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Old 05-22-2008, 07:45 AM   #1
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AARP Final Expense AARP Final Expense
I presume that AARP is hawking some kind of FE plan. Who is the carrier, what are the rates, underwriting questions, pros and cons etc?

I am not interested in getting appointed with them. Just want to know what seniors are seeing.

Thanks.

Winter
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Old 05-22-2008, 08:04 AM   #2
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AARP Final Expense Re: AARP Final Expense
Here is some info on them...

Bad Final Expense Product
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Old 05-22-2008, 10:58 AM   #3
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AARP Final Expense Re: AARP Final Expense Winter_123 is the thread starter for: AARP Final Expense

Originally Posted by midwestbroker View Post
Here is some info on them...

Bad Final Expense Product
Thanks. I see the obvious issues with term and rising rates.

However, in his post, Mr. Newby refers to being able to purchase whole life at age 80. Isn't their whole life final expense product available at younger ages. If so, what does that look like from a rates and underwriting point of view?

Winter
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Old 05-22-2008, 02:32 PM   #4
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AARP Final Expense Re: AARP Final Expense
Originally Posted by Winter View Post
Thanks. I see the obvious issues with term and rising rates.

However, in his post, Mr. Newby refers to being able to purchase whole life at age 80. Isn't their whole life final expense product available at younger ages. If so, what does that look like from a rates and underwriting point of view?

Winter
The rates on their whole-life are pretty high. Like most AARP products, it is priced to be guaranteed issue and they charge everyone tobacco rates so they don't discriminate for smokers.

For instance an age 70 male in good health non-smoker can find these rates for $10,000 coverage:
AARP New York Life= $84.33
Forethought= $71.71
Oxford = $64.65
Mutual of Omaha = $75.29
Shenandoah = $70.58
and hundreds of others that are priced similar

The AARP policy is not only the highest, but it is the only one of this group where the healthy applicant would have to wait two years for their coverage to be in effect.

This would not be any big deal except that they mislead seniors into believing they have searched for the best deal for them. If AARP was really looking out for seniors...they would be warning them against buying insurance from AARP.
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Old 05-22-2008, 02:59 PM   #5
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AARP Final Expense Re: AARP Final Expense
The Final argument:
Guaranteed issue= no health questions, waiting period for DB, save a few bucks.
Simplified issue = a few health questions (can you fog a mirror), no waiting period for DB, still affordable.

Worried you may not live out the waiting period for GI? ... then pick an SI.

Both are WL, neither require medical exam, not subject to income taxes on DB, and not subject to probate and you won't outlive either. Just make sure you pay the premiums.

Why bother with term? If you outlive it, you lose it.

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Some guys were talking on the subject of boxers vs. briefs. I noticed that those who were wild and footloose liked boxers and those who were more uptight liked briefs. When they asked me, "Which do you like, boxers or briefs?" I said... "Depends."
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Old 05-22-2008, 03:34 PM   #6
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AARP Final Expense Re: AARP Final Expense
Originally Posted by retread View Post
Worried you may not live out the waiting period for GI? ... then pick an SI.

.
I doubt they will qualify for SI if they do not think they are gonna live another 24 months.
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Old 05-22-2008, 03:43 PM   #7
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AARP Final Expense Re: AARP Final Expense
Originally Posted by retread View Post
The Final argument:
Guaranteed issue= no health questions, waiting period for DB, save a few bucks.
Simplified issue = a few health questions (can you fog a mirror), no waiting period for DB, still affordable.

Worried you may not live out the waiting period for GI? ... then pick an SI.

Both are WL, neither require medical exam, not subject to income taxes on DB, and not subject to probate and you won't outlive either. Just make sure you pay the premiums.

Why bother with term? If you outlive it, you lose it.
Your post is confusing.

Guaranteed issue doesn't save a few bucks. It usually costs extra.
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Old 05-22-2008, 03:58 PM   #8
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AARP Final Expense Re: AARP Final Expense
Originally Posted by Newby View Post
Your post is confusing.

Guaranteed issue doesn't save a few bucks. It usually costs extra.
AH! Just testing you....

You are right, got them backwards.

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Some guys were talking on the subject of boxers vs. briefs. I noticed that those who were wild and footloose liked boxers and those who were more uptight liked briefs. When they asked me, "Which do you like, boxers or briefs?" I said... "Depends."
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