AARP for Final Expense

[Justin Bilyj]

I have a curious case like this, the individual is 70 years old, lives in Ohio, and is a smoker. He got rate increase on a $35,000 policy that he took out 7 years ago, now he's paying $170 a month. I haven't done a review, but looking at the rates on the site, it seems like his premium lines up with the Term product and not the "permanent" product, which is the same price of an Americo product, but has guaranteed rates never to go up (Americo not AARP).
I will sit down with him to do a review soon, but what is your opinion on this case. I know Americo caps off coverage at $30,000...
Is there any chance he has the permanent product? or is it likey he has the term product.

fyi, im thinking about putting a full page ad in the paper targeting AARP life insurance members, warning about policy lapse at 80, and non-guaranteed rates going up...any suggestions (besides the smart ass ones?)

 

[Chazm]

I'm sure it was their term product. Best to double check his policy though. It shouldn't be too hard once he hears he'll have another nice premium bump in 5 years

 

[GoCubsGo]

I have a curious case like this, the individual is 70 years old, lives in Ohio, and is a smoker. He got rate increase on a $35,000 policy that he took out 7 years ago, now he's paying $170 a month. I haven't done a review, but looking at the rates on the site, it seems like his premium lines up with the Term product and not the "permanent" product, which is the same price of an Americo product, but has guaranteed rates never to go up (Americo not AARP).
I will sit down with him to do a review soon, but what is your opinion on this case. I know Americo caps off coverage at $30,000...
Is there any chance he has the permanent product? or is it likey he has the term product.

fyi, im thinking about putting a full page ad in the paper targeting AARP life insurance members, warning about policy lapse at 80, and non-guaranteed rates going up...any suggestions (besides the smart ass ones?)

He has term with AARP or Globe, someone like that. Premium goes up with 5 year bands. He hit 70 and premium went up. Expect next one at 75.

Most carriers require you get their okay on any ads even if you don't mention their name, just that you will put business through them off the ad. Good idea. Let us know if you get okay to advertise at AARP>

 

[jdeasy]

I have a curious case like this, the individual is 70 years old, lives in Ohio, and is a smoker. He got rate increase on a $35,000 policy that he took out 7 years ago, now he's paying $170 a month. I haven't done a review, but looking at the rates on the site, it seems like his premium lines up with the Term product and not the "permanent" product, which is the same price of an Americo product, but has guaranteed rates never to go up (Americo not AARP).
I will sit down with him to do a review soon, but what is your opinion on this case. I know Americo caps off coverage at $30,000...
Is there any chance he has the permanent product? or is it likey he has the term product.

fyi, im thinking about putting a full page ad in the paper targeting AARP life insurance members, warning about policy lapse at 80, and non-guaranteed rates going up...any suggestions (besides the smart ass ones?)

That's their term. They haven't raised their rates on their permanet, {UL}, policy even though they can at anytime.

He is going to get another rate increase at age 74-75 and another at age 79. They will then cancel his policy when he turns 80 and a day.

Forsters will do $35000 and probably at a better rate than Americo. Just an option.

 

[GoCubsGo]

Americo's term? .................

 

[SIM ANTIC]

Bottom line, I learned that AARP is a bad product. Granted, I was mugged and raped along the way...but I thank you all for your knowledge.

 

[Justin Bilyj]

JD is that rate for smokers?

 

[tins]

Bottom line, I learned that AARP is a bad product. Granted, I was mugged and raped along the way...but I thank you all for your knowledge.

Good to know you could take a little punishment. It'll go far in this business.

 

[VolAgent]

Bottom line, I learned that AARP is a bad product. Granted, I was mugged and raped along the way...but I thank you all for your knowledge.

Better the forum than potential clients.

 

[jdeasy]

JD is that rate for smokers?

I don't know about the rate. AARP doesn't rate for smoker/non smoker. I was just going by what you said about having a recent rate increase. If he had a rate increase it's their term. They haven't raised rates on their UL.

If it's not AARP it's still term if they just raised his rates at age 70. Do you not know if he has AARP?

Americo $30,000 is $211/mo non tobacco. $282/mo tobacco.

Foresters is $227/mo for $35000 non tobacco. or $195/mo for $30,000.
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Americo's term? .................

I was talking about AARP's term and Americo's whole life.