Sons of Norway Final Expense Question

[kgmom219]

Hi!

I don't sell FE and can barely even spell it. Asking for another agent who is helping her client/friend with an issue.

I have a client with a $5K small policy with Sons of Norway. He has Alzheimer's and my friend is his caregiver. So DCFS in IL is saying they will cut off his funding for home help if they don't get the cash value amount verified by this Wednesday.

The good news is that the daughter is the owner on the policy.

Anybody have an idea on how to get this tomorrow?

TIA!

 

[goillini52]

Hi!

I don't sell FE and can barely even spell it. Asking for another agent who is helping her client/friend with an issue.

I have a client with a $5K small policy with Sons of Norway. He has Alzheimer's and my friend is his caregiver. So DCFS in IL is saying they will cut off his funding for home help if they don't get the cash value amount verified by this Wednesday.

The good news is that the daughter is the owner on the policy.

Anybody have an idea on how to get this tomorrow?

TIA!

Call the company.

 

[jdeasy]

Hi!

I don't sell FE and can barely even spell it. Asking for another agent who is helping her client/friend with an issue.

I have a client with a $5K small policy with Sons of Norway. He has Alzheimer's and my friend is his caregiver. So DCFS in IL is saying they will cut off his funding for home help if they don't get the cash value amount verified by this Wednesday.

The good news is that the daughter is the owner on the policy.

Anybody have an idea on how to get this tomorrow?

TIA!

First, the cash value is only a countable asset to the owner. There is no reason for the case worker to be digging into it. Unless whomever provided the info gave wrong info.

But the owner or the agent of record if still appointed with SoN can call and get the cash values.

But having that info will not change anything. The cash value makes no difference to the insured.

Unless they are just checking the look back to see when the daughter became the owner.

Also the cash values are listed in the policy. As is who owns it.

 

[rmhaire]

Hi!

I don't sell FE and can barely even spell it. Asking for another agent who is helping her client/friend with an issue.

I have a client with a $5K small policy with Sons of Norway. He has Alzheimer's and my friend is his caregiver. So DCFS in IL is saying they will cut off his funding for home help if they don't get the cash value amount verified by this Wednesday.

The good news is that the daughter is the owner on the policy.

Anybody have an idea on how to get this tomorrow?

TIA!

The cash value on a $5,000 FE policy is going to be minimal at best. Unless he's had the policy for almost forever and even then it can't be much. FE policies don't build large cash values.

What DCFS is doing is valuating the patient's income and assets. They do it on everybody. Hospice does the same thing.

Like JD said. The owner can call the company. If any snags, she can ask for an extension.

Been there and done all that. Let me know if I can help.

Sorry to hear about your client.

 

[jdeasy]

The cash value on a $5,000 FE policy is going to be minimal at best. Unless he's had the policy for almost forever and even then it can't be much. FE policies don't build large cash values.

What DCFS is doing is valuating the patient's income and assets. They do it on everybody. Hospice does the same thing.

Like JD said. The owner can call the company. If any snags, she can ask for an extension.

Been there and done all that. Let me know if I can help.

Sorry to hear about your client.

He's not the owner of the policy so it's a non issue.

Unless they transferred ownership in the last 5 years.

And you are correct. It's an accounting issue for anyone getting any taxpayer assistance.

Doesn't matter if the cash value is $5 it has to be reported by the owner getting assistance.

 

[kgmom219]

Thank you both so much!!!

(And total agreement that is super stupid!)

 

[Newby]

The cash value on a $5,000 FE policy is going to be minimal at best. Unless he's had the policy for almost forever and even then it can't be much. FE policies don't build large cash values.

What DCFS is doing is valuating the patient's income and assets. They do it on everybody. Hospice does the same thing.

Like JD said. The owner can call the company. If any snags, she can ask for an extension.

Been there and done all that. Let me know if I can help.

Sorry to hear about your client.

100% of FE whole life policies will eventually build cash value to equal their face amount by age 121. Some sooner. They do build cash value fairly rapidly if bought at older ages.

 

[Newby]

First, the cash value is only a countable asset to the owner. There is no reason for the case worker to be digging into it. Unless whomever provided the info gave wrong info.

But the owner or the agent of record if still appointed with SoN can call and get the cash values.

But having that info will not change anything. The cash value makes no difference to the insured.

Unless they are just checking the look back to see when the daughter became the owner.

Also the cash cakes are listed in the policy. As is who owns it.

This is correct BUT there is a 5-year look back. If the insured owned the policy at any time within the past 5-years it is still considered her own asset and they will count the cash value in her Medicaid qualification.

 

[rmhaire]

100% of FE whole life policies will eventually build cash value to equal their face amount by age 121. Some sooner. They do build cash value fairly rapidly if bought at older ages.

This is true. But the OP asked about an Alzheimer's patient trying to qualify for home health care. Age 121 or sooner probably won't get it on this one. JD is right.

 

[jdeasy]

This is correct BUT there is a 5-year look back. If the insured owned the policy at any time within the past 5-years it is still considered her own asset and they will count the cash value in her Medicaid qualification.

Yeah, that's what I said.