Guaranteed Issue Single Premium Product??

[jacobtn]

Settlers no longer offers the GI on the Bronze single premium product. Anyone know of a good carrier for this? I have a client with $50k CV on a whole life policy and she wants to 1035 it into a single pay so she doesn't have to pay premiums any more. She is 70 and lives in Georgia. She is on oxygen for COPD so GI will be the only route to go.

Thanks

 

[TwiLight]

Settlers no longer offers the GI on the Bronze single premium product. Anyone know of a good carrier for this? I have a client with $50k CV on a whole life policy and she wants to 1035 it into a single pay so she doesn't have to pay premiums any more. She is 70 and lives in Georgia. She is on oxygen for COPD so GI will be the only route to go.

Thanks

Her best bet would be to get a quote from the current carrier with a reduced paid up option.

Anything you could possible sell would be at a much higher rating and eat at the cash value.

Don't be that guy......

 

[jacobtn]

Her best bet would be to get a quote from the current carrier with a reduced paid up option.

Anything you could possible sell would be at a much higher rating and eat at the cash value.

Don't be that guy......

Her carrier doesn't offer an RPU option. Most carriers do, this one does not. Oxford/CF & Standard for example do not offer one either. I always look at all the options before making a recommendation... thanks for the reminder

 

[EAJoe]

National Guardian Life's AssetGuard will let you do a 1035 dump up to $100,000, guaranteed issue. Her death benefit won't be much greater than the cash value, and there's no living benefits, but she won't have to pay any more premiums. Commission is pretty good too.

 

[TwiLight]

Her carrier doesn't offer an RPU option. Most carriers do, this one does not. Oxford/CF & Standard for example do not offer one either. I always look at all the options before making a recommendation... thanks for the reminder

50k in CV indicates that this may be a dividend paying policy..... if so, were the dividends left on deposit as PUA.

If so, the PUA's can be surrendered each year along with the current dividend, may be enough to pay the premiums on the policy each year....

 

[VolAgent]

50k in CV indicates that this may be a dividend paying policy..... if so, were the dividends left on deposit as PUA.

If so, the PUA's can be surrendered each year along with the current dividend, may be enough to pay the premiums on the policy each year....

This reminds me of why I was once told to be careful of who your par WL is with.

This agent was mainly a DI agent, but had some some whole life through the years. He use to be with Paul Revere and sold a lot with them include some whole life. Apparently they were bought out some years ago, by Swiss Re I believe? A client of his wanted to put his policy on either premium offset or RPU. They told the client no. It seems that there was no one at Swiss Re or left from Paul Revere who knew how to calculate the correct values. So even thought it technically was an option, the company wasn't going to allow it as they had no one who could determine the correct values.

 

[jacobtn]

Does anyone have any experience with old Equitable policies, now adminstered by AXA? I came across one of those today. The cash value was higher than the sum of their premiums since the early 90s (they actually have a taxable gain if they surrendered, unless they 1035'd of course).

 

[inreverse]

Degree of Honor has a GI single pay , may even do better very easy on COPD

 

[jacobtn]

Degree of Honor has a GI single pay , may even do better very easy on COPD

Thanks. Who offers contracts for them? Thx

 

[inreverse]

you can go direct, 20 ........