Old American question

[goillini52]

I don't do 20 pays only 10 pays so your 20 pay example wouldn't apply to my sales approach.

The Last 10 pay I did was on a 55 yr old lady who just purchased insurance about five months before I met with her. The price was pretty good so my last option was to show her a 10 pay option. When I did that she didn't know that a 10 pay was even an option. Keep in mind this happened BEFORE Settlers 10 pay option increased in price. Long story short the client started doing the math and it was a no-brainer. With my option they were going to pay about 6000 into her $10,000 plan and with her current lifetime option that I was replacing, if she lived to life expectancy (I showed her the chart) she was going to pay almost double than what she would have paid with mine.

Those numbers wouldn't be as nice today since Settlers has raised their 10 pay prices however but she & her husband happily decided on the 10 pay.

Also one of their biggest pros to the 10 pay was being done paying for it by age 65. Since they were currently working it wasn't a big deal to pay that extra cost now so that way when they retire they will have one less bill to worry about and more Social Security money in their pocket.

What do you think of Sentinel's Paid up at 65 and 85? I've only sold Lifetime Pay with them.

 

[SPUR CITY]

What do you think of Sentinel's Paid up at 65 and 85? I've only sold Lifetime Pay with them.

Hey monkey, that is a product we are just starting to really learn more about. Our Med Supp mentor brought Sentinel to our attention so we recently added it to the arsenal. They seem to be very good for BOTH supps & FE. However, the paid up at age 85 product I don't quite see the benefit in.

 

[goillini52]

Hey monkey, that is a product we are just starting to really learn more about. Our Med Supp mentor brought Sentinel to our attention so we recently added it to the arsenal. They seem to be very good for BOTH supps & FE. However, the paid up at age 85 product I don't quite see the benefit in.

I don't use them much for Med Supps, I've got quite a few that are priced better, but I really like their FE product a lot.

 

[SPUR CITY]

I don't use them much for Med Supps, I've got quite a few that are priced better, but I really like their FE product a lot.

Yea I hear you. Certainly state specific when it comes to price.

 

[Mattschmidt]

Me: "I'm glad you asked Mrs. Jones! Yes, as a matter of fact we are one of the few agencies in the country that can help clients get a policy that's paid up within 10 years. Keep in mind it will be more expensive per month than a lifetime payment plan, much like a 15 year mortgage is more expensive per month than a 30 year mortgage. Let me share those prices with you too and then you can make a decision on which price is best for you and your budget Mrs. Jones"

Usually the 10 pays are best for people under age 60 but I can still make sense for those up to age 65.

Good post. But how are you one of the few agencies who offer 10 pay when in reality about 98% of insurance force can offer?

Maybe the line is used to discredit previous agent

Just curious

 

[wynne]

So a client of mine replaced his Foresters PlanRight policy with an Old American 10-pay. Foresters was a 10k at 62.61/month. Old American agent knocks on his door (client is an incessant card filler-outer) and writes a 5k 10-pay at 60/month. Agent tells the guy that after 10 years he doesn't have to pay any more premiums and the face amount will be 8400. I have never heard of an FE product that increases the face like that. Anyone know if such a beast exists?

I haven't seen the actual policy as I'm deciding if it's worth my time to even drive out to the knucklehead's house.

Yes. Old American does have a ten play plan where the death benefit increases. I used to write for them. I cannot remember how much it increases, but I assure you that it does exist.