I need a good $5.5mm term life insurance policy?

thatdguy · 01-15-2008, 11:59 PM

I am an independent agent using 2 companies (old mutual and foresters) and have this scenario and need to know what options are out there for them?

$5.5mm mortgage

Woman 58 yrs old
Male 65 yrs old

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

Any specialty companies or programs out there geared towards older people and life policies that high?

Please PM me!
Thanks

Mr. Bill · 01-16-2008, 12:04 AM

Quite honestly, if they were able to qualify for that big of a mortgage, knowing that a huge chunk of it is non-deductible, you've got to ask why on earth they would want a term policy. These people are better candidates for estate planning and permanent insurance, especially for savings.

James · 01-16-2008, 12:05 AM

Originally Posted by thatdguy

I am an independent agent using 2 companies (old mutual and foresters) and have this scenario and need to know what options are out there for them?

$5.5mm mortgage

Woman 58 yrs old
Male 65 yrs old

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

Any specialty companies or programs out there geared towards older people and life policies that high?

Please PM me!
Thanks

There not that old, any company should be able to do this, esp. if they are in good health.

thatdguy · 01-16-2008, 12:10 AM

I am new into life insurance and I'm trying to find a product that works well for them. All I know if term life... any suggestions on a direction that I can take them?

salpro22 · 01-16-2008, 12:29 AM

Originally Posted by thatdguy

I am new into life insurance and I'm trying to find a product that works well for them. All I know if term life... any suggestions on a direction that I can take them?

Find a local person who does estate planning and in return for training, split the commission with him or her.

James · 01-16-2008, 12:57 AM

Originally Posted by thatdguy

I am new into life insurance and I'm trying to find a product that works well for them. All I know if term life... any suggestions on a direction that I can take them?

At this age, ask them if CV is of any consequence, if not and they need to hold this insurance for estate reasons also, look at SGUL.

SGUL, secondary guarantee universal life
NLPG, even cheaper, no lapse premium guarantee (a UL)

djs · 01-16-2008, 01:07 AM

Originally Posted by thatdguy

I am new into life insurance and I'm trying to find a product that works well for them. All I know if term life... any suggestions on a direction that I can take them?

There isn't enough information provided to make any real recommendations. Everyone is just guessing on how to position the 'sale' and what the needs are.

In most cases, you are looking at $1M or less in coverage, mid 30's or so, pretty straightforward on what is needed for at least the short term.

In this case, you have a clear need to ask about estate planning, and need to understand the taxation involved in this. You'll need to know if a trust is involved, what other assets are available, and if possible, what the heirs are looking at (you can avoid some problems in the future).

This is not a great early learning case. It's a wonderful case once you've done some standard type of cases. That said, I suggest you work hard on pulling it together, you'll learn a lot, and develop some relationships. You'll also figure out that you'll need multiple policies to do this correctly, to accomplish different goals (at least, that's my assumption based on the limited info). The hardest part is finding out what the goals of the coverage really are.

Dan

TXINSURANCE · 01-16-2008, 02:15 AM

SalPro gave the best advice - split the case with someone more educated and equipped to handles this type of transaction. It is truly in the clients best interest.

*STIBROKER@AUSTIN.RR.COM* · 01-16-2008, 08:58 AM

So no one at NAA can help you with this.......what state are you in......

Originally Posted by thatdguy

I am an independent agent using 2 companies (old mutual and foresters) and have this scenario and need to know what options are out there for them?

$5.5mm mortgage

Woman 58 yrs old
Male 65 yrs old

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

Any specialty companies or programs out there geared towards older people and life policies that high?

Please PM me!
Thanks

***Melmunch3*** · 01-16-2008, 08:59 AM

SalPro gave the best advice - split the case with someone more educated and equipped to handles this type of transaction. It is truly in the clients best interest.

It is also in your best interest. This is a nice case, and you need someone who knows the underwriting market well. Your chances of actually placing the case are way higher if you partner up. 50% or something is always more than 100% of nothing.

thatdguy · 01-16-2008, 08:24 PM

My client is in California and so am I.

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

*STIBROKER@AUSTIN.RR.COM* · 01-16-2008, 09:05 PM

I have written two 5 million rop's terms but the client was 38 and worth every cent....as a matter of fact we set up a irrevocable trust to keep it out of his estate.....now your clients are a bit older and you would have to take a hard look at liquid assets to determine if life insurance is his best option....

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.

GreenSky · 01-16-2008, 11:34 PM

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.

While I'm not the guy you want, let us know where you are in California and maybe someone can find you a GA that will do most of the work for you. You shouldn't lose too much commission if you do this.

Rick

thatdguy · 01-16-2008, 11:43 PM

I am in San Diego.
Thanks

GreenSky · 01-17-2008, 12:04 AM

Originally Posted by thatdguy

I am in San Diego.
Thanks

I use compulife to run quotes and will be happy to do for you. If you only are looking for term insurance without doing an estate planning, this might work.

Otherwise, you can contact almost any GA (CPS comes to mind but there are hundreds) and they will either help you directly or refer you to an agent to split the case.

Let me know by email insureATgreenskyDOTcom if you simply want a quote. Email your phone number and we can talk.

But...I am NOT a life insurance expert and really can only provide you with numbers.

Rick

senior-advisor-indiana · 01-18-2008, 01:48 AM

Originally Posted by GreenSky

But...I am NOT a life insurance expert and really can only provide you with numbers.

Rick

What exactly is your expertise?

GreenSky · 01-18-2008, 09:49 AM

Originally Posted by senior-advisor-indiana

What exactly is your expertise?

I make a great omelette.

Rick

Bhudge · 01-21-2008, 11:50 AM

I work with several different term companies that may be a good fit for your case. Let me know if you need any advice.

Brett Hudgens
Wbrett_hudgens@verizon.net
www.emimktg.com

*STIBROKER@AUSTIN.RR.COM* · 01-21-2008, 12:38 PM

Wow......really......

Originally Posted by Bhudge

I work with several different term companies that may be a good fit for your case. Let me know if you need any advice.

Brett Hudgens
Wbrett_hudgens@verizon.net
www.emimktg.com

thatdguy · 02-25-2008, 02:30 PM

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