Bankers Life Pricing Questions

[nfl72]

Over the past couple of years I have replaced numerous Bankers Life policies. They are usually very easy to beat on a monthly basis premium alone. I ran into one yesterday that I did replace but the premium was much closer than I would have expected.

He had his existing policy and it did not say anything about smoking or not. Do they offer policies where the premium is not affected by tobacco use?

 

[Biggin]

They do not have "smoker" rates. This means that if your prospect is not a smoker they are very easy to replace. Smokers are not as easy to replace unless they took out the policy very recently. Everyone pays a "pretty" competitive smoker rate. If they've had their policy for a year or longer, I always say "I'll bet you've gotten at least one letter saying that your agent has changed, haven't you?"

 

[Hockeynut]

Hello,

I had the same thing the other day with a 73 old female, good health and a smoker. She just signed up with Banker's and is paying $41.50 for $5,000. All the companies I had were about the same price for smoker rates. If she had not been a smoker, I could have beaten them by about $8-9 a month.

Thanks

 

[Mattschmidt]

rumor is bankers likes to sell policies that are 50% accidental death, and 50% traditional Life Insurance...Not saying that's the case, but might explain why their prices are so competitive

 

[Biggin]

rumor is bankers likes to sell policies that are 50% accidental death, and 50% traditional Life Insurance...Not saying that's the case, but might explain why their prices are so competitive

It must be how they are trained. Every one I've seen in my area they have a worksheet that shows the accidental plus the whole life = TOTAL INSURANCE COVERAGE. Client always thinks that they have twice as much as they do.

 

[jdeasy]

It must be how they are trained. Every one I've seen in my area they have a worksheet that shows the accidental plus the whole life = TOTAL INSURANCE COVERAGE. Client always thinks that they have twice as much as they do.

I collected a BL rate sheet on a replacement I did today. That $41.50 for 73 year old female is for a $5000 face.

They are not terrible for smokers. Beatable but not terrible.

 

[AllGold]

Does Bankers do a fully underwritten WL on a 70yo?

I talked to a guy who thinks that is what he has but he sounded confused like maybe he did the exam for another company. If I could convince the guy to let me see his policy things would go a lot smoother but I haven't been able to get an appointment.

 

[lsalmans]

I ran into a Bankers policy recently, and the lady was healthy, a non smoker, but had COPD. The agent just a month prior wrote their graded plan. I went to write Monumental Std Immediate. It was only a dollar or 2 less. I got it replaced, but only because it was first day coverage. The graded plan of theirs was very fairly priced as far as I could see.