Guaranteed Issue/final Expense

[Newby]

How about a graded policy up to 50K? I know where you can get one.

Graded is one thing. But he's talking guaranteed issue.

 

[Todd King]

Graded is one thing. But he's talking guaranteed issue.

So many people want to keep calling it GI, but they are really talking graded or modified. That's why I asked him earlier if he was actually talking about a policy with no health questions.

 

[gzpxyj]

Who has a guaranteed issue policy with $35,000 face?

Anybody can answer that? I am interested in guaranteed issue companies.

 

[CFP83]

The math still seems fuzzy to me. Was her cash value 10,800 or 14,800? I am also not sure how prudent it is to take a 71 year old lady with a number of major health problems and put her in a new policy with a new incontestability period. What was the premium on the original policy? How much was the cash value increasing? If there was a loan on it, how much was the loan?

With 10,800 in cash, it would be gone in about 2.5 years at 4200 per year. Besides what is a high yield money market in today's world - 1.5%?

On the service, based on the limited info provided, it doesn't sound like it makes too much sense to me. I would tread very lightly before telling a 71 year old lady with a number of major health problems to cancel a life insurance policy. Why not just buy a smaller additional policy or borrow from the first to fund the second without canceling it?

You might consider putting some money in one of those high yield mm accounts to fund some e & o insurance .

The 71 year old lady had a cash value of 10,800...sorry for the confusion on that point.

She had total outstanding loans on this policy of $42,600, the loan interest rate was 8% (meaning $3,408 a year she would have to pay to avoid death benefit being further reduced and loan staying the same)

Her dividends at one point had been paying her premiums but after a one time loan 9 years ago her dividends were obviously reduced and when I met her she had been paying the premium of $800 year.

So that was the situation....she wasn't paying loan interest and was financial unable to make both loan and premium payments. I ran an inforce ledger of the policy and around 5 years from now the policy would have lapsed due to the loan eating all the remaining cash value.

Regarding the money market account I set up, I think you guys were confused there as well. I put the 10,800 into the account as well as set up an "automatic monthly contribution plan" (obviously this was all free work and advice on my teams part) of $200 per month, or 2400 a year. So you have the 10,800 plus 2400 yr a year going into the account and 4200 once a year coming out to pay the new premium.

The current situation was lady's death benefit of 15,500 was going to go down every year and be gone completely in 5 years. I realize you guys like the rest of us are always on the lookout for people mistreating the elderly as am I. I made the lady have both of her daughters present during ALL conversations so the family undestood my recommendations. a final note fellas, I write around 400,000 of premium a year working with individual and coporate clients and manage 70 million on the investment side of things...I'm not trying to make a fast buck on anyone rather I'm setting my sites on building one of the most respected and sought after financial advising firms in my city.

Again, apologize for the confusion with my incomplete details. Let's not circle the wagons so quickly to have a pissing contest fellas. This post began as me seeking information on how I can better assist a person who needs graded benefit of FI policies on the occasional chance I run across them

 

[insuranceexec]

The 71 year old lady had a cash value of 10,800...sorry for the confusion on that point.

She had total outstanding loans on this policy of $42,600, the loan interest rate was 8% (meaning $3,408 a year she would have to pay to avoid death benefit being further reduced and loan staying the same)

Her dividends at one point had been paying her premiums but after a one time loan 9 years ago her dividends were obviously reduced and when I met her she had been paying the premium of $800 year.

So that was the situation....she wasn't paying loan interest and was financial unable to make both loan and premium payments. I ran an inforce ledger of the policy and around 5 years from now the policy would have lapsed due to the loan eating all the remaining cash value.

Regarding the money market account I set up, I think you guys were confused there as well. I put the 10,800 into the account as well as set up an "automatic monthly contribution plan" (obviously this was all free work and advice on my teams part) of $200 per month, or 2400 a year. So you have the 10,800 plus 2400 yr a year going into the account and 4200 once a year coming out to pay the new premium.

The current situation was lady's death benefit of 15,500 was going to go down every year and be gone completely in 5 years. I realize you guys like the rest of us are always on the lookout for people mistreating the elderly as am I. I made the lady have both of her daughters present during ALL conversations so the family undestood my recommendations. a final note fellas, I write around 400,000 of premium a year working with individual and coporate clients and manage 70 million on the investment side of things...I'm not trying to make a fast buck on anyone rather I'm setting my sites on building one of the most respected and sought after financial advising firms in my city.

Again, apologize for the confusion with my incomplete details. Let's not circle the wagons so quickly to have a pissing contest fellas. This post began as me seeking information on how I can better assist a person who needs graded benefit of FI policies on the occasional chance I run across them

Very well spoken and good rebuttal............

 

[Todd King]

Who has a guaranteed issue policy with $35,000 face?

Anybody can answer that? I am interested in guaranteed issue companies.

I was trying to answer this before...how about one that goes up to 50K, would that be ok for you? If it is, then contact me.

 

[myinsurebiz]

GI up to $50k - that's awesome Todd.

What are the health questions?

Rates decent?

Tom

 

[CFP83]

I appreciate all the feedback and good conversation on this topic.

I did an application on a couple this weekend who may be "iffy" for UHL "almost guaranteed issue". who is your guys alternative for Guaranteed coverage, which obviously will be a graded product? Is Presendential the only choice then?