AARP Whole Life

[Newby]

I don't have a clear idea how Primerica term works.

I ran into a lady this week that had 20-year term with Primerica that just ended her 20th year. They sent her a letter that she could take 10-more years and she says it was no health questions asked.

She has COPD, smokes and uses oxygen.

She hadn't recieved the policy yet but I told her I can't sell her any term that she would be accepted and she didn't plan on living more than 10-more years.

Will that policy really get issued?

 

[jdeasy]

I don't have a clear idea how Primerica term works.

I ran into a lady this week that had 20-year term with Primerica that just ended her 20th year. They sent her a letter that she could take 10-more years and she says it was no health questions asked.

She has COPD, smokes and uses oxygen.

She hadn't recieved the policy yet but I told her I can't sell her any term that she would be accepted and she didn't plan on living more than 10-more years.

Will that policy really get issued?

I'm pretty sure it will. I ran into a lady in Evansville that had the same thing. She had expired her original term and was issued a new ART in it's place. Fortunately in this case, she was in good health and I was able to get her into a whole life for just about $5 more per month than she was paying this year, but, $15/mo less than she was going to pay next year.

 

[WinoBlues]

I believe they also have a DT option at renewal. I'll have to pull one of their policies.

Side note: Most of their agents and even their CSRs at the mother ship do not know that their 30 year term is only guaranteed to 20 years. Mrs Garcia do want the guaranteed rates or the promise to try rates.
Also most Primerica agents include a built in raise in the form of an increasing benefit. That helps me sell a higher face amount. Also I always ask: If Primerica's BTID formula is that at the end of the term period you will be rich and not need the coverage, Why do they say you will need to increase your coverage for 20 years but in year 21 you won't need life insurance?

Seems like BTID would be a DT sale.?.

I love Primerica.

 

[Newby]

Primerica, Lincoln Heritage, and AARP keeps us busy.

It would be nice to have their customer list.

 

[WinoBlues]

Primerica, Lincoln Heritage, and AARP keeps us busy.

It would be nice to have their customer list.

I used to send Thank You notes to one of the local offices every time they got into one of my houses.

I also would write down the Primerica agent's name and try to recruit them. Picked up 4-5 agents that way. When I replaced the agent's Primerica policy I sent a special Thank You note.

The only thing I know about LH is that price is easy to beat, they do not service their clients, and the agents I have talk to wind up with lead balances and or Vector hits. Now, that is just local. Can not speak for every where else.

AARP - Clients do not know what they have.

 

[Sac 916]

Kinda like when you are replacing a primerica policy. You call them up and have the client ask them what kind of policy they have.

Client: Hi, can I check the status of my life insurance?

Primerica Clown: "Well, sir, you are covered through age 95!!"

Client: Really? Through age 95? The agent here who is looking at my policy here with me says that the term will end at age 70."

Primerica Clown: "Well, sir... You are covered through age 95."

Client: I'm confused.

Primerica Clown: Well, sir. Hold on, let me check on this. (Hold). Well sir, technically, I guess you bought a 20 year term. That term will end when you are 70. But you can keep the policy beyond that with no problems! You are covered through 95. Have a nice day and thank you for calling Primer...

Client: "But wait, one more question. Will the premium go up after age 70?"

Primerica Clown: Well, yes...but we don't like to talk about that. You are covered through 95, sir!

Easy replacement. Makes my day.

lol I just replaced another one of these policies yesterday.
The agent that sold it to my new client called while i was there and at the end of my presentation and told her that he does not believe in whole life and was giving her the dumb reasons when she hung up on him.

She now has the same $25k coverage she had with them for only $4 a more month for life.
She now has much more peace of mind.

 

[WinoBlues]

FYI - Compulife has their rates.

Also an easy replacement to the 30 yr client that only wants term. ROP. Run at the same price as Primerica. More coverage, Guaranteed for the full 30 years and their money back at the end.

lol I just replaced another one of these policies yesterday.
The agent that sold it to my new client called while i was there and at the end of my presentation and told her that he does not believe in whole life and was giving her the dumb reasons when she hung up on him.

She now has the same $25k coverage she had with them for only $4 a more month for life.
She now has much more peace of mind.

 

[Sac 916]

FYI - Compulife has their rates.

Also an easy replacement to the 30 yr client that only wants term. ROP. Run at the same price as Primerica. More coverage, Guaranteed for the full 30 years and their money back at the end.

Nice. Tnx

 

[ronmelton3]

I believe you are incorrect. The AARP/NYL products are onl term and UL. Their permenent product does NOT have cash value. It is also always subject to rate increases.
.

Scott, please read below. This is the info off of their webpage regarding the permanent plan.
AARP Permanent Life Insurance from New York Life
This is a group life plan, and it does build cash value. I see nothing that looks like a UL. Rates go up only if they raise everyone in that class.

"No Waiting Period
You are covered for the full benefit amount from the first day coverage takes effect. Once you are approved, you will be protected with coverage that can last a lifetime.
Rates Won't Increase
Due to Age or Health
Your premiums are based on your age when you apply, and will not increase simply because you grow older or your health changes.
Benefits Won't Decrease
With this coverage, your benefits are guaranteed not to decrease just because you grow older or your health changes. The benefit level you start with is the one you can keep for as long as you're insured.
Cash Value
Your coverage builds cash value over time that you can borrow against.

Paid-Up Feature
Your premium payments will end at age 95,
but coverage will continue in full for the rest of
your life.
30-Day Guarantee
You'll receive a Certificate of Insurance when coverage is approved. If you decide this coverage isn't for you, for any reason, you can return it within 30 days and receive a refund of any premium you paid.
Simple Application
It doesn't take a lot of time or paperwork to apply for AARP Permanent Life. AARP members can apply by mail, quickly and easily. There's absolutely no cost or obligation when you request information."

 

[jdeasy]

Scott, please read below. This is the info off of their webpage regarding the permanent plan.
AARP Permanent Life Insurance from New York Life
This is a group life plan, and it does build cash value. I see nothing that looks like a UL. Rates go up only if they raise everyone in that class.

"No Waiting Period
You are covered for the full benefit amount from the first day coverage takes effect. Once you are approved, you will be protected with coverage that can last a lifetime.
Rates Won't Increase
Due to Age or Health
Your premiums are based on your age when you apply, and will not increase simply because you grow older or your health changes.
Benefits Won't Decrease
With this coverage, your benefits are guaranteed not to decrease just because you grow older or your health changes. The benefit level you start with is the one you can keep for as long as you're insured.
Cash Value
Your coverage builds cash value over time that you can borrow against.

Paid-Up Feature
Your premium payments will end at age 95,
but coverage will continue in full for the rest of
your life.
30-Day Guarantee
You'll receive a Certificate of Insurance when coverage is approved. If you decide this coverage isn't for you, for any reason, you can return it within 30 days and receive a refund of any premium you paid.
Simple Application
It doesn't take a lot of time or paperwork to apply for AARP Permanent Life. AARP members can apply by mail, quickly and easily. There's absolutely no cost or obligation when you request information."

Rates cannot be increased in a whole life policy. They can in a uL. That's clue enough. But, if you have a client that has one of these plans, just read it. It will tell you that it is a uL.

It is is immediate coverage on the more underwritten one. They have one that is ROP for the first two years. That one is GI and is quite expensive. The more underwritten one is quite difficult to qualify for. If they can qualify for it, they can qualify for RNA's Royal Prime whole life and have a true whole life instead of a pretend one.