Whole Life, Simplified Issue Policy Issued Through My Credit Union

[quackattack99]

I know there was a thread on this awhile back, but I couldn't find it. So, apologies for starting a new thread here. But, I found this interesting. I received an application form for this FE type policy from my credit union the other day. It is underwritten by TruStage Whole Life Insurance. 10k coverage for me (I'm 48) is $25.68 per month. No rate increases or benifit decreases. Health questions ask if applicant has been forced to retire due to heath reasons? (Probably a disqualifier for me). During the past 5 years has the applicant been diagnosed or treated for insulin dependent diabetes; stroke; paralysis; heart disease; cancer; kidney failure; lupus; COPD; liver disorder; AIDS or ARC; disorder of the brian or spinal column; mental disorder; alcoholism, or excessive use of alcohol?

Not sure if you are contacted by an agent or underwriter if you send the app back. Anyway, just thought I would share. Looks like the credit unions and banks are definitely in the life insurance biz now.

 

[LonghornMark]

Banks have always been in the insurance biz with their credit life crap. A lot of bankers/loan officers have their insurance licenses. That FE product you mentioned still won't work on their bank account holders under the age of 50-55. It will still have to fit the same age demographic we all shop to. I couldn't imagine them pushing that garbage policy to someone like me(37 yrs old) much less someone younger.

 

[quackattack99]

Agreed, I think it is probably pushed more to the older account holders, but I really don't know.

 

[agentahna]

I've seen banks push accidental on people many times, but i've also talked to a couple of people who have gotten what (sounds) like solid whole life. A while back, I had a 78 year old with accidental she thought was just mathematically illogical whole life. When I asked her who sold it to her she explained that the tellers at her bank are the ones who gave her the application and explained it. That's still disturbing to me because there's already enough insurance agents who don't know what they're doing. To add bank tellers into this is a terrible, terrible idea.

Any time my clients ask about bank insurance I tell them the same thing: A bank's sole purpose is to make money, not provide insurance. If they were good at insuring people they wouldn't be a bank, they'd be an insurance company.

 

[jacobtn]

I've seen banks push accidental on people many times, but i've also talked to a couple of people who have gotten what (sounds) like solid whole life. A while back, I had a 78 year old with accidental she thought was just mathematically illogical whole life. When I asked her who sold it to her she explained that the tellers at her bank are the ones who gave her the application and explained it. That's still disturbing to me because there's already enough insurance agents who don't know what they're doing. To add bank tellers into this is a terrible, terrible idea.

Any time my clients ask about bank insurance I tell them the same thing: A bank's sole purpose is to make money, not provide insurance. If they were good at insuring people they wouldn't be a bank, they'd be an insurance company.

unless the tellers were licensed agents (which I doubt) what they did was actually illegal.