I'm all in baby and I won't even need any releases, you can even hold off on vesting for 10 years lol
76 Year-old Mortgage Protection
- Thread starter SevenDeuce
- Start date
I'm all in baby and I won't even need any releases, you can even hold off on vesting for 10 years lol
Galt.. quick trying to hog up all the good stuff.
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Back in the day,before political correctness changed the terminology, the Independent and Life debit agents were the ones that concentrated in the black markets here. They always told folks, including their clients, they were CLUs.. Colored Life Underwriters.
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I placed a case recently on an 85 yr old and he got a $300k GUL to age 120 at a standard rating. Have had many in their 70s get 100k and above standard. Don't paint every case with such a broad brush, get a broker that is familiar with each carriers underwriting criteria and you'll be surprised at what you can place.
I even had a $150k case get a standard rating lately, 71 yr old man on insulin.
Back in the day,before political correctness changed the terminology, the Independent and Life debit agents were the ones that concentrated in the black markets here. They always told folks, including their clients, they were CLUs.. Colored Life Underwriters.
Reminds me of the time when I was a rookie on a sales call with my manager, We were seeing a crotchety older black woman who insisted that black folks pay different rates than white folks. He was arguing back and forth with her about how that is not true.
Finally in frustration he turns to me and says "Adam, give me the white rate book". Confused as hell I didn't know what to do. He then raises his voice and repeats. "She knows all about the rate difference. Give me the white rate book". I handed him my rate book and he gave her the "white rate". She bought the policy
Reminds me of the time when I was a rookie on a sales call with my manager, We were seeing a crotchety older black woman who insisted that black folks pay different rates than white folks. He was arguing back and forth with her about how that is not true.
Finally in frustration he turns to me and says "Adam, give me the white rate book". Confused as hell I didn't know what to do. He then raises his voice and repeats. "She knows all about the rate difference. Give me the white rate book". I handed him my rate book and he gave her the "white rate". She bought the policy
Not only did they have different rates on the industrial plans for white and black, they had a series of industrial Sick and Accident plans that were not eve allowed to sell to white clients. They paid a weekly benefit - $5-$10 if a person couldn't work plus other stated benefits. Extremely high for what they were. The only good thing about them was the agent paid the claim out of his debit collections in cash on the spot.
I did learn later that there were different rates for blacks, but did not know about certain policies only available to blacks - very interesting.
An argument could be made that today's FE policies are racist to some degree. The manner in which these policies are designed and marketed there is an implicit socioeconomic bias.
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Poor tax. Sure some of the "FE Market" are sick or need/want SIWL. However, I have seen many FE plans written on <60 year old healthy people or kids. Which makes them very over priced under preforming plans when compared to a traditional plan.
True there is a socioeconomic bias but has nothing to do with race.. More whites fit the criteria than blacks.
I agree 100%, but there are folks who would argue otherwise. This topic in one form or another has been debated ad nauseam on several threads in the politics and religion forum.
The only way to know for sure and we have no way of collecting this data would be to see a breakdown of policies by race. Even if this data were available, the results could be interpreted several ways.
Don't know how there could be any debate.. There are 225M white in the US 38M black. The poverty rate among whites is said to be 15%, blacks 35%.. 15% of 225M is 33.75M... 35% of 38M is 12.25M... Therefore, there are almost 3 times as many whites in poverty as blacks.
