This may have already been addressed, but she should have chosen Whole Life life insurance over the universal life insurance plan she has. Make sure to look into this for her as it will be much better in the long run for everyone and you will have less chance of running into those problems again.
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- Thread starter TJScribes
- Start date
- 19,124
I'm a whole life guy mainly for FE but I do not agree with this blanket statement. Maybe the policy she got was best for her at the time?
Maybe she should have bought term then and converted it later?
If you want to buy and forget it then, yes, buy whole life. But is that best for everyone? I don't think so.
- 25,164
It was in 1999. What type of Whole Life should she have gotten. What were her goals. Did she buy based on the death benefit or the face amount? Any loans or gaps in payments? Would she have paid the much higher premiums or taken the much lower face amount? Did she ask about this new plan because someone else said they just did something like this? To many questions to blanket statement now.
As to looking into a whole life now. May be a good idea. However, she is 85 years old. I would check what her options are with the current plan first. Even if she switches I want the cover showing it was he best option and that she signed off on it.
Just my 2 cents
I don't see it that way. I just helped a 70-year old convert his term. We looked at both WL and UL. For what he wanted, UL was a better fit all things considered.
The key is to make sure you "consider all things".
- 15,041
Easy to say.
I have found many a UL that was in danger, pointed it out and showed a plan of action to solve it. They just ignored my advice and keep on trucking until the policy lapses.
We have no idea what this agent did or did not do over the years. But it is poor form to assume that fault lies entirely with the agent or the insured. It almost certainly is a combination of the two.
- 5,243
I agree here...I'd hate to see the whole life premium for what I have in my term policy would be...I guess I could check, but nope....no need.
For most people I'm not even a fan of whole life..estate planning and FE being 2 major reasons to have it. BTID...damn Dave Ramsey got me young! That's a joke.
ProInsAlliance
New Member
- 10
I would call the carrier and ask all the options available.
1. Same benefit and an illustration of premium increases: based on her age even with a min contribution amount with not interest or cash value on hand the premium increase can be substantial each year.
2. Reduced benefit following the same as above based on yearly increase.
3. See what that carrier can provide for permanent coverage, then maybe look at other carriers based on her health, if her health is good then there are carriers that can provide her permanent coverage less than what she had, closer to the $20,000 range for around $270 a month as an option.
1. Same benefit and an illustration of premium increases: based on her age even with a min contribution amount with not interest or cash value on hand the premium increase can be substantial each year.
2. Reduced benefit following the same as above based on yearly increase.
3. See what that carrier can provide for permanent coverage, then maybe look at other carriers based on her health, if her health is good then there are carriers that can provide her permanent coverage less than what she had, closer to the $20,000 range for around $270 a month as an option.
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