What might this be?

[shonceman]

One of my FE clients texted this to me:
“Fwd: $600 for $1000000 policy.
$450 for &750000 policy
$306 for $500000 policy
$158 for $250000
All with exceptional cash value growth”

She’s 55, turning 56 in a few days. She’s under the impression that it’s also covering her 17 year old son She says the quotes are from Transamerica Premier Life. They seem awfully low to have “exceptional” CV growth.

I mainly write FE, occasionally write a term through AIG. These are lower than AIG’s GUL preferred plus rate for a 55 yr female. I’m not familiar with IUL’s, although I do understand the concept. Could an IUL have a lower price tag than a GUL?

I asked her to text a picture of the illustration, but she hasn’t responded yet.

Anybody know what we’ve got here?

 

[Whammer1249]

Total guess, but I've personally seen Transamerica agents pushing their FFIUL product *very* underfunded to clients as a way to compete on premium with whole life, or even other IULs. Would love to see the illustrated rates and guarantees at that dollar amount.

 

[shonceman]

Total guess, but I've personally seen Transamerica agents pushing their FFIUL product *very* underfunded to clients as a way to compete on premium with whole life, or even other IULs. Would love to see the illustrated rates and guarantees at that dollar amount.

I was suspicious that it might be something like that. She hasn’t gotten an illustration yet. We’ll see if she can get one without first signing an app.

 

[Tahoe Ray]

One of my FE clients texted this to me:
“Fwd: $600 for $1000000 policy.
$450 for &750000 policy
$306 for $500000 policy
$158 for $250000
All with exceptional cash value growth”

She’s 55, turning 56 in a few days. She’s under the impression that it’s also covering her 17 year old son She says the quotes are from Transamerica Premier Life. They seem awfully low to have “exceptional” CV growth.

I mainly write FE, occasionally write a term through AIG. These are lower than AIG’s GUL preferred plus rate for a 55 yr female. I’m not familiar with IUL’s, although I do understand the concept. Could an IUL have a lower price tag than a GUL?

I asked her to text a picture of the illustration, but she hasn’t responded yet.

Anybody know what we’ve got here?

"Sorry, I don't compare quotes because they're basically meaningless without having the illlustration so I really know what you're being shown. Agents can make a quote look any way they want (speaking to UL, IUL, or CV WL) but that doesn't mean it's the best plan for you."

 

[scagnt83]

I was suspicious that it might be something like that. She hasn’t gotten an illustration yet. We’ll see if she can get one without first signing an app.

Legally required to see and sign an illustration before the policy is issued. Its part of the contract.

Legally required to show an illustration if the client asks for it prior to the app. So emphasize the need to ask for it.

 

[shonceman]

"Sorry, I don't compare quotes because they're basically meaningless without having the illlustration so I really know what you're being shown. Agents can make a quote look any way they want (speaking to UL, IUL, or CV WL) but that doesn't mean it's the best plan for you."

Exactly. My comments to her this morning were basically “Transamerica is an ok company....but I can’t really comment without knowing exactly what’s being proposed. Let me know when you get an illustration.” My concern is that my particular clientele can be somewhat unsophisticated. If another agent can offer something that I can’t, I don’t mind as long as it would be beneficial. But I’m afraid I have to regularly fight vultures off of them who either just don’t know what they’re doing, or are basically con artists with a license.

 

[shonceman]

Legally required to see and sign an illustration before the policy is issued. Its part of the contract.

Legally required to show an illustration if the client asks for it prior to the app. So emphasize the need to ask for it.

I did tell her that she definitely should not sign anything until she lets me see the illustration.

 

[shonceman]

I also suspect this agent is low balling her rate. I’m aware of some health problems that aren’t major, but would likely disqualify her for anything better than Standard.

 

[DonP]

I also suspect this agent is low balling her rate. I’m aware of some health problems that aren’t major, but would likely disqualify her for anything better than Standard.

Why is your client talking to another agent? Did she mail in more cards ? She obviously likes you or she wouldn’t have texted you the info .

 

[scagnt83]

I call BS on the premium period. Even an absolute minimum allowed premium for that age and amount is higher. Sounds like a total bs rate pulled from thin air.

A guaranteed premium to a certain age would be double that at best.