Settlers Life will cease new business operations, effective November 7th. This decision was the result of a decision by Settlers’ parent company, National Guardian Life, to exit the final expense marketplace.
Settlers Life sent the following message to all active agents:
We realize this is a significant impact to all Settlers Life agents and we hope this message outlines everything that you need to know. Please understand that this decision was not made due to financial difficulties. Settlers Life remains profitable, with over $420 million in assets and over $40 million in surplus.
The important facts that you need to know are as follows:
- We are only ceasing sales operations; Policyholder Services, Claims, and Commission Accounting will remain in place, with a team ready to assist you and your clients.
- All agent and agency contracts will be honored.
- All vesting of renewal commissions will be honored.
- All policyholder contracts will be honored.
- New business applications must be dated on or before Wednesday, November 7th. New business will not be accepted after November 30th .
- ExpressApp and EPOS calls will be available through Wednesday Nov. 7.
- Partner Support will be available through Wednesday Nov. 7 to assist with questions that you may have on pending business, contracts, etc.
- There will be a team available thru November 30 to assist with processing pending business. These applications will be processed as quickly as possible.
- Renewal fees that were due in December for the following states will be refunded: Alabama, Georgia, Iowa, Kansas, Michigan, Pennsylvania, and Wisconsin. If the fee has not yet been collected, it will not be deducted from commissions.
- Termination of agent contracts, without cause, will begin on November 8, except for those with pending business.
- Agent website access will continue to remain open for those partners being paid renewal commissions. Access will eventually be limited to commission statements and pay vouchers.
- Benchmark Bonus checks for October production will still be paid as of November 15th.
- 2019 Sales Conference qualifiers will receive a separate notice regarding this incentive.
- Phone numbers, fax numbers, and mailing addresses are unchanged. Our hours remain 8 am to 5 pm ET.
Thank you for your patience and understanding as we work through this change. We appreciate your loyalty and partnership over the years.