AARP for Final Expense

[lleaoclark]

They try to confuse seniors. After saying 3 different places that the premiums won't go up because of age or health, they say:

Premiums above are the rates New York Life currently charges. They are based on your age at issue. Premiums are not guaranteed. However, your rates may change only if they are changed for all others in the same class of insureds under this group policy. For example, a class of insureds is a group of people with the same issue age and gender.

This is horrible the way they are marketing it. I know everyone thinks New York Life is so great, so I can't believe they do this.

 

[Chazm]

They try to confuse seniors. After saying 3 different places that the premiums won't go up because of age or health, they say:

Premiums above are the rates New York Life currently charges. They are based on your age at issue. Premiums are not guaranteed. However, your rates may change only if they are changed for all others in the same class of insureds under this group policy. For example, a class of insureds is a group of people with the same issue age and gender.

This is horrible the way they are marketing it. I know everyone thinks New York Life is so great, so I can't believe they do this.

Had the same thing happen to me 5 months ago. I explained to the lady that the premiums are not guaranteed and even printed it out to show her. She STILL was skeptical so I called AARP and the guy on the phone said the rates are not guaranteed. I finally signed her up for Foresters and 3 months later she cancelled.

BCBS says the same thing on their med supps. I have people all the time tell me that their rates can never go up. I say no, you can never be singled out for a rate increase. Big difference

 

[Tearmann]

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

Lee

I just went to the web site and it says rates will not go up just because you get older; last a life time; and immediate coverage at app approval.
Even with all this I have been able to beat the price with Foresters especially with the common carrier coverage and critical illness rider at no extra charge.

 

[Norwayguy]

I just went to the web site and it says rates will not go up just because you get older; last a life time; and immediate coverage at app approval.
Even with all this I have been able to beat the price with Foresters especially with the common carrier coverage and critical illness rider at no extra charge.

From the website right below the sample quotes:

Premiums above are the rates New York Life currently charges. They are based on your age at issue. Premiums are not guaranteed. However, your rates may change only if they are changed for all others in the same class of insureds under this group policy. For example, a class of insureds is a group of people with the same issue age and gender. If relevant statements of age or facts are not accurate, New York Life will make a fair adjustment of premiums and/or insurance. If death results from suicide in the first two years, benefits will not be paid. In MO, ND, and WA, specific state rules apply. Residents of Florida: Michael Horan is a licensed Florida agent for service to Florida residents. Residents of MA and MT have rates different from those shown. Please click here for a personalized rate quote specific to your state. Alternate permanent life products available in WA;
please click here to request product information by mail.

 

[Newby]

I just replaced an AARP/NYL policy and it confused me. The lady on the phone insists that it IS Whole Life and not UL. I asked her if it builds guaranteed cash value every year and at age 100 would the cash value be the same as the death benefit and she said yes.

Then I had her give us values for the current cash value, cash value at age 90 and 100. They were all in line with whole-life. The current cash value was just under $700 which made it even more attractive for the lady to surrender it.

I have never run into this before. It's always been term or their "Permenant" which has never had any cash value.

I asked about the rate guarantee and she gave the AARP double talk. They could ONLY raise it if EVERY person in the USA got the plague. I told her to send us that in writing and she might consider keeping the policy. How do they get away with BS like that on a recorded line?

 

[VolAgent]

I just replaced an AARP/NYL policy and it confused me. The lady on the phone insists that it IS Whole Life and not UL. I asked her if it builds guaranteed cash value every year and at age 100 would the cash value be the same as the death benefit and she said yes.

Then I had her give us values for the current cash value, cash value at age 90 and 100. They were all in line with whole-life. The current cash value was just under $700 which made it even more attractive for the lady to surrender it.

I have never run into this before. It's always been term or their "Permenant" which has never had any cash value.

I asked about the rate guarantee and she gave the AARP double talk. They could ONLY raise it if EVERY person in the USA got the plague. I told her to send us that in writing and she might consider keeping the policy. How do they get away with BS like that on a recorded line?

Is their GI policy a whole life?

 

[Newby]

Is their GI policy a whole life?

That's what this one was. I always thought they were all UL but they hide it by calling it "permenant".

I never heard of whole life that could have a rate increase.

 

[VolAgent]

That's what this one was. I always thought they were all UL but they hide it by calling it "permenant".

I never heard of whole life that could have a rate increase.

As long as its written into the contract, I guess they can.

Although it really does run counter to the whole point of whole life.

 

[jdeasy]

That's what this one was. I always thought they were all UL but they hide it by calling it "permenant".

I never heard of whole life that could have a rate increase.

It's not whole life if the rates can change. I have seen several of their UL policies that did have cash value. The rates changing is why they don't call it whole life.

You may get some marmadon at their office that will call it whole life on the phone, but they won't put it in writing.

 

[WinoBlues]

It's not whole life if the rates can change. I have seen several of their UL policies that did have cash value. The rates changing is why they don't call it whole life.

You may get some marmadon at their office that will call it whole life on the phone, but they won't put it in writing.

I can see where clients could get confused.

""The Program offers whole life and term life insurance plans that feature affordable premiums and valuable benefits designed for people age 50 and older.""

AARP Life Insurance Program

Then you get to their quote page.

""Premiums are not guaranteed.""

AARP Guaranteeed Acceptance Life Insurance from New York Life

Ah, the fine print..

""Both NYLIC and NYLIAC pay a royalty fee to AARP for the use of AARP's intellectual property. These fees are used for the general purposes of AARP.""

The AARP Life Insurance & Lifetime Income Programs from New York Life

All said and done, I like that AARP is spending advertising dollars and setting seniors mind set to buying Insurance. Inventory.