I ran across a guy today that was a member of AARP and he got a letter in the mail about AARP NYL guaranteed issue whole life and he was 75 n/t and was in remission for prostate cancer as of 2 months ago so the best I could get him was a 6k modified benefit with Amcon for 74.xx and he was able to get the GI 6k from NYL for $61. Does any one know of a better fit for this person's situation? I thought AARP/NYL had high rates that were easy to beat?
AARP New York Life
- Thread starter DC2188
- Start date
- 7,041
They're GI is competitively priced, I've noticed, especially if they smoke. Gerbers is $75.17. And for AmCon, that's they're graded product (at least that's the price you quoted), not modified. Graded is 40/75/100. Modified is 2 year ROP.
- 19,980
Something doesn't sound right about that rate. MoO is $61 for $5000.
AARP is probably not GI. Nor is is whole life. Their "permanent" is that in name only. They can change the rates on the permanent.
Did you see this policy?
- Thread starter
- #4
Yeah I looked at the letter and even called aarp NYL with him and it is whole life and even said whole life on the letter that's why I was surprised.
- 19,980
They can change the rate. I will bet you anything you want to bet that he won't get a $6000 policy at that rate that will say the rate can never be changed.
- Thread starter
- #6
I called aarp with him and asked about it. It is guaranteed issue whole life guaranteed to never go up in price. . . that's why I was pretty surprised at the letter he received from them so I had to call and make sure.
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Yeah sorry about that I was going off he top of my head from what I remembered. I tried getting him graded but he couldn't qualify.
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myonbroker
Expert
- 49
The frustrating comment is the "Guaranteed to never go up". That part I still don't understand how they get away with saying that. I confirmed with NYL they have raised before! I am told all conditions of how they get around things is spelled out in the "terms and conditions" part of the contract. Only problem is they wont release it until the consumer buys. I WOULD LOVE TO SEE THAT DOCUMENT!
- 2,452
The frustrating comment is the "Guaranteed to never go up". That part I still don't understand how they get away with saying that. I confirmed with NYL they have raised before! I am told all conditions of how they get around things is spelled out in the "terms and conditions" part of the contract. Only problem is they wont release it until the consumer buys. I WOULD LOVE TO SEE THAT DOCUMENT!
if you get your hands on one look at page 4. rates can go up if raised on all others in their class. easy replacement.
myonbroker
Expert
- 49
Can they lower the coverage as well?
