5 Star Life Insurance Company Term to 100

Feb 23, 2016

  1. SamIam
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    SamIam Guru

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    Question about this product. Looks like underwriting is really easy. My concern is the death benefit is only guaranteed for 10 years. The rep I was speaking to said the odds of the death benefit being reduced is rare because based on the life expectancy would have to decrease on a segment and that hasn't happened. Is that correct and has anybody had any experience working with them. Down Below is what the brochure states:

    Family Protection Plan Highlights
    The Family Protection Plan offers a
    guaranteed level premium to age 100** and a
    lump-sum cash benefit if you die before age
    100. The death benefit is guaranteed for the
    first ten years of coverage and priced so the
    death benefit can remain level. The coverage
    amount cannot be individually decreased+ on
    a particular insured due to a change in age,
    health, or employment status.
    **
     
    SamIam, Feb 23, 2016
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  2. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    There must be a reason for that:
    A.M. Best's Consumer Insurance Information Center

    A- and negative outlook.

    So that's why underwriting is easy and they reserve the right to make cost adjustments to the policy after 10 years.

    There ain't no such thing as a free lunch.
     
    DHK, Feb 23, 2016
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  3. bluezebra48
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    bluezebra48 Expert

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    I've been getting this pushed on me also. It's a niche company. No height weight table or diabetes questions. Only 7 questions. But it's tough to sell a slightly (?) guaranteed product.
     
  4. JRoot
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    JRoot Guru

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    We sell a lot of it. Smooth process.

    Any specific questions, email me at jeff(@)selltermlife.com as I don't check here often.

    What? False. This was built on a worksite/group life chassis. That's why coverage amount is based of the performance of the group. Nothing to do with ratings as this product is still pretty new on the individual side.
     
    JRoot, Feb 23, 2016
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  5. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    I stand corrected and that makes sense.
     
    DHK, Feb 23, 2016
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  6. Robert Barney
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    Yes, because there are people like me warning consumers that non-guaranteed products are a bad idea. It's not if the company will raise the rates, or lower the coverage, it's when.
     
  7. bluezebra48
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    bluezebra48 Expert

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    Yes, but for a 400 pound 25 year old, they have limited options.
     
  8. SamIam
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    SamIam Guru

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    But if you are selling this to someone as a individual which they will allow you how do they determine who they lower coverage on if it's not a group?
     
    SamIam, Feb 23, 2016
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  9. JRoot
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    Every individual is signing up as part of the AOBG/Health Depot group. They are running this product for 5 Star. So IF they lower coverage, it's for the entire group.
     
    JRoot, Feb 23, 2016
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  10. bluezebra48
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    bluezebra48 Expert

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    I can't get anyone past the first question. Everyone has been declined before they get to me, at least the ones who can't Sagicor/Phoenix/ANICO.
     
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