- 5,264
Everybody has to learn -- just the way it is...
How Many Weekly Leads Per Week?
- Thread starter RonRoberts
- Start date
- 19,059
They have two types of policies, both are underwritten by NYL. They have their term which is what you will run into the most the field. It increases in premium in 5 year bands, 55-60-65-70-75 and then terminates at age 80 and a day.
Then they have their "permanent" life. Some of the AARP marmadons will tell people that is is whole life, it's not. It's UL. It does not terminate at age 80. The premiums are not guarantedd and says so right on the advertisement or in the policy if they already have it. It not priced terribly bad, but I have never had problems replacing it once showing them that the premiums are not guaranteed.
- 5,264
JD -- what have you seen as being the norm for AARP UL price increases?
My understanding is it's fairly low -- and is it annual/3-year/5-year bands?
My understanding is it's fairly low -- and is it annual/3-year/5-year bands?
- 19,059
I have never seen a price increse with them. I don't know if they have had one or not. It's just like any non GUL. it can implode at anytime when the COI is more then the premiums received.
I just use the NYL language that they put on there about "premiums are not guaranteed".
That usually scares the hell out of people because in most cases they thought they were buying whole life and wanted whole life because of the guarantees.
If they are not concerned about the guarantees you probably can't turn them into clients. I have had a couple of people once they realize they don't have what they thought and were pissed about it, but couldn't afford to go with whole life just tell me they are going to roll the dice and hope it doesn't go up or, if it does it won't be to a crippling amount. When you run into 74-75 year olds that have it the price is very difficult to beat.
Then I had a 69 year old about 3 years ago that was extremely pissed about once he realized what he had bought and wanted to get out of it. He was declined by 3 companies and ended up stuck with it. Actually now that I think about that one it was the term. His only option is to convert it to the permanent if he is really concerned about the age 80 thing. I talked to him a few months ago and he had not ever converted it.
AARP Guaranteeed Acceptance Life Insurance from New York Life
You might find this page handy.. It has the rates for all the AARP products.. The linked page shows the GI which doesn't advance with age but can go up... Look at the upper left of the page and you will see links to other pages... Louis
- Thread starter
- #76
- 687
If this is in reference to me I did bring it up to the client, I just didn't put it in my post because I tend to be too heavy on my detail. I informed the man that there were age bands in which he would receive rate increases, and one being in 2 years. Then I told him that his insurance would end when he reached 80. His exact words to me was, I may not live to be 75 mother f****r, and I sure in the hell don't plan on living to be 80.
Like I said, we deal with some crazies...you can't sell stupid.
I may not live to be 75 mother f****r
wow!! lol I woulda just laughed at him...
wow!! lol I woulda just laughed at him...
- 5,264
YOU CAN'T FIX STUPID.
And there seems to be a disproportionately large amount of "stupid" in final expense.
I had a dude last week who got Globe life at $40 a month for $10k that expires at 85 (and increases in price). He informed me that he doesn't plan on living past 85 anyway.
It's like reasoning with an Underpants Islamofacist bomber sometimes... just pointless!
And there seems to be a disproportionately large amount of "stupid" in final expense.
I had a dude last week who got Globe life at $40 a month for $10k that expires at 85 (and increases in price). He informed me that he doesn't plan on living past 85 anyway.
It's like reasoning with an Underpants Islamofacist bomber sometimes... just pointless!
- 7,066
Could that have anything to do with the demographics that most agents target for FE?
- 5,264
Makes for good stories, Frank.
Betcha don't have a good MedSupp roach, garbage-heap, or prostitute story, huh? LOL.
-Dave
Betcha don't have a good MedSupp roach, garbage-heap, or prostitute story, huh? LOL.
-Dave
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