I am shopping for Medigap insurance, and my greatest concern is the future increase in rates. The only company that I could find that is offering issue age in Oklahoma is Bankers Fidelity Life. I have not been able to find out much about this company other than what the insurance salesperson has told me. I would appreciate any input, positive or negative, on Bankers Fidelity Life.
Bankers Fidelity Life for Medigap Insurance
- Thread starter rmkaplan
- Start date
sokybrian
Expert
It's been a while since you posted your question, so maybe by now you have purchased a policy.
I'm not sure why you are looking for "issue aged" pricing. I'm not licensed in OK, but like OK, KY has only a couple of issue aged companies. They price difference in the same plan from issue to attained is substantial. Bankers will go up each year with inflationary increases, just like all companies. The sales pitch on issue age companies is they scare you on price increases.
If you do the math, and compare say, a Mutual of Omaha, or another attained age policy of the same plan. You wll find that it will take 10 to 15 years before the issue age plan is cheaper than the attained age plan. By that time both plans are not affordable. -- But, the good news is = that's not how it works, and if you have a good agent, he/she will keep that from happening long before it does.
If you are worried about not being able to get insurance due to your health, then the Plan N with MoO is a game changer.
I'm sure you can find a independent agent in OK here on the forum. If you don't have any luck, contact me and I'll be happy to help. I know several.
SoKyBrian
[email protected]
I'm not sure why you are looking for "issue aged" pricing. I'm not licensed in OK, but like OK, KY has only a couple of issue aged companies. They price difference in the same plan from issue to attained is substantial. Bankers will go up each year with inflationary increases, just like all companies. The sales pitch on issue age companies is they scare you on price increases.
If you do the math, and compare say, a Mutual of Omaha, or another attained age policy of the same plan. You wll find that it will take 10 to 15 years before the issue age plan is cheaper than the attained age plan. By that time both plans are not affordable. -- But, the good news is = that's not how it works, and if you have a good agent, he/she will keep that from happening long before it does.
If you are worried about not being able to get insurance due to your health, then the Plan N with MoO is a game changer.
I'm sure you can find a independent agent in OK here on the forum. If you don't have any luck, contact me and I'll be happy to help. I know several.
SoKyBrian
[email protected]
IndianaAgent
Expert
- 27
I agree with previous post. That is a sales technique that I have seen Bankers Fidelity agents use before. It's really kind of a scare tactic. The issue age policy will have rate increases, just like attained age policies. Find a good company with a solid rating and don't worry about attained age vs. issue age.
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I agree with previous post. That is a sales technique that I have seen Bankers Fidelity agents use before. It's really kind of a scare tactic. The issue age policy will have rate increases, just like attained age policies. Find a good company with a solid rating and don't worry about attained age vs. issue age.
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I agree with previous post. That is a sales technique that I have seen Bankers Fidelity agents use before. It's really kind of a scare tactic. The issue age policy will have rate increases, just like attained age policies. Find a good company with a solid rating and don't worry about attained age vs. issue age.
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