AARP for Final Expense

[lleaoclark]

Just lost a sale because the customer said they are going to get AARP even though it is about $5/mo. more expensive. I told her that it is probably a graded product or ends at age 80 or 85. She said it isn't, so I told her that I would get the information on it and come back.

When I look at the AARP website it looks like it is Universal life because they say it is "permanent" life with immediate coverage. There is nothing on there about the policy ending at some age, but it doesn't have the full contract or policy information.

My question is, does anyone have the specific language on this policy or a link for it? I know this has been talked about before, but I need something official I can show to the prospect.

The worst part is her husband bought a Foresters policy from me last month and I was just going back to finish her application because she wanted it to start more than 30 days from when I met with her husband.

 

[billberry12]

I bet next time you will write it that day with an effective date 30 days later than her husband won't you.

 

[Biggin]

Rates are not guaranteed. When she gets the policy, if you just happen to be there "reviewing" the husbands policy, you might look at page 3 (I think) of her policy and show her how the rates may go up.......... "Other than costing you more and the rates not being guaranteed, what is your favorite feature of your new AARP policy?"

But, yah, the advice to write her policy while you were there the first time is sound. OTOH this is the best way to learn a lesson that will stick with you for the rest of your career. We've all done it.

 

[insurance0707]

they probably couldn't afford to pay both premiums at once, that's why he had to come back

 

[WinoBlues]

Go on to the AARP site. Ask for a quote for Ms. I Clark Female non age 65. You will then get them every 3 months. I keep one in my FE bag.

I may some day apply then non take one, just to have a copy with my name on it. Yeah, yeah I know. Bad Wino.

 

[jacobtn]

Plus it is 2 yr modified term so she won't be covered for 24 months.

 

[jdeasy]

Just lost a sale because the customer said they are going to get AARP even though it is about $5/mo. more expensive. I told her that it is probably a graded product or ends at age 80 or 85. She said it isn't, so I told her that I would get the information on it and come back.

When I look at the AARP website it looks like it is Universal life because they say it is "permanent" life with immediate coverage. There is nothing on there about the policy ending at some age, but it doesn't have the full contract or policy information.

My question is, does anyone have the specific language on this policy or a link for it? I know this has been talked about before, but I need something official I can show to the prospect.

The worst part is her husband bought a Foresters policy from me last month and I was just going back to finish her application because she wanted it to start more than 30 days from when I met with her husband.

It's NYL with the AARP brand. They only have two products. The term with increasing premiums every five years and terminates at age 80. They have a UL that they call "permanent". It does not end at age 80. The premiums are not guaranteed. It clearlys says that in the policy and at the AARP website.

You could have wrote her with Americo when there and they allow you to go 45 days from date of application to 1st premium. Or you could have written it someone else and then had it redated after issue. Most companies will do that.

It's probably not a lost cause. I replaced on of those AARP/NYL permanent policies today and this lady had it for a year. My policy was costing her more, but she couldn't stand the fact that her AARP rate could go up. She said they had told her that it never would.

That's my second AARP replacement in a week. I'm beginning to love them as much as LH or Old American.
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Plus it is 2 yr modified term so she won't be covered for 24 months.

Not all of them are 2 year ROP. They can get immediate coverage with AARP/NYL. Still, it's a junk policy.

 

[lleaoclark]

I bet next time you will write it that day with an effective date 30 days later than her husband won't you.

Foresters doesn't let you do this. The first premium withdraw date has to be less than 30 days from the Aptical phone interview or I would write it before. I still think I can get the policy when I show her the truth.

I don't see that it says the premiums can go up on the AARP website. I will look again.

 

[WinoBlues]

Foresters doesn't let you do this. The first premium withdraw date has to be less than 30 days from the Aptical phone interview or I would write it before. I still think I can get the policy when I show her the truth.

I don't see that it says the premiums can go up on the AARP website. I will look again.

Look at the 3rd sentence below the rates AARP Permanent Life Insurance from New York Life

Lee

 

[Newby]

Foresters doesn't let you do this. The first premium withdraw date has to be less than 30 days from the Aptical phone interview or I would write it before. I still think I can get the policy when I show her the truth.

I don't see that it says the premiums can go up on the AARP website. I will look again.

Anytime a policy says "you can not be singled out for a rate increase" that insurance company double-talk saying "we can raise everybody's rates anytime we feel like it."

They are not totally lyeing. No one gets "singled out."