Americo rates
- Thread starter nfl72
- Start date
- 18,989
They don't do CC or DE.
They are only completive on paper for smokers because they put them in that plan where they have to quit smoking.
$52.16/mo to answer your question.
- Thread starter
- #3
- 18,989
They only have non smoker rates. If the person is a non smoker they keep the rate. If they are a smoker they have to quit to keep the rate.
lol...wut? How many lifetime smokers do you know are going to quit anytime soon? I'm guessing those get replaced a lot when the rates get jacked up.
- 18,989
It's the worst product I've ever seen this side of SNL's MIB plan.
It's easily replaced well before the rate change. It's called the Quit Smoking Advantage plan.
They have 3 years to "prove" they quit smoking for 1 year. To my knowledge they have never defined what proof is needed. At the end of 3 years "if the insured fails to quit smoking, the policy will automatically decrease the Death Benefit amount in year 4, but the premiums will remain level".
They do not allow you to just write a smoker with smoker rates on this product.
I carry their own advertisement with me to show to people that have this policy. I have yet to find one that knew they had to quit smoking.
KSKJ tobacco rates beat Americo's non tobacco rates anyway.
I had a guy bragging to me once that he helped design this product.
- 913
This product was invented so FFL agents could cleansheet smoking clients, tricking them into thinking they got a really good price.
- 24,978
CNA had a term version of this.
As I recall the rates beat most smoker rates. May have been 5 year adjustment. Then the rates went through the roof.
I wrote two. Husband and wife adamant that was what they wanted. Signed the illustration where I outlined the rate increase.
Welp, the 3 or 5 years expired. He was screaming and cussing. Called the Company, threatened to sue. I sent him a copy of the signed illustration with his license on top. Finally took the urine test. Positive. More cussing and screaming.
Oh, BTW, he now was on insulin and had copd. I passed him onto a FE guy I knew. Life is to short.
- 18,989
Very early in my career I met with this very healthy 73 year old lady for MP. I've never been once to push non med just for the sake of easy issue. I told her that her health would allow her to get a much better rate with an exam. She was good with that. This was term. The best rate was for a 5 year term. I recommended against 5 year. But she was adamant. She could just go see someone else. So I did the 5 year term. She's an annual payer.
5 years go by fast. She gets her statement for year 6. She blows up. She's calling me raising hell. Calling the company and everyone else that would listen.
I finally got her calmed down enough to remind her that she told me she would go elsewhere. She remembered then. But she said, "you didn't tell me it would go up this much". To which I told her she was correct, I didn't know what it would go up to so I couldn't tell her. She settled down then and wanted to know if I could just put her somewhere else at a better rate. her health was still great so I could. She wanted to do another 5 year term. This time I told her no. She would be 83 when that went up and no other options for term at that point so I wasn't going to repeat this situation. She said, "well, like last time I will just go see someone that will if you won't".
I asked her if she wanted some recommendations of other agents? She said no. I told her good luck. Never heard from her again. I don't know if she did something. I don't know if she's still alive. She's in her 90's if she is.
- 24,978
Yup.
I learned the art of walking away the hard way. New business and demanding current clients.
Similar threads
