United of Omaha GUL Replacement Help Need

[yogooglethis]

I need advise from FE gurus.Today met with 54 NS smoker male who can qualify for most simplified issue FE but I would be a little worried about him qualifying for fully underwritten.He thought he had 100k WL from MOO but it turns out it is a United of Omaha GUL with a 100k specified face amount and 190.31 planned monthly premium.Agent that wrote this in 7/2013 replaced 25k Graded WL effective 2009 and 100k MOO convertible ART.I question why the agent would have suggested for him to drop these WL policies so he could sell him 100k of GUL that he told the client was WL. The United of Omaha GUL was was rated up 1.5 and the no lapse guarantee is 20 years.The client wanted a MOO agent because his agent died and I believe MOO gave this independent agent who lives about 150 miles from here the lead because there is no captive MOO agents within 300 of here here so maybe that's why he sold him United of Omaha GUL and also maybe because the ART was convertible ?

Any simplified issue WL or much cheaper GUL up to 100k that would be anywhere near 190.00 a month for 54 year turning 55 in 1 week or suggestions of combinations of plans.

 

[WinoBlues]

I need advise from FE gurus.Today met with 54 NS smoker male who can qualify for most simplified issue FE but I would be a little worried about him qualifying for fully underwritten.He thought he had 100k WL from MOO but it turns out it is a United of Omaha GUL with a 100k specified face amount and 190.31 planned monthly premium.Agent that wrote this in 7/2013 replaced 25k Graded WL effective 2009 and 100k MOO convertible ART.I question why the agent would have suggested for him to drop these WL policies so he could sell him 100k of GUL that he told the client was WL. The United of Omaha GUL was was rated up 1.5 and the no lapse guarantee is 20 years.The client wanted a MOO agent because his agent died and I believe MOO gave this independent agent who lives about 150 miles from here the lead because there is no captive MOO agents within 300 of here here so maybe that's why he sold him United of Omaha GUL and also maybe because the ART was convertible ?

Any simplified issue WL or much cheaper GUL up to 100k that would be anywhere near 190.00 a month for 54 year turning 55 in 1 week or suggestions of combinations of plans.

I would post this in the Life Insurance forum.

 

[peteybear]

I've sold several of the moo Guls . I believe ot has a built in table 4. To guarantee to age 121 it's very expensive. It has a $100k min so it's no good for the Fe mkt.The illustration doesn't even show current assumptions. To be honest the american national non med is a better product and I won't sell any more.

 

[indiana260]

I've sold several of the moo Guls . I believe ot has a built in table 4. To guarantee to age 121 it's very expensive. It has a $100k min so it's no good for the Fe mkt.The illustration doesn't even show current assumptions. To be honest the american national non med is a better product and I won't sell any more.

They have a simple issue that has table 4 and they also have a fully underwritten. Since he stated he was 1.5 rated this is the fully underwritten.

Your best bet at replacing would be to find out what age the dial a guarantees ends. Could be 90 then you just explain this is a fancy term policy that costs more than regular term.

 

[onefastpony]

I need advise from FE gurus.Today met with 54 NS smoker male who can qualify for most simplified issue FE but I would be a little worried about him qualifying for fully underwritten.He thought he had 100k WL from MOO but it turns out it is a United of Omaha GUL with a 100k specified face amount and 190.31 planned monthly premium.Agent that wrote this in 7/2013 replaced 25k Graded WL effective 2009 and 100k MOO convertible ART.I question why the agent would have suggested for him to drop these WL policies so he could sell him 100k of GUL that he told the client was WL. The United of Omaha GUL was was rated up 1.5 and the no lapse guarantee is 20 years.The client wanted a MOO agent because his agent died and I believe MOO gave this independent agent who lives about 150 miles from here the lead because there is no captive MOO agents within 300 of here here so maybe that's why he sold him United of Omaha GUL and also maybe because the ART was convertible ?

Any simplified issue WL or much cheaper GUL up to 100k that would be anywhere near 190.00 a month for 54 year turning 55 in 1 week or suggestions of combinations of plans.

So you are saying his MoO GUL will only last him until he is about 73 years old? That doesn't seem right to me. Most agents that run a GUL illustration will show it to at least 100 years old.

Heck, I would replace a 25K graded policy with a GUL if it's in the best interest of the client. The client can get way more insurance with the GUL and not spend more into the policy than the face value.