Client Wanting DI Insurance

[0b1kanobee]

I have a client who owns a glass company who recently purchased life insurance from me. Anyway now he wants DI insurance. I figured I would look at Assurity but they don't write in Florida unless it is the Acci-Flex policy. He earns about $65,000 per year.

I looked at Illinois Mutual via their "quick quote" and they want $123.00 per month for an $800 monthly benefit which would pay out 2 years. To me that does not sound like a good deal. First he should scoff at $800 per month (I know I would).

What other carriers should I be taking into consideration? Is this the most a DI policy pays out for a client like this?

I admit DI is not my area of expertise. Hell to me it sounds as if the Acci-Flex policy is a better deal. Only covers for an accident though but how else will he become disabled.......heart attack, stroke ect. He mine as well have a CI policy for that instead.

One of you experts can possibly clue me in. Now he did mention Aflac so may he and I are not on the same page but still if he was looking for true DI, still doesn't seem right to me with what I am finding so far.

He is a 56 y.o. smoker BTW

 

[BNTRS]

What does he do? Business owner isn't an acceptable job title when it comes to DI. In fact, job titles are rarely acceptable on their own.

DI occupational underwriting is all about the specific duties...the material and substantial duties.

Now...

If Illinois Mutual is offering up bad numbers, things don't look good for him as they are one of the premier blue collar/labor intensive DI carriers. Assurity being the other go to.

Med-America used to have a weird LTCi-ish product with a monthly cash benefit that you could write on people who were no go's on DI. No clue if that still exists.

Maybe you're quoting incorrectly, maybe not.

As for the benefit relative to cost. DI is much more expensive than life insurance most of the time.

The smoker status is going to really kick him in the pants.

56 and buying DI for the first time is rare. It's not impossible, but it's not something underwriting sees a lot of. FYI.

 

[0b1kanobee]

What does he do? Business owner isn't an acceptable job title when it comes to DI.

He replaces glass windshields and windows in cars. He has a good size shop and one other installer.

Assurity doesn't write DI in Florida. I'm using Illanois Mutual quote engine on their site. Anybody can if you go to their site.

 

[Norwayguy]

Have you looked at Mutual of Omaha?

 

[0b1kanobee]

Have you looked at Mutual of Omaha?

No but now that you mention it I will.

 

[Josh]

No but now that you mention it I will.

What about United of Warsaw?

 

[Norwayguy]

No but now that you mention it I will.

I would give you an idea on rates but my rate book is in the car.

 

[dgoldenz]

56 + smoker + DI + manual labor = does not compute.

You're going to have one hell of a fun time with underwriting even if he decides to apply for a DI policy from one of the blue-collar DI companies. Critical illness insurance is probably more likely to happen than a DI policy IMO...

 

[0b1kanobee]

56 + smoker + DI + manual labor = does not compute.

You're going to have one hell of a fun time with underwriting even if he decides to apply for a DI policy from one of the blue-collar DI companies. Critical illness insurance is probably more likely to happen than a DI policy IMO...

I changed him to a non-smoker with IM and the premium for $850 per month dropped from $123 to $99. I don't think it is the smoking necessarily. At least not with IM.

 

[TriciaS]

Assurity does write in FL, but its an older product, not the Century Plus, so it doesn't come up on the new software. Also, a 56, class 2Aish smoker is going to have a high premium. The policy has a shelf life of 9 years. If he is the owner, look into Business Overhead as well, protect the business.