Foresters Save Age Policy

[mbiallas]

I need some help here. I'm going to see an old client tomorrow to write him up. He is 70 now and will be 71 on Sunday. He doesn't have the funds for a draft this month so he will be 71 when the plan us effective on April 4. My question is this - if I check the save age box on the app will foresters take him at age 70?

Please no conjecture here...if you don't know for sure please don't guess.

 

[peteybear]

Negative. The policy will be dated April 4th and his age will be 71.

 

[goillini52]

I need some help here. I'm going to see an old client tomorrow to write him up. He is 70 now and will be 71 on Sunday. He doesn't have the funds for a draft this month so he will be 71 when the plan us effective on April 4. My question is this - if I check the save age box on the app will foresters take him at age 70?

Please no conjecture here...if you don't know for sure please don't guess.

According to the Producer Guide on page 12 under the heading Certificate Effective Date, it says you can backdate, but not to qualify for a specific plan or coverage. It doesn't say how far you can backdate, but I'm sure I've read 6 months. It also tells you how to do it on the front page of the app, under How To Avoid Delays.

Have you read the app or Agent Guide?

 

[mbiallas]

According to the Producer Guide on page 12 under the heading Certificate Effective Date, it says you can backdate, but not to qualify for a specific plan or coverage. It doesn't say how far you can backdate, but I'm sure I've read 6 months. It also tells you how to do it on the front page of the app, under How To Avoid Delays.

Have you read the app or Agent Guide?

Yes but it wasn't super clear.

 

[goillini52]

Yes but it wasn't super clear.

That's cool, as long as you read it, then you know that you can save his age at 70. You have to mention it at the bottom of the Producer Report.

 

[peteybear]

You never said if he'd pay the back premium from age 70?If he doesn't have the money till april 4th will he be able to pay 2 premiums then?

 

[mbiallas]

You never said if he'd pay the back premium from age 70?If he doesn't have the money till april 4th will he be able to pay 2 premiums then?

No can do.........

 

[goillini52]

You never said if he'd pay the back premium from age 70?If he doesn't have the money till april 4th will he be able to pay 2 premiums then?

It doesn't say, but I assume he'll have to...that's the way it usually works. It'll be $5.46 difference per month on a $10K policy that'll run $69.58 a month. it's definitely worth it. Paying that back month, he'll be ahead of the game in the 13th month.

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No can do.........

You should call Foresters Monday and tell them the situation and see what they say.

 

[pcbinsurance]

If he doesn't have the funds to make his first payment, what are the odds he keeps the policy for 12 months? This is purely conjecture but I'd say 25% chance or less.

 

[goillini52]

If he doesn't have the funds to make his first payment, what are the odds he keeps the policy for 12 months? This is purely conjecture but I'd say 25% chance or less.

I would've thought 27%...possibly 27 8%.