- 3,764
I give Americo credit for thinking outside the box, but just think product will get abused, and possibly hurt certain clients/families in the future
Americo's NEW Nonsmoker Rates For Smokers
- Thread starter FinalExpenseDojo.com
- Start date
- 924
You gotta explain that bro. What are you saying?
- 26,134
Many FE people are not going to change 55 year old habits at age 70. Unless their health turns so bad they can not hold the cigarette.
So for many, what they could barely afford will become unaffordable. Now they lose that policy. Then buy much less for more. If they can qualify. New contestible period. Which means no coverage for the first two years since FE companies do not pay contestible claim. (read it on the internet).
Now, I can see a use for this, maybe, depending on the client. California may be a little different than other parts of the country. 'Don't start'. I have not looked it up, but would guess we have fewer senior smokers than some other states.
As someone else mentioned the rates are going to be a big part of it. Also is there a urine test? Who pays for it? If a person dies after claiming they quit smoking is a APS ordered during claim?
- 598
Did you mean pissed off or piss of? If it's piss of I guess you were the one testing the urine. It's a shame you actually remember it, though.
- Thread starter
- #25
- 1,410
Sorry if I was not completely clear.
My comment was mainly to those talking about clients that may not quit smoking after the 3 years. If that happens then the client isn't losing anything. They end up with the smoker rate after 3 years that they should have had in the first place.
They get extra death benefit for the first 3 years for free. Sounds like a decent deal to me. One of my agents clients died within the first 3 months & Americo paid the claim. I wonder how many smokers will die within the first 3 years with the higher death benefit. It would be interesting to see if that would affect Americo's financial rating!
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- Thread starter
- #26
- 1,410
Maybe we should all offer all of our smoker prospects 2 options.
1. Americo's "Quit Smoking Advantage".
2. Another carriers smoker rates.
I am willing to bet that 99% of the time clients will choose #1. I guess time will tell if this program is successful or not?
1. Americo's "Quit Smoking Advantage".
2. Another carriers smoker rates.
I am willing to bet that 99% of the time clients will choose #1. I guess time will tell if this program is successful or not?
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- 3,764
A good insurance agent helps his clients make the best choice. Not the one that may backfire in their families faces in years to come
Actually they only have two years to quit. At end of year three they have to prove they have been quit for at least 12consecutive months.
- 3,764
My Mistake! This over sight leads me to believe that for people age 50 or over, maybe less then 3% will have actually stopped smoking in 2 years, after policy starts.
- 5,933
I've been reading up a bit on Americo after seeing this thread... and the wording they use is "all Nicotine products (including..."
If someone hasn't smoked for the last 13 months and are chewing the gum... they are still considered smoking...
This smells too much like a "bait and switch"...
I'll take the known over the "could be" and keep the client happy. FE clients aren't going to stop smoking to get an insurance policy... if they won't stop to keep from getting cancer.
...they would rather pay more.
If someone hasn't smoked for the last 13 months and are chewing the gum... they are still considered smoking...
This smells too much like a "bait and switch"...
I'll take the known over the "could be" and keep the client happy. FE clients aren't going to stop smoking to get an insurance policy... if they won't stop to keep from getting cancer.
...they would rather pay more.
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