Insurance Agent Forum

[jacodaro]

55 year old male. Is there such a policy?

Thanks

[CHUMPS FROM OXFORD]

Lincoln National will write a 25 year at about 240 per month. Not sure if anybody will write a 30.

[CHUMPS FROM OXFORD]

Whoops. AIG and WCL will write a 30. AIG is less at about $310 per month.

[jacodaro]

He's closer to 56 (Dec) and that's why AIG quote engine wouldn't generate a quote. Damn. Actually, AIG shows $3050 annual for male, 55, best rate. Several companies offer a 25 year. Thanks

[GreenSky]

According to my Compulife program, Conseco also writes a 30 yr. plan.

Rick

[bluemarlin08]

Check the rates of Genworth \'s ULNL and run the guarantee for 30 years.

[CHUMPS FROM OXFORD]

"$3050 annual for male, 55, best rate"

That "best rate" with them is tough to get. I generally don't quote Preferred Best unless I know all of the medical details.

[fostever]

Old Mutual will write a 30. Simplified or fully underwritten. What face amount are you folks quoting 100,000?

[CHUMPS FROM OXFORD]

I was quoting $500,000. I guess I forgot to ask the face amount.

[lifesettlementadvisor]

Which ever carrier you decide to go with....when he only has a couple of years left on the policy, you should offer to do a life settlement on the policy for him!

[LGilmore]

"55 year old male. Is there such a policy?"

Are you an agent? if so, couldn't you look for yourself?

[jacodaro]

For..... a 55 year old male. I'm an agent. He's closer to 56 and I couldn't find a 30 year policy. Yes, 500K. F&G discontinued Value Select and w/Savers Select no 30 yr rate guarantee. I come here for help from the pros. Isn't that what this forum is about?

[fostever]

Originally Posted by jacodaro

For..... a 55 year old male. I'm an agent. He's closer to 56 and I couldn't find a 30 year policy. Yes, 500K. F&G discontinued Value Select and w/Savers Select no 30 yr rate guarantee. I come here for help from the pros. Isn't that what this forum is about?

A 30 year policy with a 10 year guarantee is Savers Select. It is still a 30 year policy that only goes up if there is an across the board increase. If you would be more specific in your question, you get a more specific answer. A 55 year old male could mean alot of things and you don't even give a face amount.

[Agent]

jacodaro,

I'll come at it from a different angle...Why would the clients concerns for insurance be best served in a 30 year term policy at the age of 56? What does the client want? If he wants protection all the way out to age 86, it sounds as if he has a permanent concern that needs protection.

Maybe he should consider Permanent Life Insurance. If he is willing to pay $300 a month for life insurance obviously he has cash flow and finds insurance important at this stage in his life.

It will be a lot less expensive in the long run and your client won't have to hope to die before age 86 or 81 or 76 (Depending on the length of term you could secure for him) for his family to realize the insurance proceeds or the then cost of the premiums and death benefit lost.

Agent

[LGilmore]

"I couldn't find a 30 year policy"

Could that be based on your state's OIC? Shouldn't you be beating the bushes of the local brokers who have licensed products for your state? You may get five plans here and none are authorized for your state, which may leave you with egg on your face.

[jacodaro]

Oops. Arizona. I'm appointed with the usual top carriers. A prospect mentioned an agent told him he could get a 30 yr/30yr no problem. Just getting back into life business. If this other agent is wrong I'm going to earn his business for taking my time. How would permanent ins cost less in the long run? The premium is 3x term. My ignorance might be evident.

[happy]

AIG's Select A Term would do up to 29 years for a 56 year old.

[jacodaro]

happy, that's the ticket! Thanks.

[Zydo]

Here is something that may or may not prove beneficial....

Life Investors has a unique ROP product.

56 year old....20 year term with ROP.

That would give him $250,000 GDB to age 76.

At age 76 (providing he is still alive and has not collected the $250,000)he has a couple of options:

1. Receive his ROP of $67,358, or

2. Convert the $67,358 which purchases a permanent paid up to 95 of $104,953 in death Benefits.

In a nutshell, he can die before 76 and collect $250,000, or collect the $104,953 up to age 95, or take his money back and have free life insurance.

Its a win, win all the way around for the client.

Just food for thought.

[Agent]

Originally Posted by jacodaro

Oops. Arizona. I'm appointed with the usual top carriers. A prospect mentioned an agent told him he could get a 30 yr/30yr no problem. Just getting back into life business. If this other agent is wrong I'm going to earn his business for taking my time. How would permanent ins cost less in the long run? The premium is 3x term. My ignorance might be evident.

No problem we all learn, perhaps forget and then need to relearn.

Essentially, a term policy is for temporary problems such as an inability to afford the price tag of PLI. As Ben Feldman said "I've never met a man that had a lease on life." Death, and it's costs, are not temporary problems that can be satisfied ultimately, with temporary insurance.

Death will happen. It is MORE certain than taxes. And at age 85, it is very certain that death is knocking at the door. So, the client better hope to die before age 85 otherwise he will be out the premiums for the term and what those premiums could have earned had they been invested elsewhere; because the death benefit for which they paid will never be paid to them, his family.

In a PLI program he could recapture his cumulative premium cost over the next 15 or so years in cash value. He could then use those funds in additional ventures, earning an even greater return then the Death benefit will bring when death occurs (because the Life Insurance WILL be there).

CV + additional outside ROR + Death Benefits paid = MUCH less expensive then term if it doesn't pay. (Though, even if it did, he would have been without the ability to earn additional ROR on his CV, or simply spend it on himself while he was alive) PLI could be said to be MUCH more profitable than term.

PLI will give him options, which most people at 66, 76 or 86 wish they had. Term is giving no options save one hand, and God help him a poor one at that.

I'm not telling you to lose the sale. If he is demanding a thirty year term give it to him. However, why would he want to purchase insurance that, if he lives past a certain age/term, coverage will cease though death within a couple years is highly probable? I doubt he would.

If you knew you were statistically likely die at a certain age, which policy would you buy? The policy that took you out to that year or one that went beyond that year ensuring proceeds to be paid to your family, with cash flow and cost recovery options?

Agent