Can 52 yr old male really get MOO policy for $17?

Mar 8, 2019

  1. secondcreek
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    secondcreek Super Genius

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    Spoke to a 52 yr old guy who said the MOO agent sold him a 100k term policy to age 80 for $17 a month.

    His wife age 49 also got the same deal.

    They haven’t received their policies yet for me to see if they have what they think they have.
     
  2. Chazm
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    Chazm Guru

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    AD&D? 30 year term (28?) won’t be anywhere near that cheap for a 52 year old.
    That’s about the price of a 32 year old.
     
    Chazm, Mar 8, 2019
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  3. WinoBlues
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    WinoBlues Guru

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    Nope!

    52 M P+ $100,000 = $23. For 10 yr term
    BTW, Protective Custom Choice is $17. And a much better policy
     
  4. secondcreek
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    secondcreek Super Genius

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    I asked if it was a 10 yr term and he insisted the agent said the coverage was good to age 80. I then asked if it was an accident policy.

    He said it better not be because he told the agent he is worried about dying from a heart attack. I told him I suspected he has a Critical Illness/Accident policy.

    Thanks for confirming that MOO hasn’t started giving away term insurance.

    I am going to go back by his house in a few days and see if he has the policies yet.
     
  5. WinoBlues
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    Show him a MoO illustration. Point out ages 63,75 and 80. And that is if he is in the 10% of 52 YOs that will get P+

    Wedge the other guy out.

    Then put him in the correct plan.
     
  6. Allen Trent
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    Allen Trent Guru

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    It certainly could be good until age 80, just not level premium to age 80. Likely an ART with rate increases annually. Amazed at how many people believe their term is locked to age 90 because they see "renewable to 90" on it, but the ledgers on illustrations & their policy show maybe the Premium guaranteed level for only 20 years.
     
  7. WinoBlues
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    OK I was in WinFlex and ran a quote just to see what the numbers would be with MoO

    Assuming NT P+
    10 year term Monthly
    @ age 52 $22.49

    Annual
    @ age 68 $3,645.00
    @ age 73 $5,988.00
    @ age 78 $9,941.00
    @ age 83 $15,592.00 Total premiums through age 82 = $135,866.00
    @ age 88 $27,573.00
    and so on.

    Why didn't the other guy show Banner at the guaranteed level $47.73mo to age 82? = Xs 30 years only equals $17,183.

    <Now that the salesman is wedged out.>

    Let's build a plan that will be there for Sue when you die.
     
  8. FinalExpenseDojo.com
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    FinalExpenseDojo.com Guru

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