Something with a medical exam should be much cheaper or give him double the coverage for the same price.
AARP Whole Life
- Thread starter Tony
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Something with a medical exam should be much cheaper or give him double the coverage for the same price.
- 4,689
The problem is that if I don't have a reason, they are going to trust AARP. They've been trained to think that AARP isn't out for the money, but only to help old people.
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Who offers a good medically underwritten plan for 10,000 that's cheaper at standard?
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Who offers a good medically underwritten plan for 10,000 that's cheaper at standard?
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- 16,905
RNA is $55.84 for WHOLE-LIFE which is a much better deal than New Your Life's UL.
Plus for NO EXTRA CHARGE you get an actual local agent rather than an 800-number no-support team.
Plus for no extra charge RNA will GUARANTEE they will never raise your premium for ANY reason. AARP reserves the option to raise premiums for everyone in the future.
You should never lose a sale to AARP/New York Life...unless you sell LH by phone maybe.
Plus for NO EXTRA CHARGE you get an actual local agent rather than an 800-number no-support team.
Plus for no extra charge RNA will GUARANTEE they will never raise your premium for ANY reason. AARP reserves the option to raise premiums for everyone in the future.
You should never lose a sale to AARP/New York Life...unless you sell LH by phone maybe.
- 147
Where are you guys getting that AARP / NYL sells a Universal?
They sell a term to 80, a group life WL simplified issue, and a guaranteed issue group life graded plan.
As someone stated earier, they have no agent's commissions. I'm sure they have the underwriting done to a science as well.
You can try an sell a non med WL (not final expense), but if they have any suspect conditions, you may have to tip your hat to AARP.
They sell a term to 80, a group life WL simplified issue, and a guaranteed issue group life graded plan.
As someone stated earier, they have no agent's commissions. I'm sure they have the underwriting done to a science as well.
You can try an sell a non med WL (not final expense), but if they have any suspect conditions, you may have to tip your hat to AARP.
- 16,905
JD is correct that thier perm policy is UL not whole life. They have no cash value.
I replaced another one of their term policies this week and when we called to cancel the bank draft the NYL rep tells the client that they offer permenent life also. I asked him if it is guaranteed to never have a rate increase for any reason. He insisted that no life insurance company ever gives that guarantee. I called BS on him and we actually got into a very heated back and forth about who was correct.
When the client had to get on the phone to verify that he wanted to cancel the autodraft, he tore into the guy about what a bunch of crooked SOB's they are. It was funny and I didn't expect him to do that because he had been pretty meek and polite up to that time.
I replaced another one of their term policies this week and when we called to cancel the bank draft the NYL rep tells the client that they offer permenent life also. I asked him if it is guaranteed to never have a rate increase for any reason. He insisted that no life insurance company ever gives that guarantee. I called BS on him and we actually got into a very heated back and forth about who was correct.
When the client had to get on the phone to verify that he wanted to cancel the autodraft, he tore into the guy about what a bunch of crooked SOB's they are. It was funny and I didn't expect him to do that because he had been pretty meek and polite up to that time.
- 10,340
OK. Maybe I can clear some stuff up with this thread.
I used to work for NYL as a captive agent and have experience with the NYL/AARP relationship.
NYL underwrites AARP's WL.
Its a SI non-par WL that has a max of $15K or $20K if I remember correctly.
But it is WL, not UL.
They also have a GI non-par WL too.
(disclaimer: its been a few years since I worked directly for NYL)
AARP also offers term, but I cant remember who its through.
AARP also refers prospects who want more coverage than their plan provides, to local NYL offices for their traditional WL.
AARP might offer a UL, but last I heard it was not underwritten by NYL. (again, its been a few years)
I am not aware of any rate increases with the AARP WL, its a traditional modified dividend par SI WL.
But the rates are not that great for the AARP WL.
I used to beat their rates with NYL's underwritten policies all the time!!..... actually I still do, just with other companies products...!!
AARP WL is great for people with health problems, but for someone who will not be rated too bad, its not a good deal.
Plus, the modified SI policy does not have all the bells and whistles that a traditional policy will have (dividend options, riders, etc).
Also, their site used to be very informative; if your in competition you should check it out.
I used to work for NYL as a captive agent and have experience with the NYL/AARP relationship.
NYL underwrites AARP's WL.
Its a SI non-par WL that has a max of $15K or $20K if I remember correctly.
But it is WL, not UL.
They also have a GI non-par WL too.
(disclaimer: its been a few years since I worked directly for NYL)
AARP also offers term, but I cant remember who its through.
AARP also refers prospects who want more coverage than their plan provides, to local NYL offices for their traditional WL.
AARP might offer a UL, but last I heard it was not underwritten by NYL. (again, its been a few years)
I am not aware of any rate increases with the AARP WL, its a traditional modified dividend par SI WL.
But the rates are not that great for the AARP WL.
I used to beat their rates with NYL's underwritten policies all the time!!..... actually I still do, just with other companies products...!!
AARP WL is great for people with health problems, but for someone who will not be rated too bad, its not a good deal.
Plus, the modified SI policy does not have all the bells and whistles that a traditional policy will have (dividend options, riders, etc).
Also, their site used to be very informative; if your in competition you should check it out.
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- 16,905
I believe you are incorrect. The AARP/NYL products are onl term and UL. Their permenent product does NOT have cash value. It is also always subject to rate increases.
The AARP term product is definitely through New York Life. It has been that way for many years.
Iagree that it is very easy to beat their rates. The only place where they are priced well is ages 78-85 with health problems.
- 19,032
If you look at the policy for the AARP permanent insurance, it clearly says that it is UL.
It also clearly state that the premiums are "not guaranteed".
That's really all you have to know. The AARP marmadons on the phone will say it's whole life, it is not. But, I like that they claim that it is when you have the have the client on the phone and he/she is looking at their UL policy and some clown is telling them it is not what they are reading. Makes my day!!
It also clearly state that the premiums are "not guaranteed".
That's really all you have to know. The AARP marmadons on the phone will say it's whole life, it is not. But, I like that they claim that it is when you have the have the client on the phone and he/she is looking at their UL policy and some clown is telling them it is not what they are reading. Makes my day!!
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Kinda like when you are replacing a primerica policy. You call them up and have the client ask them what kind of policy they have.
Client: Hi, can I check the status of my life insurance?
Primerica Clown: "Well, sir, you are covered through age 95!!"
Client: Really? Through age 95? The agent here who is looking at my policy here with me says that the term will end at age 70."
Primerica Clown: "Well, sir... You are covered through age 95."
Client: I'm confused.
Primerica Clown: Well, sir. Hold on, let me check on this. (Hold). Well sir, technically, I guess you bought a 20 year term. That term will end when you are 70. But you can keep the policy beyond that with no problems! You are covered through 95. Have a nice day and thank you for calling Primer...
Client: "But wait, one more question. Will the premium go up after age 70?"
Primerica Clown: Well, yes...but we don't like to talk about that. You are covered through 95, sir!
Easy replacement. Makes my day.
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