Cheapest 30 yr non med level term age 29

Here’s 2nd page of letter he sent me
nice--you need to keep paying your premiums for $1M, but claim might only pay out $300k

Hopefully he is insurable, but this doesnt sound good at all.

Scary thing is several life carriers that wrote a lot of business 15+ years ago are either no longer in business or no longer selling life insurance (Jackson National, Met Life, GE, Phoenix)
 
Here’s a question for all . My friend had a $1 mil guaranteed 30 yr level term with Phoenix life . The policys about 20 yrs old with 10 yrs to go . Phoenix was taken over by the state . He got letter from state his death benefit max is $300 k during rehabilitation. Phoenix life was known for selling cheap high face amount term . No company is going to buy a 30 yr level $1 mil term at $90 a month with 10 yrs coverage left . The liability is huge with so few yrs left and small premium . What will happen to this policy ? Can an acquiring company reduce the face amount ?
What state is the owner in?

And what @Tahoe Ray said.
 
nice--you need to keep paying your premiums for $1M, but claim might only pay out $300k

Hopefully he is insurable, but this doesnt sound good at all.

Scary thing is several life carriers that wrote a lot of business 15+ years ago are either no longer in business or no longer selling life insurance (Jackson National, Met Life, GE, Phoenix)
True, however the cases I have with JNL, Met and GE are still inforce for the full face and CV, Last I checked they were still convertible. No Comp and usually a crappy conversion option though.
 
nice--you need to keep paying your premiums for $1M, but claim might only pay out $300k

Hopefully he is insurable, but this doesnt sound good at all.

Scary thing is several life carriers that wrote a lot of business 15+ years ago are either no longer in business or no longer selling life insurance (Jackson National, Met Life, GE, Phoenix)
He’s 52 now . Even a $1 mil for 10 yrs is going to be at least $300 a month . He pays $90 a month
 

Latest posts

Back
Top