AARP for Final Expense
- Thread starter lleaoclark
- Start date
- 2,452
you have the new WL that Scott/NEWBY was talking about. May not build CV, not sure. Still easily replaced if its around Monumentals rates as they are not cheap by any means.
Plus I always tell them that my office will assist with any death claims, and we have a live person that answers the phone, vs. a person in a cubicle with a headset that just started last week. Works very well with the local clients when I discuss this.
- 19,648
You have the new plan. That one is nothing to worry about because it's not priced well. Not so bad for smokers but it's very high for non.
They have the term which increases in premium at least every 5 years in bands and then cancels at age 80 and a day. The premiums can also go up at anytime besides in the 5 year bands.
Their old "permanent" was a UL. It clearly stated that the reates could increase at anytime. It was priced pretty well so it was hard to replace unless you could really beat the price.
I don't know if they totally got rid of the UL since they came out with the new product. They may have 3 offerings now?
Does it say Guaranteed rates that will never increase? Hard to think they are offering that now with a group plan. Never seen a group plan go that far, sounds like AARP is getting desperate to save those customers. Also, is there a 2 year modified period? I just replaced a lady that had the 2 year wait with AARP, 85 year old, and monumental still beat the rate by a 1.45.
It might not be available in all 50 states.
- 344
All AARP life insurace customers are issued certificates. AARP holds a Master Contract from NY Life. Certificates can be canceled. Here in West Virginia around 1980 AARP canceled their certificates. AARP explains it like this: AARP has established the AARP Life Insurance Trust to hold group life insurance policies for the benefit of AARP members.
"the rate I see on the AARP brochure is $58" quoted from WGO
you have a broshure but here is the web site:
https://www.nylaarp.com/Life-Insurance/Permanent
This is what I have seen: Rates are guaranteed as long as they 1. don't single out an individual. 2. rates can go up by class (states can be singled out for rate increases) or 3. AARP can cancel existing certificates if they haveing a falling out with NY Life or have a higher than expected mortality issue (no company can loose money long term). You will not see this on their web site.
"but does not say what kind or mention cash value" from WGO. Go to the above web site, it does say cash value.
"the rate I see on the AARP brochure is $58" quoted from WGO
you have a broshure but here is the web site:
https://www.nylaarp.com/Life-Insurance/Permanent
This is what I have seen: Rates are guaranteed as long as they 1. don't single out an individual. 2. rates can go up by class (states can be singled out for rate increases) or 3. AARP can cancel existing certificates if they haveing a falling out with NY Life or have a higher than expected mortality issue (no company can loose money long term). You will not see this on their web site.
"but does not say what kind or mention cash value" from WGO. Go to the above web site, it does say cash value.
Just did a quick comparison with a 60 yr old male NT user and both Mon Life and UHL did beat the cost for their preferred & premier rate classes.
As mentioned there is nothing about smker v. nonsmker; once you compare smker rates AARP does beat the cost for both carriers.
AARP's med questions leave alot of gray area for acceptance which makes me wonder how many people they might decline or push into another product.
Although they do advertise permanent coverage for life with no cost increases it also says this is Group Life. As mentioned that depends on the ongoing relationship with the carrier and AARP which could change; the carrier could change or discontinue the product, etc. That would be my issue when talking with a client - the instability of the product when covering someone for life and being able to count on their Life Insurance when their families need it most...is that a chance you want to take?
As mentioned there is nothing about smker v. nonsmker; once you compare smker rates AARP does beat the cost for both carriers.
AARP's med questions leave alot of gray area for acceptance which makes me wonder how many people they might decline or push into another product.
Although they do advertise permanent coverage for life with no cost increases it also says this is Group Life. As mentioned that depends on the ongoing relationship with the carrier and AARP which could change; the carrier could change or discontinue the product, etc. That would be my issue when talking with a client - the instability of the product when covering someone for life and being able to count on their Life Insurance when their families need it most...is that a chance you want to take?
Similar threads
