Bankers Life Question

insurance0707 · 07-30-2008, 03:19 PM

I've had a couple of people tell me they're talking to Banker's Life about their Medicare supplement. It sounds like if they pay their premium in advance, 3 years, that Banker's Life will give them a discount that comes to getting 6 months of coverage for free.

Has anyone else heard of this going on with Banker's?

patch36 · 07-30-2008, 03:43 PM

Well, it would depend on the rate they are charging for the supplement. The rates I have seen are not good. It would be easy enough to compare. In other words they are selling 36 months for the price of 30 months. I am not even sure that is technically legal, but you did say Bankers and they can be very creative with their sales pitches and descriptions.

insurance0707 · 07-30-2008, 03:46 PM

Originally Posted by patch36

Well, it would depend on the rate they are charging for the supplement. The rates I have seen are not good. It would be easy enough to compare. In other words they are selling 36 months for the price of 30 months. I am not even sure that is technically legal, but you did say Bankers and they can be very creative with their sales pitches and descriptions.

lol, I know what you mean. The client was quoted $115.97 for a Plan G locked in (?) for 3 years rather than paying the $144.33 per month.

AARP's Plan G is $ 101.95

The Rabbi · 07-30-2008, 06:39 PM

Try to find an agent doing well with Bankers. Good luck. Their rates are high, their agents have to be pushy.

Non-golfing Agent · 07-30-2008, 06:43 PM

Life rates aren't bad.

Med supp rates? pfffft.

Louis P. · 07-30-2008, 09:33 PM

I love to follow Banker's agents on FE. They'll do anything for a commission it seems. Not all, I'm sure but sooooo many! I've noticed a pattern of writing non-smoker policies to OBVIOUS smokers. I guess they just hope to make it past 2 years. But, when you show up and explain what'll happen if they die this year or next, they will do whatever it takes to make that old policy go away!!