Any Recommendations?...

[DonP]

A client of mine found out the hard way you miss 1 or 2 payments or you pay an Aig Gul late you got problems . There’s some type of clause in the countract if you don’t pay exactly on time you could owe a lot of back payments money . These products are built on you pay all payments on time

 

[WinoBlues]

As stated he is a 69-year-old smoker.
As an agent, the first thing we need to learn is - we did not break it. in other words. we did not make him 69 or a smoker.

Have the reality talk with him. What is more important to him Price or $100,000.00 protection for his family?

Likely a $100,000 GUL is going to cost the same or even less than a $75,000 GUL.

Quote him a GUL at $100,000.00 and also a $5,000AP GUL Face amount search. It is not only a question of who he will take but also who will take him.

Lastly, I am going to assume that you are quoting this 69-year-old smoker Prfd Smoker. I highly suggest that you prep him with what Std Smkr looks like as well.

At 69 how long has he been smoking?

 

[scagnt83]

Lastly, I am going to assume that you are quoting this 69-year-old smoker Prfd Smoker. I highly suggest that you prep him with what Std Smkr looks like as well.

This is vital in these types of situations. Whatever carrier you recommend, you better show a "range" of Pf to Std. Maybe even throw in T2 depending on any health conditions they might have.

If they cant commit to a price range of 2-3 ratings (or modifying DB) then they are not a serious prospect.

 

[DayTimer]

As stated he is a 69-year-old smoker.

As an agent, the first thing we need to learn is - we did not break it. in other words. we did not make him 69 or a smoker.

I must be learning because that is exactly what I was going to post when I say that cheapest rate is the objective. This dude needs to worry about underwriting. All three of my kids have >$100K cash value whole life and the insurance premium is around $40/month or less (with $60/month PUA) ... but they are very young and none of them smoke.

I'm going to be adding some coverage on myself in the coming weeks/months. I would love to qualify for super preferred, but I'll take what I can get.

 

[Tahoe Ray]

Follow Wino's advice above but if he's actually a pfT:

Penn Mutual is 5259, Cincy is 5360.

Cincy also stops required premiums at age 100.

 

[Tahoe Ray]

I would love to qualify for super preferred, but I'll take what I can get.

That matters a lot less if you're max funding for retirement (as you probably know).

 

[FETalk]

Follow Wino's advice above but if he's actually a pfT:

Penn Mutual is 5259, Cincy is 5360.

Cincy also stops required premiums at age 100.

I quoted him the standard rate, but quite frankly, I don't believe that he would qualify for a preferred or super preferred rate.

 

[Allen Trent]

Hey guys, I have a male client who is 69 years old, smokes, and is interested in taking out $100,000 of fully underwritten whole life insurance coverage, with the premium being paid annually.

I've checked with a few different carriers, and I getting an average annual premium cost of between $6,000 and $7,000.

I'm trying to find something a little bit lower, because he's only interested in paying around 5K or so... Any suggestions?

Thanks in advance!

Math wise, 6-7k per year seems cheap considering he is 69, a male & smoker. He will have to live 16 years for the carrier to collect 100k & that doesn't count the underwriting, commission or expense costs. I am no actuary, but I can't imagine a 69 yr old male smoker has an average life expectancy of 16+ years