Thoughts on selling over age 80

[yabadabadoo1026]

I'm pretty passive on this to the point I might start quoting over the phone cause in good conscience it doesn't make good sense for most of them so I don't feel good about it----------often after 3 years they have paid in what they will get out.

Thoughts??

 

[Todd King]

I'm pretty passive on this to the point I might start quoting over the phone cause in good conscience it doesn't make good sense for most of them so I don't feel good about it----------often after 3 years they have paid in what they will get out.

Thoughts??

You are quite correct in your thinking. They should probably go down to the funeral home and make a deal with them at this point.

 

[VolAgent]

You are quite correct in your thinking. They should probably go down to the funeral home and make a deal with them at this point.

By the same logic the vast majority of the FE crowd shouldn't be buying FE.

Sell them what they want. Lots of people over 80 will buy FE, or their children will, if you give them the chance.

 

[jdeasy]

I'm pretty passive on this to the point I might start quoting over the phone cause in good conscience it doesn't make good sense for most of them so I don't feel good about it----------often after 3 years they have paid in what they will get out.

Thoughts??

They have already lived longer than they were supposed to actuarially.

So why is it a good idea for them to wait 3 or 4 years to have coverage?

I love selling to over 80. No selling them on the idea that they need it. The premiums are high.

But no one should sell a product they don't believe in. No matter the age.

 

[Todd King]

By the same logic the vast majority of the FE crowd shouldn't be buying FE.

Sell them what they want. Lots of people over 80 will buy FE, or their children will, if you give them the chance.

Oh, I know there are those that will buy, but is it not cheaper for them to go straight to the funeral home at this point? This is an honest question.

 

[VolAgent]

Oh, I know there are those that will buy, but is it not cheaper for them to go straight to the funeral home at this point? This is an honest question.

Again, by the same logic, why not go get a GUL or fully underwritten whole life instead of FE?

I believe Newby knows pricing for pre-need better, but I'm not sure it would be cheaper. I know some plans limit or eliminate multi-pay plans at those ages. They or their children may be able to afford 100-150 a month, but not 200 or 300 a month or more for a pre-need plan, even if it is a better option.

 

[jdeasy]

Oh, I know there are those that will buy, but is it not cheaper for them to go straight to the funeral home at this point? This is an honest question.

It would cost them far more to buy a preneed plan than a life policy.

I've never understood the thinking expressed in this thread about the price paid for the coverage. And it's only life insurance that gets that treatment.

People pay for car and home insurance and don't consider it lost money if they don't have a wreck, don't have a house fire or don't get robbed.

But life insurance money they threw away if they didn't die?

 

[Todd King]

Again, by the same logic, why not go get a GUL or fully underwritten whole life instead of FE?

I believe Newby knows pricing for pre-need better, but I'm not sure it would be cheaper. I know some plans limit or eliminate multi-pay plans at those ages. They or their children may be able to afford 100-150 a month, but not 200 or 300 a month or more for a pre-need plan, even if it is a better option.

"It would cost them far more to buy a preneed plan than a life policy.

I've never understood the thinking expressed in this thread about the price paid for the coverage. And it's only life insurance that gets that treatment.

People pay for car and home insurance and don't consider it lost money if they don't have a wreck, don't have a house fire or don't get robbed.

But life insurance money they threw away if they didn't die?"

Seems I remember a few years ago (10+) where some of my clients priced out the pre-pay at the funeral home and it was cheaper than an FE policy. That's what I was going by. I guess I should check on those prices myself instead. I hate to give bad advice!

 

[yabadabadoo1026]

It would cost them far more to buy a preneed plan than a life policy.

I've never understood the thinking expressed in this thread about the price paid for the coverage. And it's only life insurance that gets that treatment.

People pay for car and home insurance and don't consider it lost money if they don't have a wreck, don't have a house fire or don't get robbed.

But life insurance money they threw away if they didn't die?

Jd, I just don't see it exactly the same as house insurance and I've used the house and car insurance analogy in addressing objections to those where the math did made more sense than over 80s.

Now if YOU were a typical FE person are you telling me you would buy a policy AT 83 that breakeven in 3 years lets say when you expect at least to be around much longer. I wouldn't, I would discipline myself to fund a separate savings acct monthly rather than being in a losing situation after 3 years otherwise. That's what I tell healthier folks worried about getting off a Supplement plan and going to advantage with cost sharing---ie keep making that payment of premium you are now savings to yourself to fund a medical acct .. We know at younger ages the breakeven point of premium vs coverage is never given a thought but at 80 above theres no escaping it

 

[yabadabadoo1026]

yes, I realize its a gamble , the first 3 years that self-funded account would be short of the coverage------------it being added coverage vs only coverage and general anticipated remaining life all enter into what makes sense or not