Fully Underwritten vs Simplified Issue vs Guaranteed Issue

[Todd King]

Thanks Todd.

But in my specific case prior discussion in the thread indicated that a $10K policy would cost me a single premium of $9K plus non-fraternal and possibly drop to $8K plus with fraternal coverage. If I can achieve a longer life, annual premiums would actually cost me more than the policy face over a period of time.

So I take my $9K to $11K out of computershare, give up the dividends and no longer have to track 1099s. I put it in a single premium life insurance policy that has a difference of less than $1K between the premium and policy face.

If I am doing GI to even get the coverage, if I die soon, my wife probably doesn't even get the increase from premium to policy face. If I die longer out I have basically just preserved "the principal" with no increase at all. And in the event I should need a policy loan for something, the policy cash value probably drops $2K below the premium paid.

Although I do have a wealth transfer objective that policy would meet, as I said earlier, now that it is tax season again, I am reminded that I had forgotten my main reason in thinking about the life insurance was to reduce the amount of paperwork my wife would have to pay an accountant to process at tax time. I believe the life insurance option "costs too much"; I need to think out other possibilities.

My bad, I completely forgot that you had some issues and may not even be able to get one to begin with!

 

[BobHarris]

Thanks Todd.

But in my specific case prior discussion in the thread indicated that a $10K policy would cost me a single premium of $9K plus non-fraternal and possibly drop to $8K plus with fraternal coverage. If I can achieve a longer life, annual premiums would actually cost me more than the policy face over a period of time.

So I take my $9K to $11K out of computershare, give up the dividends and no longer have to track 1099s. I put it in a single premium life insurance policy that has a difference of less than $1K between the premium and policy face.

If I am doing GI to even get the coverage, if I die soon, my wife probably doesn't even get the increase from premium to policy face. If I die longer out I have basically just preserved "the principal" with no increase at all. And in the event I should need a policy loan for something, the policy cash value probably drops $2K below the premium paid.

Although I do have a wealth transfer objective that policy would meet, as I said earlier, now that it is tax season again, I am reminded that I had forgotten my main reason in thinking about the life insurance was to reduce the amount of paperwork my wife would have to pay an accountant to process at tax time. I believe the life insurance option "costs too much"; I need to think out other possibilities.

It truly isn't going to matter if your wife hands your CPA/Attorney 1 piece of paper or 30 pieces of paper, it's going to cost her the same amount

 

[LostDollar]

Trinity FU $10K for an 80 year old is $103/mo.

$1200/yr.

No exam. No backing up to save age.

Trinity is not fraternal.

There's certainly better rates with a fraternal.

If I remember correctly you are in Kansas?

If so there's no new contestability if you replace.

Trinity is $9,269.60 for $10,000

$8k doesn't exist.

I am reassessing Life Ins vs Annuities.

Thank you for these responses.

I just reread them.

I am over 6 months past 80th birthday so Trinity is probably not going to work.

Just learned about Oxford Assurance One. Need to check on that one.

 

[jdeasy]

I am reassessing Life Ins vs Annuities.

Thank you for these responses.

I just reread them.

I am over 6 months past 80th birthday so Trinity is probably not going to work.

Just learned about Oxford Assurance One. Need to check on that one.

Trinity is age last birthday.

 

[LostDollar]

Assuming Oxford Assurance One Max purchase age is last birthday,

Looking for a Kansas Licensed Agent contracted with Oxford to discuss a $10K to $12K Assurance One policy with me. PM me on the site.


Kansas
M
Age 80 last birthday
NT

(As a health condition reference point, 3 years ago I answered no to the medical condition underwriting questions on a Baltimore SPWL policy, my answers to those questions would be the same today.

Oxford's online quoter quotes $8780 for $10K)

-----------------------------------------------------
Edit 06/16/2025

Purchase has been made.

Thank you.
LD.
end edit

 

[jdeasy]

Assuming Oxford Assurance One Max purchase age is last birthday,

Looking for a Kansas Licensed Agent contracted with Oxford to discuss a $10K to $12K Assurance One policy with me. PM me on the site.


Kansas
M
Age 80 last birthday
NT

(As a health condition reference point, 3 years ago I answered no to the medical condition underwriting questions on a Baltimore SPWL policy, my answers to those questions would be the same today.

Oxford's online quoter quotes $8780 for $10K)

I have a good friend in Kansas and he is one of FEX's top agents. Life and medicare. I doubt he posts here. There is an agent that posts here sometimes that I consider an annuity expert. He's not in Kansas but he's licensed there. I know he writes the Oxford plans.

Oxford is age last birthday on their FE. I would guess on their other products too?

 

[LostDollar]

I have a good friend in Kansas and he is one of FEX's top agents. Life and medicare. I doubt he posts here. There is an agent that posts here sometimes that I consider an annuity expert. He's not in Kansas but he's licensed there. I know he writes the Oxford plans.

Oxford is age last birthday on their FE. I would guess on their other products too?

Thanks. Sent you a short PM.

According to the Oxford calculator, they go to a maturity of 120 which removes the issue of money coming back to me should I live to 100.

It would also let me use after tax money to convert to a tax free bequest, allowing me to save my remaining Roth funds for another annuity purchase.

 

[Todd King]

I am reassessing Life Ins vs Annuities.

Thank you for these responses.

I just reread them.

I am over 6 months past 80th birthday so Trinity is probably not going to work.

Just learned about Oxford Assurance One. Need to check on that one.

Don't forget to take a look at RNA as well. Might be cheaper than Oxford as well as easier UW.

 

[DonP]

I have a good friend in Kansas and he is one of FEX's top agents. Life and medicare. I doubt he posts here. There is an agent that posts here sometimes that I consider an annuity expert. He's not in Kansas but he's licensed there. I know he writes the Oxford plans.

Oxford is age last birthday on their FE. I would guess on their other products too?

Speaking of Kansas . What happened to that big fe producer from Kansas . His name was Matt I think . Big heavy guy . He said back in 2018 he had done $300 k every yr for like 15 straight yrs . I think he made the snl trip a few times . I remember talking to him on the phone in like 2016 or something . And I wonder what happened to twilight . He was a sharp dude

 

[Todd King]

Speaking of Kansas . What happened to that big fe producer from Kansas . His name was Matt I think . Big heavy guy . He said back in 2018 he had done $300 k every yr for like 15 straight yrs . I think he made the snl trip a few times . I remember talking to him on the phone in like 2016 or something . And I wonder what happened to twilight . He was a sharp dude

Twilight passed away a couple of years ago.