$20,000.00 Death Benefit

[honestagent]

Recieved a call from a client who is looking for more final.

She has 10K @ $58.00 p/month. ( I wrote her on that 2 years ago).

She also has a 5K @ $23.00 p/month. (She purchased years ago from someone else).

She is 73 and a non-smoker.

She's paying almost 80 some dollars now and I'm wondering for an extra 10 or 15 dollars, if I can get her and extra 5K.

Wondering if anyone knows of a company for $90-$95 p/month for 20K death benefit?

Thanks much in advance. It's been a while since I've sold FE. Any input is greatly appreciated.

 

[Newby]

Recieved a call from a client who is looking for more final.

She has 10K @ $58.00 p/month. ( I wrote her on that 2 years ago).

She also has a 5K @ $23.00 p/month. (She purchased years ago from someone else).

She is 73 and a non-smoker.

She's paying almost 80 some dollars now and I'm wondering for an extra 10 or 15 dollars, if I can get her and extra 5K.

Wondering if anyone knows of a company for $90-$95 p/month for 20K death benefit?

Thanks much in advance. It's been a while since I've sold FE. Any input is greatly appreciated.

Oxford would put her at $101 if she is a healthy non-smoker for $20,000 coverage.

Or she can keep her current policies in place and add $5,000 additional for $27.25 monthly. for a total of $108.25

Depends on whether she wants the lowest rate with 2-years contestability or pay a little more with her original $15,000 being uncontestable.

Also if she decides to write the whole deal with Oxford she will be able to cash surrender the other two and benefit from keeping any money she gets back from that.

Make sure you get a replacement form signed if she decides to do that because if she dies during the two year contestability period, that replacement form is your protection that it was her decision and she understood the downside.

 

[honestagent]

Newby, thank you for the reply.

Newby raised several valid points, one being about the replacement and 2 year contestability period and I'm wondering if anyone has ever encountered the downside on this matter?

 

[Newby]

honestagent sent me an IM with further questions on this and I am going to post it and the reply here because it can help others.

HONESTAGENT- Hello and I thank you so very much for the wonderful reply.

It's been quite a while since I've written final and since you seem to know so much, can I please trouble you for some more of your expertise advice.

1. She is looking to convert both of those policies into one and if she does this what is the downside? IN other words, if I have her sign the replacement form, and if say she died in the 2 year contestability period, would the company not pay it out or give her a hard time? Is that what you have found in your experience working with final? What would you do in a case like this if you don't mind me asking?

2. Do you know of a good FMO/IMO with Oxford I can work with or can I contract with them directly? What is the highest commission you have seen? Do you know Oxford's ratings?

3. Is Oxford's apps anything like Americo or Motorists'? Do they have a phone interview? Looking for easy issue and guranttee if they have it.

4. Who is a runner up for final that you also would recommend I look into - how about Chesapeake?

I need to put final back into my bag and not sure where to start. The call I received from her yesterday obviously jolted that. I have been focusing so long on Medicare and just ended that run and need to change hats for a while so your input and advice is very much so appreciated.

Thank you so much again for your help!

NEWBY- Glad to help.
For Oxford I go though Greg Moore at Asureco Asurco Insurance Marketing They are a small IMO and very nice people. Oxford pays a lower commission than most (90% first year I believe)

Other than them I prefer Forethought and Monumental but both will be higher on the payment. Forethought is rated A Monumental is A+ and Oxford is B+

The problem with rewriting her old policies is; no matter how healthy she is, if she dies (non-accidental death) within the first two years, they will contest the claim. This will hold up the claims process and the policies will NOT be assignable to a funeral home until they are over two years old.

She just needs to determine how likely this will be a problem to her family. If they have plenty of money, it's no real problem (they can put the funeral on the kids credit card and wait for the insurance to settle.) If the kids are dirt poor it can be a real problem.

Any policy that is two years old or older (and has a named beneficiary that is present at the funeral home) can be cash advanced by the funeral home by assigning the policy to Forethought (and/or several other advancing companies in the funeral business) and the money is available immeadietely for a 5% fee. No policy that is less than two years old will be considered.

If the policy is a Forethought policy, there is no additional fee because the immeadiete payout feature is built-in to their policies.

 

[InsuranceJosh]

Also look at the old policy to see how much paidup insurance it has.

So if it has $2000 paid up insurance then you would only need to write her a 18,000 plan.

 

[senior-advisor-indiana]

You can get up to 105% for oxford.

 

[Newby]

You can get up to 105% for oxford.

Who is that through? I've been at 105% but Greg Moore told me it will soon go down to 90%. Then I talked to other agents and they only had 90%

I'm not sure what's going on there. So far everything I've sold has been at 105% though.

 

[senior-advisor-indiana]

ADR Marketing in Cali

 

[honestagent]

honestagent sent me an IM with further questions on this and I am going to post it and the reply here because it can help others.

HONESTAGENT- Hello and I thank you so very much for the wonderful reply.

It's been quite a while since I've written final and since you seem to know so much, can I please trouble you for some more of your expertise advice.

1. She is looking to convert both of those policies into one and if she does this what is the downside? IN other words, if I have her sign the replacement form, and if say she died in the 2 year contestability period, would the company not pay it out or give her a hard time? Is that what you have found in your experience working with final? What would you do in a case like this if you don't mind me asking?

2. Do you know of a good FMO/IMO with Oxford I can work with or can I contract with them directly? What is the highest commission you have seen? Do you know Oxford's ratings?

3. Is Oxford's apps anything like Americo or Motorists'? Do they have a phone interview? Looking for easy issue and guranttee if they have it.

4. Who is a runner up for final that you also would recommend I look into - how about Chesapeake?

I need to put final back into my bag and not sure where to start. The call I received from her yesterday obviously jolted that. I have been focusing so long on Medicare and just ended that run and need to change hats for a while so your input and advice is very much so appreciated.

Thank you so much again for your help!

NEWBY- Glad to help.
For Oxford I go though Greg Moore at Asureco Asurco Insurance Marketing They are a small IMO and very nice people. Oxford pays a lower commission than most (90% first year I believe)

Other than them I prefer Forethought and Monumental but both will be higher on the payment. Forethought is rated A Monumental is A+ and Oxford is B+

The problem with rewriting her old policies is; no matter how healthy she is, if she dies (non-accidental death) within the first two years, they will contest the claim. This will hold up the claims process and the policies will NOT be assignable to a funeral home until they are over two years old.

She just needs to determine how likely this will be a problem to her family. If they have plenty of money, it's no real problem (they can put the funeral on the kids credit card and wait for the insurance to settle.) If the kids are dirt poor it can be a real problem.

Any policy that is two years old or older (and has a named beneficiary that is present at the funeral home) can be cash advanced by the funeral home by assigning the policy to Forethought (and/or several other advancing companies in the funeral business) and the money is available immeadietely for a 5% fee. No policy that is less than two years old will be considered.

If the policy is a Forethought policy, there is no additional fee because the immeadiete payout feature is built-in to their policies.

Wow such great advice; thanks for posting all of the priceless diretives to take; and most importantly, for taking the time to thoroughly advise. I do appreciaet your time and experience.

What it's all going to boil down to is asking if they have X # of $$$ to cover during 2 year period and I'm going to assume no but I'll ask anyway, which will determine if it makes sense to re-write with replacement. I don't see a sale here but that's okay. Maybe an additioanl 5K now that I know she is willing to go an extra 20 or maybe 30 dollars for 5 K if I can find such a deal. I love this board!!! You all are so great!!! Newby, thank you so very much again for going this extra mile and sharing this with everyone.

 

[honestagent]

My digger!!!

ADR Marketing in Cali