Case help 200,000+

[WinoBlues]

Good Thread.

Seems like a throwback to when most were like this.

 

[WinoBlues]

We have a bunch of traditional life insurance agents at The Insurance Squad that could probably help better than I could, however based on what you said you may want to look at a universal life product to keep premiums down. On bigger cases like this I like to get a client through with their wishes without having to do a paramed because you never know what will pop up. Once they do the blood & urine and the case gets issued then you can always turn around and do the blood & urine if they want to try and beat the offered price. But off the top of my head my suggestion would be:

Foresters Smart UL could go up to $99,999 (NON-MED) (NO PARAMED/NO BLOOD) and target premium would be $508/month to age 100.

But I could have some of the guys on The Squad that are smarter than me help you out if you would like. You can reach me at [email protected]

Matt, quick question. Is this the blended UL? I think with a 15 year term.

 

[KCBell73]

You act like interest rate is THE mitigating factor in a non-guaranteed UL policy. Don't you find COI -- which is not guaranteed to remain at current projections, and which can increase up to (likely) 2x current, is a much more important consideration?

For instance, the COI spread on an 80 FT (looking 10 years into the policy life) might be something like Current: $5.50 per 1000, per month versus Guaranteed $10.00 per month, per 1000. On a 200K policy that's $4.50 x 200 x 12 = $10,800. Is 2.5% interest on a dwindling cash value going to offset that?

I would not sell a 70 year old a non-GUL. I've seen enough dead/dying UL policies to last a lifetime. I'm familiar with MoO's -- I've sold a lot of them. It looks like AIG is priced better, at least in certain sectors. But pricing, much like interest rates, can be waved as bait while the insured pays for it on the UW classification. I.E., a ST w/ the "lower priced" carrier might qualify for ST+ with another.

In other words, I don't have a recommendation for her situation, as described. I know what I would not do. I'd also feel like if I couldn't convince her to take a paramed exam, then I wouldn't feel I had enough control of her to proceed in her best interests.

I don't have a problem getting her to take a paramedic exam. But you guys keep quoting 100,000. This SON has 1000/mo to spend on his mother's insurance and he wants 200,000 or more. What if a paramed pulls something bad and then I can't get her in ANYWHERE? Phoenix offers increasing coverage with a high start of 200,000 with no paramed, living benefits and index against s&p. But I'm all ears. That's the reason I asked here. Who do u know paramed or otherwise who will offer coverage at 200000 or more in the range of 1000/mo.

 

[SPUR CITY]

I don't have a problem getting her to take a paramedic exam. But you guys keep quoting 100,000. This SON has 1000/mo to spend on his mother's insurance and he wants 200,000 or more. What if a paramed pulls something bad and then I can't get her in ANYWHERE? Phoenix offers increasing coverage with a high start of 200,000 with no paramed, living benefits and index against s&p. But I'm all ears. That's the reason I asked here. Who do u know paramed or otherwise who will offer coverage at 200000 or more in the range of 1000/mo.

I'm with you on avoiding the paramed on this situation. You can always circle back around to it later if need be. Foresters Smart UL goes to 150K according to the Foresters rep I spoke to today without blood/urine but I'd roll with the Phoenix plan for now.

Other carriers with blood/urine options that will do 200K for a 70 yr old tobacco user that come to mind would be: North American, Protective Life, Principal National Life, Banner Life, Lincoln National Life, American General, United of Omaha

 

[SPUR CITY]

Matt, quick question. Is this the blended UL? I think with a 15 year term.

Hey Wino! No bud not to my knowledge

 

[TxJohnny]

I don't have a problem getting her to take a paramedic exam. But you guys keep quoting 100,000. This SON has 1000/mo to spend on his mother's insurance and he wants 200,000 or more. What if a paramed pulls something bad and then I can't get her in ANYWHERE? Phoenix offers increasing coverage with a high start of 200,000 with no paramed, living benefits and index against s&p. But I'm all ears. That's the reason I asked here. Who do u know paramed or otherwise who will offer coverage at 200000 or more in the range of 1000/mo.

If you avoid the paramed, you're basically starting her at Table 4. The cost of that rating, above standard, will be felt. For instance, you will settle for a policy with bells & whistles instead of hard and fast guarantees.

An agent need not be afraid of an exam. When I worked as a mgr. I saw hundreds of fully underwritten case through to issue each year, many requiring medical records as well. Most were issued as applied for.

The key is taking an accurate (prying) medical history, and then being familiar with the company's underwriting guidelines. Most companies give a risk assessment, if you're unsure. Call them and speak to an underwriter.

Unless labs turn up cancer or AIDS or some such, her exam won't prevent you from pivoting to a simple issue case if you don't like the carrier's offer.

BTW: AIG is $1048 per month, guaranteed full to age 121.

Good luck.

 

[jdeasy]

I don't have a problem getting her to take a paramedic exam. But you guys keep quoting 100,000. This SON has 1000/mo to spend on his mother's insurance and he wants 200,000 or more. What if a paramed pulls something bad and then I can't get her in ANYWHERE? Phoenix offers increasing coverage with a high start of 200,000 with no paramed, living benefits and index against s&p. But I'm all ears. That's the reason I asked here. Who do u know paramed or otherwise who will offer coverage at 200000 or more in the range of 1000/mo.

Early in the thread I said that KSKJ would do $200K whole life for a little over $900/mo. There would be an exam.

RNA is a little $1000/mo for $200K whole life. Exam there too.

 

[SPUR CITY]

Some options

 

[NewbieNewbie]

The big elephant in the room on this case I think is financial underwriting. The son is willing to pay for it but at 200k and age 70 they are going to want her to make at least 40k a year or have a decent net worth with most carriers.

 

[KCBell73]

Ok. Thanks again everyone. Phoenix at max mec avoidance premium of 956/mo goes to age 121 with an illustration estimate of 6.5%. The product matches s&p 500 to a high cap of 11% (current s&p ytd - 15.29%) and a guaranteed zero floor OR to a fixed account at 4% with a floor of 1%. The worst case scenario? If in the entire lifetime of the policy it never earns more than the fixed floor at 1% ? It still illustrates to age 94.
So I still think Phoenix uil is best bet. And BONUS not having to do a paramed for 200,000 increasing coverage.
But thanks for all the info. Just confirmed what I thought. That I chose right from the start.