Colonial Penn Guaranteed Premiums on Med Supps

keith365

Super Genius
118
I met with a prospect today, who told me that his med sup premium is guaranteed for life to remain level. Has anyone heard of any company doing this?! He's got colonial penn
 
Theoretically....I can pay $275 a month from the beginning, or I can pay $120 now and eventually (if I don't die first or can't pass underwriting to get a cheaper plan), my premium might get up to $275 a month.... which do I choose....which do I choose...
 
I met with a prospect today, who told me that his med sup premium is guaranteed for life to remain level. Has anyone heard of any company doing this?! He's got colonial penn

I used to work for Bankers Life/Colonial Penn. And also have come across this since I left in the field many times. One of two things are happening:

1) The agent is straight up lying.

2) Either the agent is not explaining 'Issue Age' correctly, or the customer does not understand it correctly.

CPL raise do go up. Not every year, but when they do, its always a BIG jump.
 
I used to work for Bankers Life/Colonial Penn. And also have come across this since I left in the field many times. One of two things are happening:

1) The agent is straight up lying.

2) Either the agent is not explaining 'Issue Age' correctly, or the customer does not understand it correctly.

CPL raise do go up. Not every year, but when they do, its always a BIG jump.

Their rates are awful. Bankers life is bad. Why not call the company with the client and have the company tell them they will go up. Take control and don't buy into the clients bs that you know isn't true.
 
Had something similar a few months ago. Guy decided to buy the MOO plan because his rates won't go up for 3 years.

I explained that wasn't true, but he said the guy showed me the rate card. Same rate for age 65, 66 and 67.

Yeah, but . . . oh, never mind. Call me next year when your rates DO go up and we will see if you are healthy enough to change plans.
 
We used to have United American agents making people believe that their rates would never go up. It was all in the way they worded it, but it sure made people believe it would never go up. They were issue age.

Of course, when the premiums actually did go up, the clients considered that they were lied to. This wasn't from just one or two UA agents, but everyone of them from what we could tell. They must have been trained that way.

Either way, rates go up with every company!
 
Whenever I hear a prospect spouting off something that is ridiculous like to this, I don't let it go. Call the company with the person. Let them hear directly from the company that they were misled or lies to. Also if it's a company like Bankers Life, look at the policy and the agent who sold it. Look it their license info. They may have only been licensed a couple months. If so, show this to the prospect.
 
Just left a house today where she had already met with a Bankers agent.
He informed her that she should sign up for the CP plan F today (T65 sept) because it'll lock in that she will be guaranteed a plan F. Because he said in 2018 the plan F would be gone but that they could do away with it earlier with Trump in office.

I laughed for a second and would have left with an app in my hand but she is 2 weeks premature. She claims she will go with a plan N with me. We will see
 
What do you mean she's 2 weeks premature? She can sign up for a supplement up to 6 months prior and to part b effective date, right?
 

Latest posts

Back
Top