Advocate is defined in the dictionary as “one that supports or promotes the interests of another”. There are several “advocacy” groups that promote life insurance to their members or to the group of people that they would suggest they are advocates on behalf of.
Let me suggest three advocacy groups that you would suspect would offer the best possible life insurance products to their members or audience, when in fact they offer downright bad deals and try to gloss it over by appearing to be your “friend”.
Let’s start with Gerber. I’m not sure if their baby food is any good, but I can tell you that the juvenile life insurance, or child’s life insurance they offer, is far from a good deal. They offer a guaranteed issue product, but from a price and benefit standpoint it pales in comparison to what can be found through an independent life insurance agent. Pretty baby on the jar. Lousy life insurance!
Next let’s talk about the AOPA. For those that don’t fly airplanes, that is the Aircraft Owners and Pilots Association. Go to their website and you will see how they purport to be advocates for private pilots in just about every area, including life insurance. Their company of choice is Minnesota Life. There are so many companies out there that can beat Minnesota Life for aviation covered life insurance, that if you weren’t depending on them to be your advocate, it would be laughable. If you dig into the life insurance end of their website you will actually find where they admit that they get a kick back from Minnesota Life which they use to further their advocacy. Maybe Minnesota Life’s rates are high because they have to pay the AOPA to steer business their way.
And last but not least, being old enough to be a member, our beloved AARP. Now claiming to be an advocate for us old folks and really not doing it is, well, WRONG!!!!!!!!!! AARP pushes a New York Life term product that is overpriced to start with, the price goes up every 5 years, and after age 80 it goes away. “One that supports or promotes the interests of another.” Now I don’t know if AARP gets a kickback from New York Life, but I do know that they don’t allow any other life insurance advertising in their periodicals or on their website.
You want an advocate? Someone who really does what the definition suggests? Get your insurance quotes for your term insurance, universal life insurance or whole life insurance from an independent life insurance agent. Get unbiased advice from an agent that isn’t being an advocate to a specific insurance company or an organization, but to you.
This post is somewhat dated. Life insurance underwriting is changing and evolving continually. For more updated information check out some of the key word links. If you have a specific question or topic you need information for do a search. If you don’t find the answers you need contact me and we’ll make sure you get the information that is important to you.