Insurance Agent Forum

[James]

Originally Posted by thatdguy

thanks, Bhudge - just turned in applications for him and his wife today

Is this the 5.5 million policy? If so I hope you called the company first, but I'm sure they would like you to collect the first month's premium sent in with the application with no prior approval!

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[arnguy]

It seems to me that term life would be very expensive at age 65. You might try Ohio National. They have good term rates.

[thatdguy]

James...
? no, you don't turn in a first month premium on a policy that size

Policies were very expensive - $2,500 for wife and $7,300 for husband.

[Winter]

Originally Posted by thatdguy

they both want coverage and are in good health (so they say).

Thanks

What did you do for fact finding here? You asked them about meds they are taking, medical care they have received, if they have had a physical recently, tobacco use, etc?

Forget about old mutual and foresters and all of that NAA crap. Work with a general agency/managing general agency, whatever the frigging term is, such as BYSIS and get them a quote from a few good companies such as West Coast or Genworth etc. Talk with an underwriter at the general agency to lay out a plan and to make sure everything that you need to check on does not come up as surprises.

Show the client a quotes from the best companies, explain the assumptions that go with that and so on. Inexperienced agents often just ask the client how their health has been, then the client says "its been good so far knock on wood" and then the agent quotes them preferred. That kind of klutzing around with a case this size wont work. Things get looked at. It doesnt really work with smaller cases either it is just that with larger cases you wish that you had done things right even more.

Repeat. Do not quote them from one of those mortgage type companies that you mentioned. Their rates and their underwriting suck.

Winter

[James]

Originally Posted by thatdguy

James...
? no, you don't turn in a first month premium on a policy that size

Policies were very expensive - $2,500 for wife and $7,300 for husband.

Yea, no crap! $7 grand monthly premium is a significant amount, most companies have a special group of underwriters that will work with "HWC". AIG, MM and others will request their team work on cases north of 3 million or around that figure. I'm pretty sure Old Mutual has the same set up? You don't even fill out a complete application before you hit "Stop" contact home office.

[jho]

Originally Posted by thatdguy

My client is in California and so am I.

I haven't found anyone who is experienced in placing large policies like this.

I know someone who knows estate planning pretty well. He's done quite a few of these. Let me know if you're interested and I can give you his contact information. He's located in Los Angeles, CA.

=)

[ins4life]

If they do not want to tie up money on making payments of 7000 to 8000 a month take a look at premium financing that is a good option for them.