Case Design: Term/UL Layer with a Pinch of LTC

[SuperWoman]

Still working on this case. UW requested a third APS from her GI for her colonoscopy from 2015.

I am being assisted by the Ohio Natl field manager in illustrating a WL product that will accumulate cash value for a potential LTC event. He proposed both a 10 pay and pay to 100 policy. NYL does not have 10 pay so I am unfamiliar.

Would anyone please share your thoughts on the pros/cons of a 10 pay vs to age 100? Besides premium, the client can handle it IF it benefits her.

 

[aclaro]

Still working on this case. UW requested a third APS from her GI for her colonoscopy from 2015.

I am being assisted by the Ohio Natl field manager in illustrating a WL product that will accumulate cash value for a potential LTC event. He proposed both a 10 pay and pay to 100 policy. NYL does not have 10 pay so I am unfamiliar.

Would anyone please share your thoughts on the pros/cons of a 10 pay vs to age 100? Besides premium, the client can handle it IF it benefits her.

Wait? WL with LTC rider or just an accumulation designed WL? Write MassMutual that's my advice when Ohio National starts spewing.

 

[SuperWoman]

Wait? WL with LTC rider or just an accumulation designed WL? Write MassMutual that's my advice when Ohio National starts spewing.

It's this:

Chronic and
Terminal Illness
Accelerated Benefit
Rider
Form No. ICC14-CAD-1

Their standard Accelerated Benefits rider. Not LTC specific, since she can't be UW for LTC now. So, yes, the poit it to accumulate CV. I am about to receive my broker appointment with Mass now so I will get an illustration from them as well.

 

[ltcadviser]

Re: UPDATE: Case Design: Term/UL Layer with a Pinch of LTC

Well....she got declined for the LTC due to a one line note on her APS - "I forget stuff". She mentioned to her doctor last year she was forgetful, and that did her in.

So.....

I'd like to some feedback on another option:

She is also in UW with Cincy Life for $250,000 25 year term. Should be out of UW in a week or so. My experience with memory issues is that has not affected her life UW. I've have people declined for it on LTC, but issued Life.

She wants options for potential LTC Issues. I am thinking of WL, using the cash value as a tool to draw for down the road LTC, along with the ALB rider in the case of terminal illness.

She won't get approved for the chronic care rider due to memory, so it appears to be the only option.

She just lost her 30 yr old God-son to Melanoma within 2 months of diagnosis so she's feeling the "it can happen to me too" thing. This was her impetus to get covered.

What'cha all think?

I have had about a dozen cases where the client has been declined for self-reporting being forgetful. You can still work with your Mutual of Omaha underwriter on this case if in fact she has no cognitive issues. MOO will require 12 months stability. Your client can also elect to have a full neurological workup at her expense to verify full cognitive ability. Don't give up necessarily if your client in actuality is perfectly fine. Just needs a little more work, and clarification letters. Good luck.

 

[SuperWoman]

Re: UPDATE: Case Design: Term/UL Layer with a Pinch of LTC

I have had about a dozen cases where the client has been declined for self-reporting being forgetful. You can still work with your Mutual of Omaha underwriter on this case if in fact she has no cognitive issues. MOO will require 12 months stability. Your client can also elect to have a full neurological workup at her expense to verify full cognitive ability. Don't give up necessarily if your client in actuality is perfectly fine. Just needs a little more work, and clarification letters. Good luck.

Formerly at NYL I would challenge similar declinations to no avail. The LTC consultant was hardly helpful, and as he was the go between to the UW, I had no control to what went on.

My client has no neuro issues nor has she seen a Neuro and no Neuro aps was viewed. That being said, her providing a neuro exam may be an option.

I will look into this and I appreciate your suggestions. May I ask what you mean by "clarification" letters? Assume you mean by a Neurologist stating she has no cognitive issues?