Originally Posted by Winter
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?
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:
New York Life= $84.33
Oxford = $64.65
Mutual of Omaha = $75.29
Shenandoah = $70.58
and hundreds of others that are priced similar
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