GI Term for Seniors?

[sman]

I don't work the FE market (I know, I know - I'm leaving money on the table). I had a client call me Friday and ask me about GI Term Life for seniors. Supposedly AARP has something like this through New York Life. Are there any products like this out there? If so, are they competitive with the New York Life product?

Personally, I've never heard of GI Term products. I know there are plenty of GI FE plans available, but I just don't know if any of them are term products.

 

[steveadlman]

The AARP term product is not GI it is a simplified issue product. They have a whole life product that is GI. I am not aware of a GI term product.

 

[jdeasy]

I don't work the FE market (I know, I know - I'm leaving money on the table). I had a client call me Friday and ask me about GI Term Life for seniors. Supposedly AARP has something like this through New York Life. Are there any products like this out there? If so, are they competitive with the New York Life product?

Personally, I've never heard of GI Term products. I know there are plenty of GI FE plans available, but I just don't know if any of them are term products.

Actually, there are very few GI life insurance products out there, term or whole life. Many make a claim to be GI, then they ask questions or have exclusions, that's not GI.

This person may not need a true GI and could get a graded or, even, immediate policy.

To answer your question, yes, there are some GI or hybrid GI term policies available. The AARP is one. It is a term policy that increase in premiums in 5 year bands, ie; 59, 64, 69, 74, 79 and then ends when the person reaches 80 and a day.

There are other products like that available thru the mail from various companies.

They are mostly junk and over priced for the coverage they provide. I beat these term prices with whole life insurance regularly.

I won't sell someone a term policy for FE. I would sell someone a small term policy if they were wanting it to cover an auto loan or some other temporary need.

The lowest cost true GI whole life is sold by MoO. The person can just get on the phone and tell them how much coverage they want and how they will pay it. I don't believe I've seen a GI term policy that can beat MoO's whole life rates.
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The AARP term product is not GI it is a simplified issue product. They have a whole life product that is GI. I am not aware of a GI term product.

Their term product is GI for the 2 year ROP. It is simplified issue for immediate. They do not have a whole life of any kind or any price or GI or simplified issue. They have two products, term and universal. Their universal does not not guarantee the premuims to remain level. The universal also has a two year ROP that is GI. It is simplified issue for immediate.

 

[sman]

Thanks jd. Is the MoO product you speak of the one they sell direct (no agents)? From what I understand, there isn't one that touches it in price. That is why I don't really do FE. I generally refer people to MoO.

 

[jdeasy]

Thanks jd. Is the MoO product you speak of the one they sell direct (no agents)? From what I understand, there isn't one that touches it in price. That is why I don't really do FE. I generally refer people to MoO.

That's the one. It is sold direct by MoO. American Continental just came out with an almost GI that is competitive with MoO, but, it's "almost" GI.

I just had a client that had a liver transplant 10 months ago. The Am Con. was within $5/mo. of the MoO and the guy wanted to go with me on it instead of the MoO. Am Con. wouldn't take him on their ROP product. He called up MoO and has a policy.

If a person doesn't have to have a GI or near GI, then MoO is not the best option. They do really want to sell it to healthy people and are counting on healthy people buying it. I had one of their people tell me that they didn't want agent to do what I'm doing, referring the very sick to them.

 

[sman]

Well maybe I need to get some info on American Continental. Is it competitive with AARP plan?

As for MoO not wanting agents to refer "sick" people to them, that's kind of what they get for competing with the agents who bring them business.

That's the one. It is sold direct by MoO. American Continental just came out with an almost GI that is competitive with MoO, but, it's "almost" GI.

I just had a client that had a liver transplant 10 months ago. The Am Con. was within $5/mo. of the MoO and the guy wanted to go with me on it instead of the MoO. Am Con. wouldn't take him on their ROP product. He called up MoO and has a policy.

If a person doesn't have to have a GI or near GI, then MoO is not the best option. They do really want to sell it to healthy people and are counting on healthy people buying it. I had one of their people tell me that they didn't want agent to do what I'm doing, referring the very sick to them.

 

[jdeasy]

Well maybe I need to get some info on American Continental. Is it competitive with AARP plan?

As for MoO not wanting agents to refer "sick" people to them, that's kind of what they get for competing with the agents who bring them business.

The American Continental is competitive with most FE companies. Their ROP plan is the most competitive I've seen against the MoO GI.

Their immediate benefit and their graded benefit plans are along the price range of UHL. They are not as good as RNA or Foresters.

I haven't found that AARP plan to be much competition against any of my companies. They are really a non issue to me. Their universal life for older people is competitively priced, but, once I show a senior that the premiums are not guaranteed, it's never been an issue.

Maybe it's just me that doesn't have a problem with AARP. I have a friend in the business about 40 miles from me and he is contantly complaining about having to compete with AARP.

 

[sman]

I really wouldn't know who is and isn't competitive in the FE marketplace since I don't write it. Most of my life insurance applications are term and far from the FE face amounts. But it's good to know we have people like you to fall back on who have the expertise in this field. Thanks again for the info.

The American Continental is competitive with most FE companies. Their ROP plan is the most competitive I've seen against the MoO GI.

Their immediate benefit and their graded benefit plans are along the price range of UHL. They are not as good as RNA or Foresters.

I haven't found that AARP plan to be much competition against any of my companies. They are really a non issue to me. Their universal life for older people is competitively priced, but, once I show a senior that the premiums are not guaranteed, it's never been an issue.

Maybe it's just me that doesn't have a problem with AARP. I have a friend in the business about 40 miles from me and he is contantly complaining about having to compete with AARP.