Bankers Life Question

[ohtobnaz]

Is there any penalty to cancel a 3 year Bankers LIfe policy?

 

[thall]

You've been penalized enough.

 

[sman]

I don't care who you are, that's funny!

You've been penalized enough.

 

[seniormarketguy]

Is there any penalty to cancel a 3 year Bankers LIfe policy?

Are you an agent or a customer?

 

[ohtobnaz]

Yeah I'm an agent. I would guess that if you keep it for 3 years you are guaranteed the same high premium, but I can't see how they could keep you from bolting.

 

[Norwayguy]

Yeah I'm an agent. I would guess that if you keep it for 3 years you are guaranteed the same high premium, but I can't see how they could keep you from bolting.

Bolt from what to what? Are you talking a Final Expense product then no if you are talking a UL who am I kidding in 3 years there would be little to no CSV anyway.

 

[ohtobnaz]

Bolt from what to what? Are you talking a Final Expense product then no if you are talking a UL who am I kidding in 3 years there would be little to no CSV anyway.

Sorry. I should have been more clear. I speak of Bankers Life med sup with the 3 year premium guarantee. Do they get billed for more if they cancel before the term is up?

 

[Dbenn]

If you are a BLC Agent, call UW in Chicago.
Or, look at the client's med supp. policy.

 

[Norwayguy]

If your the agent and don't know the answer then they need a new agent.....I haven't looked at the policy and have never heard of a 3 year rate lock for a Med Supp but my guess is there is no penalty.

 

[wicked22]

Former BLC agent here - have never seen a guarantee 3 year med sup. The policies normally state that the prices are only guaranteed for 6 months. i would look at the policy. It has to be written in there somewhere.