Best Final Expense carrier for 84 year old?

[gradyinsurance]

I have a 84 year old prospect, who needs around 30k worth of coverage. She has enough health problems not to qualify for my UL policies, but not enough to warrant Guaranteed Issue. I don't have any good final expense carriers right now, so I was wondering if anyone had any ideas? This is my first appointment this week (my only one so far :( ), and this would be my first sale this month , and I would greatly appreciate your advice.

Thanks, Dave.

 

[GreenSky]

I have a 84 year old prospect, who needs around 30k worth of coverage. She has enough health problems not to qualify for my UL policies, but not enough to warrant Guaranteed Issue. I don't have any good final expense carriers right now, so I was wondering if anyone had any ideas? This is my first appointment this week (my only one so far :( ), and this would be my first sale this month , and I would greatly appreciate your advice.

Thanks, Dave.

The first company I grabbed was Americo. They go to $30,000 even for 84. She must be a non-smoker to qualify.

Immedate benefit: $183.38 per $1,000 plus $40 fee. She's too old for the graded.

I can give you my FMO's info if you send me a PM.

But...there are many other carriers who will go to 85.

Rick

 

[2112Greg]

I'm looking for an option for final expense for a 72 year old female who has congestive heart failure, but in otherwise good health (I know, that sound weird, but she's great, I've met her...spritely and sharp...just that heart thing and no FE). I've run across Americo before...but not used them. Re-looking now. Any other carriers worth looking into?

Please help, I'm meeting with her daughter on Wednesday morning!

 

[Newby]

I'm looking for an option for final expense for a 72 year old female who has congestive heart failure, but in otherwise good health (I know, that sound weird, but she's great, I've met her...spritely and sharp...just that heart thing and no FE). I've run across Americo before...but not used them. Re-looking now. Any other carriers worth looking into?

Please help, I'm meeting with her daughter on Wednesday morning!

The Americo Eagle II is a guaranteed issue up t $10,000 for her for $161.16 monthly (lifetime pay)

Presidential has guaranteed issue which is less expensive but I don't have the rates handy.

A pre-need company would be another choice is you can work with a funeral home.
Forethought has an increasing benefit policy (usually compounded at 3% for $165.75 on a 10-year pay

Monumental has a 4% simple compounding policy at $161.90 with a 3-year same as cash payoff. That's what I would usually sell her. She pays the $161.90 for 36-months = $5,824.40 and has the option to pay a lump sum of $4,175.60 to pay it off. Total paid = $10,000 over 3-years and policy increases by 4% annually (tax-free) for the rest of her life. Also pays the death benefit to a funeral home within 48-hours of death with no death certificates required (in Kentucky it takes 2 to 4 weeks to get a death certificate so this is important to us.)

Don't forget all the options you have with single-pays also. I think many agents think people always want payments but 50% of my final expense sales are single-pay.

 

[policy doctor]

Newby...thanks for that info on Monumental and their quick-pay.

News to me and I agree many families need quick access to that money.

 

[Newby]

Newby...thanks for that info on Monumental and their quick-pay.

News to me and I agree many families need quick access to that money.

Keep in mind, that's only on the Monumental Pre-need policies. Their regular final expense policies don't have it.

All the Pre-need companies (Forethought, Homesteaders, Monumental etc.) have pre-need policies that are designed for funeral preplanning and those policies have limited payments (3, 5 or 10-year) increasing death benefits, and immediate settlement at death if the claim is filed by a licensed funeral director.

They are all guaranteed issue also. And most have a "same as cash" payoff provision.

 

[arnguy]

I have heard that Lincoln Heritage has some good final expense policies. Inasmuch as I am not in that market, I do not know this from first-hand experience.

 

[2112Greg]

OK, I've not done FE much in the past, so I'm kinda mixed up by something. I appointed with Americo to offer the Eagle Series II product at $161 a month. After about 5 years, the premiums paid will be about equal to the death benefit.

I'm not clear on what happens then...why would anyone in their right mind continue to pay into a policy that continues to exceed the benefit?

Help me out here...I'm missing something (obviously!)

 

[Newby]

OK, I've not done FE much in the past, so I'm kinda mixed up by something. I appointed with Americo to offer the Eagle Series II product at $161 a month. After about 5 years, the premiums paid will be about equal to the death benefit.

I'm not clear on what happens then...why would anyone in their right mind continue to pay into a policy that continues to exceed the benefit?

Help me out here...I'm missing something (obviously!)

That's why it's important to have a same as cash option. If you do the math on any final expense type policy (especially the pay for life type) they have almost always paid in more in premium then they recieve in death benefit when they die. I've done the math on thousands of them. The only way they can beat this is to die young.

 

[2112Greg]

OK, assuming they live past the term of the policy, they continue to pay in order to get the cash out of it dollar for dollar...do I have that right?