What would you do

[springbokhouston]

I would do the right thing and help them convert their AARP into a Whole Life regardless of what the cost is. That will assure that there's no waiting period. If they wanted to add on I would throw it at Great Western and see if it sticks.

Oh, then I would ask them what they are doing with their healthcare

 

[Life Hawk]

I had an appointment with a 66 year old man who wanted to get rid of his aarp term policy and get a whole life. I explained to him how at the price he's at he's going to either get less coverage or have to pay more to which he didn't object. Problem is he has heart issues and wasn't able to qualify for anything first day. I told him that if he kept the aarp and he died tomorrow his wife would get the full benefit but he wanted to get rid of it anyway since "his bill" (his words) kept getting higher. Would you guys have left it where its at or sold him a graded policy??

Good question...

And now we know why AARP renewable term is a sucker punch to trusting clients...

Truthfully... going against the grain of some here... I would have worked to replace it in full disclosure to the client...

That AARP will go in one of two ways... dropped for being too expensive or he's dropped for terming the plan...

We don't call the future for people... death is a real thing... he's at risk...
But... he asked you to help him make the change...

If it where me and after a full explanation of the issue it still made sense to him to move forward... the ink would have been dry by now.

OK... now for the mud slinging

 

[goillini52]

I didn't look at rates though. With their new rates I'm not sure if they do better than BF. The Graded pays out slightly better but if it's significantly more expensive it might not be worth it.

Worth checking.out.

Aetna would be the better way to go $10K is $93.33 a month and like you said they have a better Graded 40%/75%/100%.

 

[Rearden]

Do the right thing and recommend an internal conversion with NYL.

Great Western won't take CHF level (read the Agent Guide for clarification on CHF).

While you won't make the sale, your karma power level shall increase mightily.

 

[NSRH]

If the man didnt know it was term, and thought it was whole life, I wouldnt recommend the conversion. He deserves a better agent, IMHO.

 

[goillini52]

Do the right thing and recommend an internal conversion with NYL.

Great Western won't take CHF level (read the Agent Guide for clarification on CHF).

While you won't make the sale, your karma power level shall increase mightily.

I have read the UW Guide, that's why I recommended Great Western.
From Pages 14 and 15.
V
V
V
"Exemption for Prescribed Maintenance Medication and Accompanying Treatment All medications taken or prescribed to applicant for disqualifying conditions during the past two years must satisfy the maintenance medication exemption as described below or the applicant should select "Yes" to question three on the application. Applicants are not required to select "Yes" to question three if the prescription(s) that they have are for maintenance medication. Maintenance medications are those medications that have remained the same (or the generic equivalent) over the past two years. These are drugs that have been prescribed for chronic, long-term conditions and are taken on a regular and recurring basis; medications that have been prescribed for use "as needed" are not included in this definition. The prescribed dosage can have decreased over the past two years, but it cannot have increased during that time."

"Listed below are the names of some common illnesses associated with the disorders named in the health questions. Being diagnosed with, receiving treatment or taking medication for any of the diseases or disorders below disqualifies the individual for first-day coverage, unless the treatment received and/or medication taken meets the conditions mentioned above for exemption."

"Heart Disorders – includes, but is not limited to, the following: Angina Pectoris Heart Attack Congenital Heart Disease Ischemic Heart Disorder Congestive Heart Failure Myocardial Infarction Coronary Artery Disease Pacemaker Coronary Insufficiency Valvular Diseases Coronary Occlusion"

 

[suranceman]

If the man didnt know it was term, and thought it was whole life, I wouldnt recommend the conversion. He deserves a better agent, IMHO.

A good agent is important and indeed valuable. However, given the clients health, they REALLY need a plan that covers them right now.

There's pros and cons to everything. In this case, the pros of having permanent coverage via NYL, having no waiting period or contestability clause is FAR more valuable than a good agent who can only offer a two year waiting period policy at a much higher premium.

 

[Life Hawk]

If the man didnt know it was term, and thought it was whole life, I wouldnt recommend the conversion. He deserves a better agent, IMHO.

Speaking of an agent... did he really have one or was it just something he did on the phone or through the mail...

I opinion of an agent is someone who sits in front of you... and can come back when needed and fill out the claim for his wife.

 

[NAF1138]

Do the right thing and recommend an internal conversion with NYL.

Great Western won't take CHF level (read the Agent Guide for clarification on CHF).

While you won't make the sale, your karma power level shall increase mightily.

My reading of the agent guide and conversations with GW underwriters says different What are you seeing that I missed?

 

[goillini52]

If the man didnt know it was term, and thought it was whole life, I wouldnt recommend the conversion. He deserves a better agent, IMHO.

He didn't buy it through an agent.

So technically, you're right.