Help Replacing NYL AARP

[smokin goose]

Cold calling from a list. Guy says he's got plenty of life insurance for him and his wife. I ask who it's with. When he told me I said its probably term. (I picked up that nugget of knowledge here on the forum) He went on a little rant saying term is crap and he would never pay for that. I told him to do himself a favor and check his policy to make sure and call me back if he needed help or advice.

Sure enough, he calls me back today confirming its term and runs out at 80. He asked how much whole life will cost so I ran a quote on the phone (I know I'll get scolded by the veterans for that).

He's paying $105 a month for the NYL $20k term for both of them. I quoted $10k whole life with Five Star for $115 for both of them.

I did set the appointment, but he is confused as to what to do. He said "I'll be paying a little more for half as much. But it is whole life instead of term. I just don't know?"

He is 70. Wife is 66. NT and no meds. Could I get some advice as how to handle this case when I get in the home Friday morning?

 

[Indy007]

Call into the company with the prospect. Ask when the premiums will increase (should be after 5 years) and what they'll increase to. Calculate those increases to age 80, and ask the prospect if they will be happy paying $X just to lose it at 80. They'll say no, then you should be able to write the 5 Star policies. You might even look at a small GUL for them as they're healthy.

 

[Rearden]

Go fully underwritten.....

 

[WinoBlues]

First I show them I can offer them a better 10 year term (him). I add up the guaranteed AARP rates to age 80 then average those. I remind them that they have to die by the term date.

Then as Dave said if they qualify I do fully underwritten. If not SIWL, assuming they plan to live past 80.

 

[jdeasy]

Cold calling from a list. Guy says he's got plenty of life insurance for him and his wife. I ask who it's with. When he told me I said its probably term. (I picked up that nugget of knowledge here on the forum) He went on a little rant saying term is crap and he would never pay for that. I told him to do himself a favor and check his policy to make sure and call me back if he needed help or advice.

Sure enough, he calls me back today confirming its term and runs out at 80. He asked how much whole life will cost so I ran a quote on the phone (I know I'll get scolded by the veterans for that).

He's paying $105 a month for the NYL $20k term for both of them. I quoted $10k whole life with Five Star for $115 for both of them.

I did set the appointment, but he is confused as to what to do. He said "I'll be paying a little more for half as much. But it is whole life instead of term. I just don't know?"

He is 70. Wife is 66. NT and no meds. Could I get some advice as how to handle this case when I get in the home Friday morning?

If they went RNA's fully underwritten it would them about $185/mo for $25000 face whole life. That the total for both.

They won't beat that price on whole life.

Will they pay $185/mo?

Check Layfayette Life rates for them. I wouldn't have quoted them over the phone if I intended to meet with them but you can't unring that bell.

Press for an appointment with them now and just explain whole life vs term and show them their option. Let them chose what you recommend.

 

[gordon112]

First mistake you made was to set the apt two days out instead of one Actually, I do that as well, but prefer one day only.

I would stress the fact that he is throwing his money away if he plans on LIVING!

I would look at RNA like JD mentioned, and don't shy away from some UL coverage that can solve for 95 or 100 and get him more coverage while maintaining a decent premium.

If he prefers all the guarantees, stick with whole life. For higher dollar amounts, you can't beat RNA.

 

[smokin goose]

I couldn't set it for tomorrow due to other appointments or I definitely would have.

 

[Rearden]

The other problem is that you dared to cold call final expense prospects.

Don't you know that's banned around these parts?

 

[nfl72]

screw fully underwritten, . Talk about cash value. He is betting he will die before age 80, which is a bet he does not want to win. Its a losers bet. Talk about cash value write him up on a FE and move on to the next one. At his age no sense in confusing the issue with fully underwritten. It shouldn't be necessary.

 

[WinoBlues]

screw fully underwritten, . Talk about cash value. He is betting he will die before age 80, which is a bet he does not want to win. Its a losers bet. Talk about cash value write him up on a FE and move on to the next one. At his age no sense in confusing the issue with fully underwritten. It shouldn't be necessary.

At his age? Per the post, he is a healthy 70 year old. Now the small face may say FE but his age does not. I. Have met more successful 70 year olds than successful 40 year olds.