I need a TRUE Guaranteed Issue Product with LOW Issue Ages

Agent4Life · 10-22-2008, 02:35 PM

Hi Everybody,

I need a TRUE Guaranteed Issue (Life Insurance) Product with LOW Issue Ages.

Over the past year, I've had several cases of younger individuals with medical conditions that caused them to be "uninsurable" - even with many of the guaranteed issue companies I am associated and/or familiar with.

So...I'm looking for a company that offers a TRUE guaranteed issue (life insurance) product with a starting issue age of 30 years old or younger.

If you are aware of such a company or product, please PM me with that information.
I am licensed in VA, MD, WV, NC, SC & GA. My latest case was in NC.

Thank you ahead of time for your help !

jdeasy · 10-22-2008, 03:07 PM

Originally Posted by Agent4Life

Hi Everybody,

I need a TRUE Guaranteed Issue (Life Insurance) Product with LOW Issue Ages.

Over the past year, I've had several cases of younger individuals with medical conditions that caused them to be "uninsurable" - even with many of the guaranteed issue companies I am associated and/or familiar with.

So...I'm looking for a company that offers a TRUE guaranteed issue (life insurance) product with a starting issue age of 30 years old or younger.

If you are aware of such a company or product, please PM me with that information.
I am licensed in VA, MD, WV, NC, SC & GA. My latest case was in NC.

Thank you ahead of time for your help !

I have tried to find the same thing and have not been able to do so.

The closest thing I've found is Lincoln Heritage. Their final expense goes to age 0. It's a $20,000 max. There are two uninsurable conditions;

A. Has any proposed insured been diagnosed, by a physician, with a terminal illness or AIDS?

B. Is any proposed insured currently incarcerated, hospitalized, in a care facility or receiving hospice care?

Answer no to those two questions and they will be insured. If it's "modified" and the client is age 39 or younger, it's a 3 year modified plan. 1st year-ROP plus 10%, 2nd yr-ROP plus 20%, 3rd year-ROP plus 30%, thereafter-full benefit. It's paid up in 15 years.

If they are age 40 to 85, it's modified for 2 years. Still paid up in 15 years.

It's not completely GI, but, it's as close as I've found.

Newby · 10-22-2008, 05:13 PM

JD, you have the product on your Forethought contract. If you ever need to write any 0-99 year old guaranteed issue, you can do it on a 10-pay plan. I need to get you different contracts for that. Call me if you need it.

Originally Posted by jdeasy

I have tried to find the same thing and have not been able to do so.

The closest thing I've found is Lincoln Heritage. Their final expense goes to age 0. It's a $20,000 max. There are two uninsurable conditions;

A. Has any proposed insured been diagnosed, by a physician, with a terminal illness or AIDS?

B. Is any proposed insured currently incarcerated, hospitalized, in a care facility or receiving hospice care?

Answer no to those two questions and they will be insured. If it's "modified" and the client is age 39 or younger, it's a 3 year modified plan. 1st year-ROP plus 10%, 2nd yr-ROP plus 20%, 3rd year-ROP plus 30%, thereafter-full benefit. It's paid up in 15 years.

If they are age 40 to 85, it's modified for 2 years. Still paid up in 15 years.

It's not completely GI, but, it's as close as I've found.

jdeasy · 10-22-2008, 05:18 PM

Originally Posted by Newby

JD, you have the product on your Forethought contract. If you ever need to write any 0-99 year old guaranteed issue, you can do it on a 10-pay plan. I need to get you different contracts for that. Call me if you need it.

OK, thanks. I will get with you about that.

HomeService · 10-24-2008, 12:35 PM

Presidential?

dj_n_ky · 10-25-2008, 04:07 PM

Been looking myself, Pres starts at 40.

myinsurebiz · 10-25-2008, 04:24 PM

ForeThought will have 0 to 80 practically GI very soon.

Tom

Newby · 10-26-2008, 12:01 AM

Originally Posted by myinsurebiz

ForeThought will have 0 to 80 practically GI very soon.

Tom

They have 0-99 absolutely guaranteed issue right now. They've had it for years. It's called Forethought Select.

myinsurebiz · 10-26-2008, 11:05 AM

Originally Posted by Newby

They have 0-99 absolutely guaranteed issue right now. They've had it for years. It's called Forethought Select.

Is what you are speaking of different from the link below:

http://www.fsa4life.com/Product_Guide_Life.pdf

In this one - it has 2 health questions and only issued up to 85.

If yours is different - could you point me to the info?

Ramiz - if you are reading this - ring me up.

Thanks,

Tom

Newby · 10-26-2008, 07:53 PM

Yes, that is the Forethought Select agent guide. Read page 1 the 3rd billet point under benefits to the client. Completely guaranteed issue.

The health questions are to determine if they have immediate coverage or graded coverage. Everyone qualifies regardless of health.

If they answer yes to one of the questions, you still write them but they won't have coverage for health related deaths for 12 or 24 months (depending on which payment plan they are on.)

You are correct that Select only is available to age 85 though. Encore is the product that goes to age 99 but after age 85 it must be single pay.

Originally Posted by myinsurebiz

Is what you are speaking of different from the link below:

http://www.fsa4life.com/Product_Guide_Life.pdf

In this one - it has 2 health questions and only issued up to 85.

If yours is different - could you point me to the info?

Ramiz - if you are reading this - ring me up.

Thanks,

Tom

myinsurebiz · 10-26-2008, 08:33 PM

So - why would I market this compared to say ForeLife Whole Life Pay product?

I like the GI part.

The 5 pay or 10 pay flexibility is nice.

But this product seems to target a higher income client than traditional FE product.

How are the commissions versus ForeLife?

What are your opinions about Encore?

Thanks,

Tom
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Ah - I missed the wording:

" The death benefits payable for single premium and
Guaranteed issue plans are shown below.

[COLOR=RoyalBlue]Underwritten multiple-payment plans offer first-day
Coverage for applicants who answer no to both
Health questions.[/COLOR] "

Thanks New!

Tom

Newby · 10-27-2008, 07:29 AM

Originally Posted by myinsurebiz

So - why would I market this compared to say ForeLife Whole Life Pay product?

I like the GI part.

The 5 pay or 10 pay flexibility is nice.

But this product seems to target a higher income client than traditional FE product.

How are the commissions versus ForeLife?

What are your opinions about Encore?

Thanks,

Tom
- - - - - - - - - - - - - - - - - -
Ah - I missed the wording:

" The death benefits payable for single premium and
Guaranteed issue plans are shown below.

[COLOR=royalblue]Underwritten multiple-payment plans offer first-day[/COLOR]
[COLOR=royalblue]coverage for applicants who answer no to both[/COLOR]
[COLOR=royalblue]health questions.[/COLOR] "

Thanks New!

Tom

This product is exactly like the pre-need product that Forethought sells which is Encore. It's just designed for final expense agents to sell it that do not sell for a funeral home. It sells to more affluent people who are not looking for the lowest payment but are wanting to eventually have the policy paid off and understand about inflation.

For instance, if a parent has a special needs child who is 25 years old and the parent is 60. They don't want to buy a pay for life policy (because they won't be around forever to make the payment.) And if they bought a 10-pay level benefit, they would have to buy a huge face amount to allow for many years of inflation which MAY affect their Medicaid qualification.

So they can buy a $10,000 Encore or Select policy, have it paid in full in 5 or 10-years and have the policy start at $10,000 and grow each year to allow for inflation which will usually comply with Medicaid rather than buying a huge policy from the begining. The family will likely have to assign the policy ownership to a funeral home after a couple of years to keep it exempt from Medicaid and funeral homes are familiar with Encore (Select is basically the same product) and most will work with it.

In contrast, if you sold the same family a $30,000 10-pay final expense policy (like Forelife), they will be way overinsured for a funeral if death happens early in the policy and will lose all the excess coverage to Medicaid (which the family will see as hugely negative) and they will be underinsured if the 25 year old lives to a ripe old age (which the insured's family will also see as negative.)

The Encore and Select products are the correct products for these situations.

Commissions are different than final expense. They pay by age. 51-75 pays the best. 0-50 pays OK. 76-85 pays less and above age 86 just pays a small token amount.

If you want to contract with Forethought's Encore and Select products and can't find an IMO in your area, send an e-mail to: dahoog@nalu.net and tell Doug Hoog that you are a friend of Berkie and would like info on the Select/Encore products. You can also contract for Forelife through Doug if you don't already have it.

On a final note; Select and Encore are basically the same product BUT Select is a little better designed forms and presentation materials for the non-funeral home agent. BUT for some reason Encore pays a better commission rate.
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Someone at Forethought told me today they are really trying to do away with Select and will just use Encore for this product. It makes sense. They are basically the same.