IUL/GUL/UL/Term for 67 Yo Male - Advice Wanted

[Mehler91]

Ok, I am looking for a policy for my father-in-law. 67 yo male, standard non-smoker rates (he may stumble into preferred but I just know how tough it usually is to get those rates over 60 yo). $250,000 DB

All he cares about is death benefit to age 95ish so I have been looking at several terms, gul, ul, and iul products. He has a $500/month budget. Does not care about product type except he hates variable because he took a bath on 4 he bought for himself and his 3 kids that his former advisor sold to him in 1992 as single premium VUL (guess what, all of them lapsed out within the last 18 months!)

I have looked through all of Penn Mutual, NYL, and Ohio National's products and can't find one that fits. Looking through the brokerages I have access to, I have found a couple of options through Symmetra and Protective but wanted to get some advice from the folks on here and see if any of you had any ideas/recommendations.

Anyways, thanks in advance.

David

 

[Tahoe Ray]

Ok, I am looking for a policy for my father-in-law. 67 yo male, standard non-smoker rates (he may stumble into preferred but I just know how tough it usually is to get those rates over 60 yo). $250,000 DB

All he cares about is death benefit to age 95ish so I have been looking at several terms, gul, ul, and iul products. He has a $500/month budget. Does not care about product type except he hates variable because he took a bath on 4 he bought for himself and his 3 kids that his former advisor sold to him in 1992 as single premium VUL (guess what, all of them lapsed out within the last 18 months!)

I have looked through all of Penn Mutual, NYL, and Ohio National's products and can't find one that fits. Looking through the brokerages I have access to, I have found a couple of options through Symmetra and Protective but wanted to get some advice from the folks on here and see if any of you had any ideas/recommendations.

Anyways, thanks in advance.

David

I see plenty of 60 and 70 year-olds above standard. They just happen to be healthy...

Protective and Symetra are both good options.

Your BGA should be looking at both carriers' underwriting based on any health issues that your father-in-law might have but if nothing is major, I'd probably opt for Symetra.

They have a S+ class where if he doesn't quite make it to preferred, will likely be priced better than Protective at standard (not always the case...North American standard can sometimes beat their competitors' S+).

You could always apply with both. Just a question, why only 95?

 

[Mehler91]

Thanks.

Forgot to mention I have looked at blended wl/terms as well.

As far as the age 95 desire by him, in his words "The kids better have all have their sh*t together by then".

 

[indiana260]

Ok, I am looking for a policy for my father-in-law. 67 yo male, standard non-smoker rates (he may stumble into preferred but I just know how tough it usually is to get those rates over 60 yo). $250,000 DB

All he cares about is death benefit to age 95ish so I have been looking at several terms, gul, ul, and iul products. He has a $500/month budget. Does not care about product type except he hates variable because he took a bath on 4 he bought for himself and his 3 kids that his former advisor sold to him in 1992 as single premium VUL (guess what, all of them lapsed out within the last 18 months!)

I have looked through all of Penn Mutual, NYL, and Ohio National's products and can't find one that fits. Looking through the brokerages I have access to, I have found a couple of options through Symmetra and Protective but wanted to get some advice from the folks on here and see if any of you had any ideas/recommendations.

Anyways, thanks in advance.

David

Check out North American. They have some decent products that would fit nicely. PM me if you need a contract.

 

[Tahoe Ray]

Check out North American. They have some decent products that would fit nicely. PM me if you need a contract.

Love NA for healthy people but I think that his BGA already gave him the best options for GUL on this case...

 

[Mehler91]

Love NA for healthy people but I think that his BGA already gave him the best options for GUL on this case...

Already have a NA contract, good products but not for this case. Leaning hard towards the Protective option my brokerage worked up for me yesterday. A GUL to 95 for ~$560/month. I wish he would just step up and go to $675 for a WL policy. I offered to do a split-dollar for the difference with my wife being a slightly higher beneficiary but he wouldn't go for it.

 

[Tahoe Ray]

Already have a NA contract, good products but not for this case. Leaning hard towards the Protective option my brokerage worked up for me yesterday. A GUL to 95 for ~$560/month. I wish he would just step up and go to $675 for a WL policy. I offered to do a split-dollar for the difference with my wife being a slightly higher beneficiary but he wouldn't go for it.

The GUL is likely a better deal for his objective. Nice try on the bene angle though...

 

[WinoBlues]

Already have a NA contract, good products but not for this case. Leaning hard towards the Protective option my brokerage worked up for me yesterday. A GUL to 95 for ~$560/month. I wish he would just step up and go to $675 for a WL policy. I offered to do a split-dollar for the difference with my wife being a slightly higher beneficiary but he wouldn't go for it.

I like Protective in dial deals also. I believe they still underwrite with two manuals so they can be generous.

BTW, if he will do any dump in it can really lower the premium or buy longer coverage periods.

Lee