Americo's NEW Nonsmoker Rates For Smokers

[WinoBlues]

What you have to do is look up the $10,000 smoker rate. Quote that. Then if they want that you see how much that premium will by as non-smokers, Sell them that. Then explain that for the first three years they will have extra coverage at no cost. Then it will adjust down to the $10,000 amount they wanted at the exact amount that you quoted for them.

Keeping it simple for 2021

Sell the Premium, then solve for the Face. I like that. Assuming that Americo has a guaranteed schedule on what the face will reduce down to.

EDIT: Holly Macaroni!!! Americo has some high tobacco rates. Just ran a FEXQuote.

 

[myinsurebiz]

Gonna be a lot of pissed off clients starting Month 37 . . .

Agents get a bad rub now - wait till somebody loses 50% of their Face and tells all their friends and family that their "Agent" screwed them . . .

E&O claims will surely rise . . .

 

[jboussea]

That,and how many agents are ACTUALLY going to tell client about the 3 years to quit issue. That's a red flag to me

I don't see the big deal.. Why do we always feel the need that we are hand holders. Financial and Insurance guys act like clients are children. As if they can't make a simple choice.

Hey Mr. Smith, because of your smoking habits, what you qualify for are smoker rates at $100/ month for $24000 of death benefit.

Now if you're serious about quitting smoking, you are eligibile to get non smoker rates for a short period of time, at $75/month for the same death benefit. However if you do not follow through, your death benefit gets bumped down to $18,000.

Now I can couch the 2nd choice by saying, if you chose that option , you run the risk of not being eligible for more death benefit 3 years later, but at the end of the day ... Mr. Smith is a grown man and should be able to make a decision.

 

[Mattschmidt]

I don't see the big deal.. Why do we always feel the need that we are hand holders. Financial and Insurance guys act like clients are children. As if they can't make a simple choice.

Hey Mr. Smith, because of your smoking habits, what you qualify for are smoker rates at $100/ month for $24000 of death benefit.

Now if you're serious about quitting smoking, you are eligibile to get non smoker rates for a short period of time, at $75/month for the same death benefit. However if you do not follow through, your death benefit gets bumped down to $18,000.

Now I can couch the 2nd choice by saying, if you chose that option , you run the risk of not being eligible for more death benefit 3 years later, but at the end of the day ... Mr. Smith is a grown man and should be able to make a decision.

See, that's a good approach. But there are agents out there who won't even mention anything about the 3 year period to quit smoking. That's the issue many people have with this. It's an easy way to abuse the product, leaving families with less coverage then they possibly need in the future.

 

[Baseball7]

I think it makes a policy pretty easy to replace and is near unethical to use as a replacement.

 

[Life Hawk]

I just spoke to Americo about this change. Boy did they *** up big time.

First, they will always give everyone a non tobacco price. For clients who smoke, and have no plan to quit smoking, they too will get non tobacco rates. Then when the 3 years is up, their face amount goes down. You simply cannot get a smoker to pay smoker rates from the get go. WTF?

Also, to prove they stopped smoking for 12 months, their current plan is for them to take a urine test. However, they did say they'll facilitate the urine test.

Bottom line: They are retarded, and this is easily the dumbest change I've ever seen an FE company make.

The new slogan for this product... big and bold on all marketing materials...

"SIGN TODAY...PEE TOMORROW!"

Also know as "Yellow Sheeting"

 

[Mattschmidt]

Trade mark that yellow sheeting phrase. You're onto something!

 

[Life Hawk]

Trade mark that yellow sheeting phrase. You're onto something!

Could be headed down a "slippery" slope.

 

[Life Hawk]

Could be headed down a "slippery" slope.

Just as long as you don't eat the "yellow" snow!

 

[Life Hawk]

Help! Someone stop me!