Need several guarantee issue policies for 50yr old to get to 250k, will split case.

[CFP83]

The client is 49 years old, 5'8 330 with diabetes, high b.p, high Cholesterol.
This is a buy-sell case, the other three owners got great rates this insured was declined by all carriers on the medically underwritten route.

We are looking to get 250k of coverage in place the cheapest way possible and get coverage bound by week end. I am trying to the get the company figures late tonight. I am absolutely willing to do a split/share.....this is not my wheel-house here and I need to work with a specialists in this area. Please message me and we can talk over the phone asap.

 

[Allen Trent]

The client is 49 years old, 5'8 330 with diabetes, high b.p, high Cholesterol.
This is a buy-sell case, the other three owners got great rates this insured was declined by all carriers on the medically underwritten route.

We are looking to get 250k of coverage in place the cheapest way possible and get coverage bound by week end. I am trying to the get the company figures late tonight. I am absolutely willing to do a split/share.....this is not my wheel-house here and I need to work with a specialists in this area. Please message me and we can talk over the phone asap.

not my wheelhouse either, but I think you may have trouble getting to 250k in guaranteed issue in that regard.

I wonder if you might have a shot with some of the worksite life policies that are sometimes simplified issue or even guaranteed issue if minimum X number of employees or X % apply for & buy the group offering. Might be more expensive for the healthy 3 to go this route, but maybe one of the only viable options other than him going without coverage or accidental coverage only

 

[scagnt83]

Cincinnati Life has a worksite program that would cover this. Minimum of 3 lives needed. GI term/ul/wl.

He could stack multiple FE policies I think.

@CFP83 , I recommend reaching out to @Todd King here on the forum. He can help with the FE policies.

Reach out directly to Cinci life for their products, they can direct you to a good GA to contract with. I used to have a connection for them but no longer recommend them.

 

[Life Hawk]

The client is 49 years old, 5'8 330 with diabetes, high b.p, high Cholesterol.
This is a buy-sell case, the other three owners got great rates this insured was declined by all carriers on the medically underwritten route.

We are looking to get 250k of coverage in place the cheapest way possible and get coverage bound by week end. I am trying to the get the company figures late tonight. I am absolutely willing to do a split/share.....this is not my wheel-house here and I need to work with a specialists in this area. Please message me and we can talk over the phone asap.

Look for carriers that won't ask for height/weight. Weight alone will get you modified by many carriers.

Your not likely to get to $250K in my opinion, but who knows. You'll need as many as 10 carriers to get to that number on most FE. Many of them don't even provide coverage below the 50 year mark. You'll need to go mix and match on this one. AD rider can double face on some of the carriers.

What is your client willing to spend?

Love to hear what you get worked out, let us know.

 

[CFP83]

Thanks for all the feedback here all.....

The wrinkle here is that the company has to be the owner and premium payer.....Scagnt83, I think this might eliminate worksite GI...?

Budget is not a concern, the company will spend whatever it takes within reason. The four new owners of this company are buying into 49% of the company, and we have already placed 700k of coverage on 3 of the other 4 new owners......so the fourth new owner which is the unhealthy dude is causing a lot of heartburn for the other three new owners and the existing company owner in this whole deal. The other 3 new owners, as well as the existing owner (which is still 51% owner) is worried about the "ticking timebomb".

Another forum member stated that RNA, Foresters, and KSKJ might accept this guy through fully underwritten.....obviously that would be the best route....I do own the exam here so that helps in shopping things

 

[suranceman]

Accendo (aetna) would take this guy level. They go up to 50k at his age.

 

[Baseball7]

There’s no reason for guaranteed issue coverage here there are plenty of immediate coverage simplified issue whole life options!

 

[scagnt83]

The wrinkle here is that the company has to be the owner and premium payer.....Scagnt83, I think this might eliminate worksite GI...?

Not necessarily. I havent worked with the product in a while, but originally it was an individually owned product and ownership was determined by the app, so you could put the business down as owner and payor. Should be able to do a carve out on just execs... it could be a voluntary carve-out so all dont have to participate.

 

[CFP83]

There’s no reason for guaranteed issue coverage here there are plenty of immediate coverage simplified issue whole life options!

Who are you thinking in stating this?
As mentioned in my previous commment, others have said RNA, Foresters, KSKJ for immediate coverage

 

[Baseball7]

49 years old, 5'8 330 with diabetes, high b.p, high Cholesterol.

5 8 321
5 9 330 ... Liberty Bankers life standard rate for coverage

Sentinel Security Life, new vantage III modified plan

ACCENDO preferred 50k

gcu standard

Gtl graded

uhl eiwl