Top 5 Final Expense Carriers For 2024

All right, ladies and gentlemen, what are the top five final expense carriers for 2024? And why is it so important to like have good carriers? Why does that even matter? Well, let me touch on that and then I'm going to give you guys, in order, our top five final expense carriers that we're using to write, you know, almost 20k per week as an agency. And you know, why we use these different carriers and what, what they're good for. So the thing is, like, when you're an agent, your carriers are basically like your tools, right? If you think about it like if you were an artist, what kind of paintbrushes do you have? Like, what kind of, what kind of tools do you have that's going to determine how well you are or how good you are making art? Right? The tools that you have dictate what you can do, right? And so as a final expense agent or as an insurance agent in general, the tools that you have, the carriers that you have dictate a very high percentage of what you can do for your clients and the performance that you have, right? So if you have crappy carriers with a bunch of like back and forth, it's sucking your time away from sales. If you have carriers that are declining people, it's going to frustrate your clients and you're not going to be able to get as much business, you know, issue paid. Right? So it's critical to have solid carriers that are going to be allies to you and assist you in, in your business as opposed to things that are going to like, detract from your business and make it harder for you to make money and harder for you to serve your clients. So with that being said, what are the top five carriers for 2024? So the way that I kind of picked this is these are, these are kind of like the five carriers that I would keep in my toolbox. And these are basically in the order one through five of which my favorite to deal with. And then I'll explain kind of why we deal with them. So the first one, Mutual of Omaha. Now why Mutual Omaha? Number one, brand recognition. Every single person and their mom has heard of Mutual Omaha. People don't, like agents don't take into account or realize how important it is that your client knows and trust the carrier that you put them with. If you're putting them with a carrier they've never heard of, that's one extra thing for them to think about. They've seen the Mutual of Omaha commercials on the team or on the tv. They've Seen the Wild Kingdom show with Marlon Hawkins or whatever his name is. That does, like the stuff with the animals. Like, it's brand recognition. They know the company, they trust the company. And so that's really big on your side. So brand recognition, number one. Number two is pricing, right? So pricing is critical, obviously, right? The price that they pay, you're able to find better rates. You're able to replace crappy policies. The pricing is really, really solid. Mutual Omaha, they're very, very competitive prices. And they bill on time, right? They bill your clients on time. Maybe you have some incidents where they didn't, but majority of the time, they're going to bill your clients on time, and you're going to have high retention with Mutual Omaha. So Mutual OMaha is number one. The second company is Royal Neighbors of America, right? And the reason why is Royal Neighbors is a very, like, it's a company that pays agents really, really fast, right?

So as an agent, when you write a policy, you're going to get paid fast from Royal Neighbors. The approval rates for conditions like copd, asthma, diabetes with neuropathy, overweight people, right? There's no, no heightened weight chart when it comes to real neighbors. Their approval rates are great. So it's really, really easy to get people approved with them. They pay fast, they pay well, and they bill on time, which is really, really important. So RNA is a great one to have in your toolbox. That's my second favorite carrier. My third favorite carrier, which is kind of like it's tied for second place with Rural Neighbors, to be honest, is sbli. Now, this is one of the best, best, best companies out there. The only reason I wouldn't put this as, like, number one is just because they're not. They don't have as much brand recognition as a company like Mutual, but they have a extremely high approval rate. So most people that you try to get approved with sbli, oftentimes they're going to get approved. They have excellent rates. They're like neck and neck competing with Mutual Omaha rates, and they bill your clients on time. So like all these companies out there that I've seen crazy situations where, like, carriers are having to change their whole billing system because they just totally screw up the billing that is going to cause you a lot of trouble. And sbli, all of these companies are really, really good at billing, which you don't really think about that when you're a new agent, but once you kind of have some experience under your belt, you realize how important that is. So sbli, great for all of Those things. The next one might actually surprise some people. And that's aig, right? You have to have a guaranteed issue carrier whenever you sell in this business because a lot of your clientele are going to be unhealthy. And AIG is of the guaranteed issue carriers are one of the best. The application is super fast. You can do it in under three minutes. I could probably do it with my eyes closed. They have great rates for guaranteed issue. And the other thing too is they have a limited pay option. So you only have to pay up until a certain point, a certain age, and then you basically just own the insurance policy, which is really, really cool. Most other companies don't have that. So AIG is a, is a really good company for guaranteed issue. Something that you want to have in your toolbox. They're also very recognizable, sometimes not so much for the right reasons. So a lot of people recognize them from like the 2008 thing where they like went under and went under and the government bailed them out or whatever. But if you just kind of ignore that or call them American General, you can usually skate by with that. So AIG is number four now, the fifth one. To be honest. I have a love hate relationship with them, but this company just is so great for certain health conditions that we end up writing a ton of business with them. And they're not the best to deal with, to be completely honest with you. But they're so necessary to have just because of how great they are at approval. And that company is Transamerica. So. So this is another one that has great brand recognition. Tons of people have heard of Transamerica. They have like a massive building in the San Francisco skyline and they will approve people on oxygen for day one. Insurance, oxygen, kidney dialysis, congestive heart failure, people with like circulatory issues, which nowadays is like super common. People have heart attacks, you know, congestive heart failure all the time. People smoke a ton of cigarettes. You get a lot of people on oxygen dialysis from people, you know, with diabetes in different situations. So they're really, really good at approving people for these just health conditions that are extremely hard to get approved for day one coverage with. So for that reason, I put Transamerica at number five. So again, just to recap, Mutual Omaha number one, Royal Neighbors number two, SBI number three, AIG number four, Transamerica number five. And these are the five best final expense carriers for 2024. So if you guys agree with this list, let me know in the comments. If you disagree with the list. Also let me know, maybe you'll put me onto a carrier that I don't know about. But those are the top five carriers that we are using in our agency. And yeah, hope you guys got some value from it. If you did leave a like, hit the subscribe button and I will see you guys in the next one. Take care. Peace.