I am having trouble finding a company that will offer guarantee issue life insurance for a 30 year old female. She has an extensive medical record that is causing immediate declines from carriers and can not receive life through her employers group. The only things I can find are for $10,000-$15,000 of death benefit and that is honestly not enough. Can someone please recommend a product to me? Thank you for your time.
Need Guarantee Issue Life for a 30 Year Old Female.
- Thread starter gwhilden
- Start date
You might need to stack a few GI policies to hit whatever number you are looking for. CFG and NGL (10 pay) will both write a GI policy on a thirty year old.
Thats interesting, on NGL what are the age brackets?
NGL will do GI for 0-99 although they don't have a life-pay option, it is either single premium, 3, 5, 7 or 10 pay. For the older ages it can be single premium or 3 pay. It is obviously more expensive on a monthly basis than a life pay policy, but the death benefit does increase by 2% annually after it's paid up. I use the 10-pay a lot for clients who are too young for traditional GI.
- 16,916
The growth on that product doesn't start after it's paid up. It starts on day one. It can be adjusted by the agent to be any amount from 1% to 4% simple interest! not compounding. It's the exact same product that funeral homes sell. Except when the funeral home sells it, they can add a price guarantee.
Yes, that's correct, my mistake. Not sure about the 1-4% though. All my paperwork has only ever indicated 2%, but maybe there is a way to do it!
- 16,916
Your IMO simplified it for you by only giving you one choice. As the growth rate goes up, the commission level goes down. Usually the funeral homes use the higher growth rates.
