What is Bankers Life Doing with FE?

[AllGold]

Talked to a 70yo male NT who said he just got a $25K policy with Bankers Life for about $120/month. It sounds like a graded policy since he thought it had a two year wait but wasn't sure. He is in good health; nothing should put him into a graded or modified policy.

The rate is quite a bit too low for a $25K WL for that age so I figure it is probably half the coverage with the other half being AD. Just wondered if that is the gimmick Bankers is pushing these days?

 

[gordon112]

Talked to a 70yo male NT who said he just got a $25K policy with Bankers Life for about $120/month. It sounds like a graded policy since he thought it had a two year wait but wasn't sure. He is in good health; nothing should put him into a graded or modified policy.

The rate is outrageous for a $25K WL for that age so I figure it is probably half the coverage with the other half being AD. Just wondered if that is the gimmick Bankers is pushing these days?

Nothing new about Bankers Life, they have been pushing the same over priced policies where the agents do a crappy job of explaining what they are actually purchasing. You should be able to help, but if you replace remember that Bankers agents are trained to go back and explain explain explain after the fact to conserve business...its the bankers way of doing it

 

[coloradoseniormarket]

Nothing new about Bankers Life, they have been pushing the same over priced policies where the agents do a crappy job of explaining what they are actually purchasing. You should be able to help, but if you replace remember that Bankers agents are trained to go back and explain explain explain after the fact to conserve business...its the bankers way of doing it

Premium sounds about right. The agent may or not go back depending where they are located. Use price and AM Best rating against them.

 

[joshInagent]

The price sounds about right. I think it's a three year graded policy, I worked at bankers for six months starting out. Was he in good health? And how long ago did he purchase it?

 

[AllGold]

Yes, good health. He got it 2-3 month ago.

So you guys are telling me that a $25K WL policy from Bankers is $120/month for a 70yo male, when everyone else is $160 or higher? And it's a graded policy to boot?

 

[Norwayguy]

Yes, good health. He got it 2-3 month ago.

So you guys are telling me that a $25K WL policy from Bankers is $120/month for a 70yo male, when everyone else is $160 or higher? And it's a graded policy to boot?

It's been almost 13 years but when I was with Bankers the policy was modified ie return of premium for first 2 or 3 years.

 

[jemelton]

My guess is that it's an underfunded UL.....

 

[JFBAgent]

That price seems low. I used to go in all the time 3 years after a Bankers FE was written and replace it with another policy at a lower premium.

The 13T and 13U series FE with Bankers included an accidental death rider at no cost. They would call a $10,000 WL a "10/20" policy.

I have seen many, many underfunded UL's too...some were borderline criminal...UL's only guaranteed for 5,6,7 years. Been in homes where I didn't have the heart to tell the sick old man his "whole life" policy was imploding in 3 years.

Their fully underwritten life products in any face amount $25k and below used to be underwritten on a non-medical basis. An MIB check, the app, and if everything is clean they issue the policy. Seen lots of underfunded ULs being sold as FE Whole Life.

 

[Tearmann]

Talked to a 70yo male NT who said he just got a $25K policy with Bankers Life for about $120/month. It sounds like a graded policy since he thought it had a two year wait but wasn't sure. He is in good health; nothing should put him into a graded or modified policy.

The rate is quite a bit too low for a $25K WL for that age so I figure it is probably half the coverage with the other half being AD. Just wondered if that is the gimmick Bankers is pushing these days?

Alot of good information here...Banker's has several different types of policies; some of which only guarantee the premium until age 80 then the premium increases significantly each and every year thereafter.
I would might the guy and go over his policy - be sure to tell him his choice in whole life is the right thing to do and then explain his Banker's policy. You're the educator there to help.

 

[nfl72]

Until you see his policy in writing all you really have is conversation. Very rarely does a policy owner know what they really have. It could be term, whole life, have a big A/D rider have a two or 3 year wating period, payments may go up. There is no way of knowing what he has for sure, until you read the policy.

If go to his house and spend time with him and sell him on why your a better agent you will more than likely get his business. Bankers Life policies in my area are very easy to beat. Most of the time they have 2 agents there and they badger the client into doing something.

Nine times out of ten you can get them a better policy and most of the time you won't even need to. Bankers Life agents are badgered by their managers and they inturn badger their clients. **** runs down hill. People buy from those they like and most people don't like to be Badgered.