look-backs on insulin use.
  • Diabetic neuropathy is NOT a knock-out question.

Age 0-49 Product: This product is completely different than the 50-85 product and since I’ve never written it, I am not reviewing it. It’s rare you’ll write prospects under the age of 50 with final expense. However, review the 0-49 application here.

Standard Life And Casualty’s Final Expense Product Health Questions

What follows below is a list of Standard Life’s final expense product’s health-qualifying questions your prospect will need to answer in order to potentially qualify for coverage.

To review the application health questions for yourself, you can download a sample final expense application here.

Initial Questions

In this section, it is important to note that applicants with height/weights in the Build 1 category may qualify for Preferred rates, and applicants with height/weights in the Build 2 category may qualify for Standard rates.

If a client used nicotine based products in the last 12 months, they may be eligible for Standard rates.

If a client is in the Build 2 height/weight category AND has used nicotine based products in the last 12 months, he may qualify for Standard rates.

You can review the build chart in more detail here.

The initial questions are:

1. What is your height?
2. What is your weight?
3. Has the Proposed Insured used nicotine based products in the last 12 months?

Knockout Questions

Answering “yes” to any of these questions means no coverage can be issued.

4. Have you had, or been medically advised to have, an organ transplant, or have you been medically diagnosed as having a life expectancy of 12 months or less?

5. Have you been medically treated or diagnosed as having Acquired Immune Deficiency Syndrome (AIDS), AIDS related complex (ARC), or any immune deficiency related disorder or tested positive for the Human Immunodeficiency Virus (HIV)?

6. Are you currently: hospitalized, confined to a bed or nursing facility, or using oxygen equipment to assist in breathing, or receiving Hospice Care?

7. Do you have any impairment, whether physical or mental, for which you need or receive assistance or supervision in performing normal activities of daily living such as dressing, eating, bathing, incontinence, toileting, taking medications, or moving without any type of physical assistance?

8. In the last 6 months, have you been disabled or received disability compensation?

9. Have you ever been medically diagnosed, treated or taken medication for: a) Alzheimer’s, dementia, mental incapacity, or Organic Brain Syndrome; b) Schizophrenia, bipolar disorder, or psychosis; c) Lou Gehrig’s disease (ALS), Huntington’s disease; d) Congestive heart failure or cardiomyopathy; e) chronic kidney (renal) failure, insufficiency or disease; or ever had kidney dialysis; f) Paralysis of two or more extremities; or g) liver failure or insufficiency?

10. Within the past 60 months have you been treated by a member of the medical profession for: Insulin shock, diabetic coma, diabetic retinopathy, or hospitalized two or more times for any diabetic complications?

11. Within the past 24 months, have you been confined more than twice to a hospital, nursing facility, convalescent care facility, assisted living facility, mental facility or Hospice Care?

12. Within the past 24 months, have you been diagnosed with internal cancer or melanoma; or have you been diagnosed by a member of the medical profession as having more than one occurrence or any metastasis of any cancer in your life time (excluding basal cell or squamous cell skin cancer), or are you currently being treated for cancer or recurrence of cancer?

13. Within the past 24 months, have you: a) been medically diagnosed, treated or taken medication for: angina, chronic hepatitis or hepatitis C, respiratory failure, cystic fibrosis, chronic obstructive pulmonary disease (COPD), pulmonary fibrosis, emphysema or used oxygen to assist breathing? b) been diagnosed as having, been treated for or hospitalized for: heart attack, heart disease, heart or circulatory surgery (including pacemaker, by-pass, heart valve replacement, angioplasty, stent implant), any procedure to improve circulation to the heart or brain, or uncontrolled high blood pressure? c) had a stroke, mini-stroke or transient ischemic attack (TIA)? d) had Hodgkin’s Disease, lymphoma, leukemia, cirrhosis, liver disease or systemic lupus (SLE)? e) had any neuromuscular disease (including, but not limited to, cerebral palsy, multiple sclerosis, grand mal seizures) or Parkinson’s disease? f) had an amputation caused by disease?

14. In the past 10 years, have you been convicted of a felony or are you now on parole or probation?

15. In the last 5 years have you been treated for, or been advised to have treatment for, or used alcohol in excess or any drugs of abuse; or have you been convicted of operating a vehicle while intoxicated or impaired, or had your driver’s license suspended or revoked; or attempted suicide?

16. Have you been declined or postponed for Life or Health insurance in the past 12 months?

17. Have you applied for Life Insurance with any other Insurance companies in the last 2 years?

18. Driver’s License Number:____________________________, and State ______________

19. Are you taking medication for any impairment in section D?

Standard Life And Casualty Final Expense Rate

Below are the rate charts for Standard Life And Casualty in increments of $5000 in coverage. You can download the Per Thousand rate chart to calculate different amounts here.

My Thoughts As An Agent Writing With Standard Life And Casualty

When I was full-time selling final expense between 2011 and 2017, Standard Life And Casualty was one of my preferred carriers to work with, and remains so whenever I work my final expense leads or train my new agents.

Why?

Because Standard Life gets many people issued at rates otherwise unheard of.

And this translates into better persistency, and better long-term renewal-earning opportunity, since more of your business sticks and less agents are able to replace it.

Unlike other final expense carriers, I rarely experienced lapse issues or replacement issues with Standard Life.

The vast majority of the business I write never lapses.

And not having to deal with chasing lapsing policies down is a nice thing =).

All said and done, I highly recommend picking up Standard Life And Casualty, if not for the competitively-priced premium offerings alone, then for the ability write sticky business that lapses less.

Drawbacks Of Standard Life And Casualty Secure Advantage Final Expense

There are very few drawbacks to using Standard Life And Casualty’s final expense product.

In fact, the only tougher issue to deal with is that the height-weight chart is stricter than other carriers.

But that makes sense, considering the company is offering very low premium rates relative to other carriers.

Usually better pricing means tighter underwriting.

Also, Standard Life And Casualty only has the level product available.

Because of this, you’ll need additional carriers to cover your higher risk clients.

You can go here to review the carriers available that would do a good job covering higher-risk prospects.

I do wish they had an e-application process, or a telephonic application process to eliminate the paperwork.

Despite that, Standard Life And Casualty’s paper application for the final expense product is one of the best-designed paper apps I’ve used.

Easy to fill out, and not over the top with the required amount of signatures.

Want To Sell Standard Life And Casualty’s Final Expense Product?

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