- 649
I have a couple that are aged 80 and 81 they both want a 10 year term $300,000, anybody know of a company that would write this?
Term life
- Thread starter dandan
- Start date
Several will write the 80yo. Trans, Ameritas, Hancock, Pac, Foresters, etc.
No term carriers (that I know of) at 81 but you could do a dialed down GUL. A lot of those will issue to age 85.
Really nice case.
Good luck.
- Thread starter
- #3
- 649
Thank you!
- 17,134
At age 81 wouldn't the premium for term be about the same as whole-life? Just tell them to buy whole-life and they can just cancel it at the end of 10-years if they don't want it longer than that. They'd get some money back too.
- 5,247
not really. most of the carriers that offer 10 year term up to age 80 are $4,000 to $6,000 per year for 100k. Not sure how carrier can offer it that low when life expectancy for 80 male is around 6 to 7 years. Not including UW costs & compensation costs, that means the carrier on average will only collect $30k to $40k in premium but owe $100k in claim benefit. I dont know how the math works, but it must.
WL, even if non participating would be closer to $8-$10k per year I bet because legally WL has to build CV to equal face & not just cover the mortalilty risk like term or Guaranteed UL .
- 26,614
I was on WinFlex and was curious.
As @Tahoe Ray suggested- a dialed down GUL. I am showing PL.
$13,761. For 10 years. That seems low.
Target is $24,336. I do not recall if rolling Target. If so this is a Win Win.
Write it before age 81.
As @Tahoe Ray suggested- a dialed down GUL. I am showing PL.
$13,761. For 10 years. That seems low.
Target is $24,336. I do not recall if rolling Target. If so this is a Win Win.
Write it before age 81.
- 5,247
Yup, seems low to have guaranteed 300k claim for only $137k premiums. I wonder how much they factor in lapsing into their math thinking the person at older ages will forget a premium or sew a bill & get upset forgetting why they bought it. This is why solving for short pay is so important for the client even though the agent basically makes the same whether they pay minimum to age 120 or solve for being paid up by 70 or 80, or 10 pay, etc . Recipe for disaster to pay minimum & think you will always pay like clockwork. Plus, some may lose the policy if it has any cash value & they have to take most of the cash out if in a Medicaid spend down
Promise GUL is a rolling target.
He's dialing down the UL to expire in 10 years, not as a 10 pay.
A 10 pay to 121 on an 80yo is going to be over 30k/yr.
- 26,614
A lot of good reasons to include an adult kid.
I wonder if I can get insurable interest on one of my aunts.
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