06/26/2024
Top 3 Life Insurance Companies You Should Avoid!
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AARP has 3 Products, and New York Life is the underwriter.
AARP Product #1: Level Benefit Term Life
โข Expires at age 80.
โข Insures people from age 50-74
โข Premiums increase every 5 years
โข No cash value
This policy is expensive and temporary. Easily replaceable.
Product #2: Simplified Issue Whole Life
โข Insures ages 50-80, $5,000-$50,000
This product is expensive. Easily replaceable.
Product #3: Guaranteed Acceptance Whole Life
โข Insures ages 50-80, $2,500-$50,000
โข 2 year waiting period.
Very expensive. You can potentially replace with level coverage or at the very least, cheaper GI coverage. Easily replaceable.
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Colonial Penn has 3 types of policies. Their flagship product and mostly marketed one is their guaranteed acceptance policy.
Product #1: Colonial Penn Guaranteed Acceptance Whole Life Insurance
โข No health questions.
โข 2 year waiting period. Return of Premium + 7% if death within 2 years.
โข They sell โunitsโ of life insurance for $9.95. Itโs a very confusing way to sell seniors life insurance.
Easily replaceable. You can beat their rates by 15%-30% every time with a different GI policy. However, oftentimes I can get my clients a level benefit policy and save significantly more with first day coverage.
Product #2: Colonial Penn Whole Life Insurance
โข A typical final expense policy. Day 1 coverage, level benefits and payments.
โข They do a pharmacy report check for qualification + formal health questions.
โข Very strict underwriting. Example, they will not accept insulin-dependent diabetics or any diabetic complications. Nor will they accept any blood thinner usage, COPD, Stroke/TIA, Bipolar, Schizophrenia, Multiple Sclerosis among many other conditions.
Easily replaceable. Most seniors would not qualify for a Colonial Penn Whole Life policy with day 1 coverage. If they do, you can absolutely beat their prices every time.
Product #3: Colonial Penn Term Life Insurance
โข Expires at age 90
โข Payments increase every 5 years
โข Strict underwriting
Easily replaceable. Itโs cheaper than their Guaranteed Acceptance and Level Whole Life Product, but itโs by far the worst of their 3 policies because of the expiration at age 90 and payments increasing.
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Globe Life has 2 different types of policies for adults (they also have a childrenโs whole life policy).
Product #1: Globe Term Life Insurance
โข Rates increase every 5 years. They wonโt show you the price increase on their website at age 81 and 86 because itโs too high.
โข Policy expires at age 90
โข $5,000-$100,000 coverage amounts, ages 18-79
Health questions to qualify:
1. Is the Proposed Insured currently disabled due to illness, confined to a hospital or nursing facility, or does the Proposed Insured require the use of a wheelchair?
2. In the past 3 years, has the Proposed Insured been diagnosed or treated by a member of the medical profession for: Cancer, coronary artery disease, or any disease or disorder of the heart, brain or liver? Chronic kidney disease or kidney failure, muscular disease, mental or nervous disorder, chronic obstructive lung disease, drug or alcohol abuse, or hospitalized for diabetes? Acquired Immune Deficiency Syndrome (AIDS), AIDS Related Complex (ARC) or test results indicating exposure to the Acquired Immune Deficiency Syndrome virus?
3. Does the Proposed Insured have any chronic illness or condition which requires periodic medical care or may require future surgery?
4. In the past 5 years, has the Proposed Insured had his or her driverโs license suspended or revoked; been convicted of any felony; or is the Proposed Insured currently incarcerated?
Product #2: Globe Life Whole Life Insurance
โข Typical FE policy. Day 1 coverage. Level rates and coverage amount.
โข Hard to qualify for
โข Expensive
โข You can only choose $5,000, $10,000, $20,000, $30,000, or $50,000
โข $1 first month marketing
If you would like a quote, feel free to message me!
You can also schedule a phone call www.burialbenefitsboss.com
