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Old 04-02-2015, 11:49 AM   #1
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truman9000 on Whole Life Thru Credit Union
 
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Met with prospect yesterday who has whole life that he acquired via the credit union.

I looked at his papers and it has a policy number. The papers were loose and not bound together (like a normal policy). There is no company signature page or copy of his application.

The cash value page showed immediate coverage from year one on.

The welcome letter said something like "our 2 question whole life plan."

He called them and they told him it is an "individual plan."

Could this be a group whole life plan, with the group being the credit union membership?
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Old 04-02-2015, 12:39 PM   #2
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Whole Life Thru Credit Union
Originally Posted by truman9000 View Post
Met with prospect yesterday who has whole life that he acquired via the credit union. I looked at his papers and it has a policy number. The papers were loose and not bound together (like a normal policy). There is no company signature page or copy of his application. The cash value page showed immediate coverage from year one on. The welcome letter said something like "our 2 question whole life plan." He called them and they told him it is an "individual plan." Could this be a group whole life plan, with the group being the credit union membership?
It's usually CUNA. Easy to best the rate.
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Old 04-02-2015, 01:41 PM   #3
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Thx for the info. Newby!

From what I can see on their website, their rates are not bad.

https://www.trustage.com/insurance/life/whole

10k, 62 male, NS $49/mo.

Cheapest in my bag is UOO at $47.90. Still lower, but he may not be willing to go with me for that low difference.

He's looking for more coverage and comparing me to them.

He's only had it less than 2 years (no cash value).

Anything else negative about them?
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Old 04-02-2015, 01:59 PM   #4
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Whole Life Thru Credit Union
Originally Posted by truman9000 View Post
Thx for the info. Newby! From what I can see on their website, their rates are not bad. https://www.trustage.com/insurance/life/whole 10k, 62 male, NS $49/mo. Cheapest in my bag is UOO at $47.90. Still lower, but he may not be willing to go with me for that low difference. He's looking for more coverage and comparing me to them. He's only had it less than 2 years (no cash value). Anything else negative about them?
Most of their policies I've seen are 2-year ROP. They have a few different ones they sell.
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Old 04-02-2015, 02:00 PM   #5
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Lafayette life has 10k, 62 male, NS, $41.76

I replaced a CUNA policy last week, they guy literally took it out the day before I met with him. The cuna application did not ask tobacco, so NS and Somkers are grouped together
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Last edited by GoPokes; 04-02-2015 at 02:10 PM.
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Old 04-02-2015, 02:01 PM   #6
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Whole Life Thru Credit Union Re: Whole Life Thru Credit Union
Originally Posted by truman9000 View Post
Met with prospect yesterday who has whole life that he acquired via the credit union.

I looked at his papers and it has a policy number. The papers were loose and not bound together (like a normal policy). There is no company signature page or copy of his application.

The cash value page showed immediate coverage from year one on.

The welcome letter said something like "our 2 question whole life plan."

He called them and they told him it is an "individual plan."

Could this be a group whole life plan, with the group being the credit union membership?


I've across a new whole life being offered by credit unions. It's the old CUNA going by another name. I don't remember the name now. The rates are very good. Very hard to beat. Especially for smokers since they are all rated smokers.

But it is extremely hard to qualify for. It is immediate coverage and it is whole life.

Only one person that's showed it to me has been able to qualify for it. And in her case I could beat the rate even though she was a smoker but I had to go FU to beat it.

It's a player for healthy people. But healthy people can get FU so it's not a threat to me.
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Old 04-02-2015, 02:05 PM   #7
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There rates look great. It says whole life but I never saw were it says coverage stays level for life but I assume it does. It also appears this product will not take the risks of many of siwl's you have in your bag.Theres a possibility of a paramed and aps's.
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Old 04-02-2015, 07:50 PM   #8
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The prospect got this policy with only 2 health questions.

There is no waiting period - immediate coverage.

He is 62, oral meds diabetic. No other health issues.

This is a strong, competitive product - which is why I was wondering if it was some sort of group plan (because of the limited health questions + immediate coverage).

I need some ammo to argue against it when I meet back with him in a few days!
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Old 04-02-2015, 09:54 PM   #9
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Whole Life Thru Credit Union Re: Whole Life Thru Credit Union
Originally Posted by truman9000 View Post
The prospect got this policy with only 2 health questions.

There is no waiting period - immediate coverage.

He is 62, oral meds diabetic. No other health issues.

This is a strong, competitive product - which is why I was wondering if it was some sort of group plan (because of the limited health questions + immediate coverage).

I need some ammo to argue against it when I meet back with him in a few days!
If it's a good deal for him then there is nothing to argue about. Tell him he did good and move on.

The ones I've seen had very competive rates but very restrictive. They could be on insulin. They couldn't be on disability. There may have been one 2 questions but they were very inclusive questions.

I told a couple a few months to go ahead and apply. They wouldn't listen to reason and thought they could get it. They were both smoker and I couldn't beat the rate with SIWL and they wouldn't qualify for FU.

I told them to call me if it didn't work out. It didn't and they called. They are now my clients. If they have been approved for it I would have congratulated them.
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Old 04-03-2015, 10:59 AM   #10
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Whole Life Thru Credit Union Re: Whole Life Thru Credit Union
In Michigan credit unions are very prevalent. I run into CUNA policies all the time. Never seen one that wasn't a group policy. Pricing is usually fairly competitive. I always make sure to let the people know that the life insurance company is not affiliated with the CU in any way. Other than they are buying a list of the members from the credit union. So both the insurance company and the credit union are doing it to make money.
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