American Amicable

[0b1kanobee]

Don't quote me on this BUT from what I gather if the insured takes out a rider on a grandchild when the insured passes, the grandchild's policy will become paid up. I guess it becomes paid up to the age of 21. I don't think they get a paid up policy beyond age 21.

I'm not sure how other carriers handle this or whether it is anything 'special'. I think JD pointed it out a while back in a post he made.

The wording is this:
"provides level term protection on your one grandchild under age 16 until they reach age 21. Each grandchild will have $5,000 in level term death benefit. This rider is paid-up on death of Primary Insured. The annual premium for that rider is $12.00"

 

[TDFnCali]

YOu got that right. I do like their app. They just want take an occasional pot smoker.
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Speaking of MoO, I understand why one would refer someone for the GI, but for standard SIWL, I have compared pricing with MoO and find them to be somewhat competitive for the older healthier market but still can't seem to find a good enough reason to have them in the bag. With Foresters, Oxford, Americo, and Settlers I wish someone could show me why I need MoO...because I do like the name recognition aspect.

I was ONLY referring to using MoO for their GI!

 

[HomeService]

I always wondered what would happen if I knocked doors in Waco, if everyone would have American Amicable? Probably not. American Income Life was based out of there as well, maybe they still are. Also, Texas Life used to be. Maybe they still are.

 

[RonRoberts]

I was ONLY referring to using MoO for their GI!

I figured that but since they do offer a simple issue product I figured I would ask if anyone ever uses it for final expense.

 

[jdeasy]

Don't quote me on this BUT from what I gather if the insured takes out a rider on a grandchild when the insured passes, the grandchild's policy will become paid up. I guess it becomes paid up to the age of 21. I don't think they get a paid up policy beyond age 21.

I'm not sure how other carriers handle this or whether it is anything 'special'. I think JD pointed it out a while back in a post he made.

The wording is this:
"provides level term protection on your one grandchild under age 16 until they reach age 21. Each grandchild will have $5,000 in level term death benefit. This rider is paid-up on death of Primary Insured. The annual premium for that rider is $12.00"

That's right. If the insured dies the grand-child, {great grand child}, rider is paid up.

I'm sure it's as you stated and paid up until 21. I never asked that question. It is also available now for $10,000. $5000 is $1/mo for each covered gc or ggc and $10,000 is $2/mo each. No limit on rider as far as number of children covered.

The $5000 is automatically covertable to $25000 at age 21 the $10,000 to $50,000.

It can be a good deal. I have one client with 13 grandchildren covered with the rider. More on the way.

 

[RonRoberts]

That's right. If the insured dies the grand-child, {great grand child}, rider is paid up.

I'm sure it's as you stated and paid up until 21. I never asked that question. It is also available now for $10,000. $5000 is $1/mo for each covered gc or ggc and $10,000 is $2/mo each. No limit on rider as far as number of children covered.

The $5000 is automatically covertable to $25000 at age 21 the $10,000 to $50,000.

It can be a good deal. I have one client with 13 grandchildren covered with the rider. More on the way.

Sounds like this could be a good selling feature to a rare few but for the most part I find them $10 or more over priced than Foresters or Oxford so unless the parent or grandparent is overly concerned for their kids or grandkids I would find this potential benefit a rarely used selling feature.

 

[jdeasy]

Sounds like this could be a good selling feature to a rare few but for the most part I find them $10 or more over priced than Foresters or Oxford so unless the parent or grandparent is overly concerned for their kids or grandkids I would find this potential benefit a rarely used selling feature.

I write very little AmAm. At the time I wrote this particular they were pretty decent for smokers by comparison to others. Foresters wasn't out then. Americo had not taken the rate reduction. He had a Chesapeake policy that was a couple years old and AmAm was just about the same price. He only switched for the rider. That was also when AmAm was still allowing replacements in Ky. Couldn't write it today if I wanted to.

 

[TDFnCali]

I write very little AmAm. At the time I wrote this particular they were pretty decent for smokers by comparison to others. Foresters wasn't out then. Americo had not taken the rate reduction. He had a Chesapeake policy that was a couple years old and AmAm was just about the same price. He only switched for the rider. That was also when AmAm was still allowing replacements in Ky. Couldn't write it today if I wanted to.

Ive never even used them, but from learning their plans vs others I have...I hate them as much as JD hates UHL, lol! I see no point unless someone wants to pay month to month & even then its probably not worth it cause thats a policy waiting to default!

They just dont have much to offer!

 

[jdeasy]

Ive never even used them, but from learning their plans vs others I have...I hate them as much as JD hates UHL, lol! I see no point unless someone wants to pay month to month & even then its probably not worth it cause thats a policy waiting to default!

They just dont have much to offer!

They are better than UHL.

 

[TDFnCali]

They are better than UHL.

I disagree, Ive used UHL once (graded), went fine....would use them again. And for fem non smokers, their prem rates are close to RNA's....but Id never used them over RNA unless I had to.


AmAm sucks way more!