$5M+ Policy, what Could my Client Have?

Norton

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OK, need to know what this guy might have for coverage... I met an potential client from a mortgage protection lead, and we only had a brief meeting as his wife was out of town. We'll get together soon when she's back, but wanted to know what you all would think of this:
I asked a few basic questions to find out where he stood with things financially (very well-off, moving into a top gated community in town and owner of multiple companies; has need for quite a bit of insurance). He said he has a policy worth $5M-plus that he's paying around $2000/month on, but he believes he only has to pay for ten years and it'll be full paid up. Doing a bit of quick math ($24k per year for ten year does NOT equal a $5M or more whole life policy), I'm assuming it might be different than what he believes -- maybe it's a simple term policy worth $10M or so, in which case I'd be all over it. But maybe it's something else...?

He's 52 and very athletic/healthy and a non-smoker, so I'd imagine he was given preferred rating at approx age 45. He said the policy was through Skandia (European company, and apparently part of the Old Mutual family?). I'm hoping to get more info when we meet in a couple weeks, but what are your thoughts based on what I was told?
 
OK, need to know what this guy might have for coverage... I met an potential client from a mortgage protection lead, and we only had a brief meeting as his wife was out of town. We'll get together soon when she's back, but wanted to know what you all would think of this:
I asked a few basic questions to find out where he stood with things financially (very well-off, moving into a top gated community in town and owner of multiple companies; has need for quite a bit of insurance). He said he has a policy worth $5M-plus that he's paying around $2000/month on, but he believes he only has to pay for ten years and it'll be full paid up. Doing a bit of quick math ($24k per year for ten year does NOT equal a $5M or more whole life policy), I'm assuming it might be different than what he believes -- maybe it's a simple term policy worth $10M or so, in which case I'd be all over it. But maybe it's something else...?

He's 52 and very athletic/healthy and a non-smoker, so I'd imagine he was given preferred rating at approx age 45. He said the policy was through Skandia (European company, and apparently part of the Old Mutual family?). I'm hoping to get more info when we meet in a couple weeks, but what are your thoughts based on what I was told?

Rates are to far off. Could be a ROP term with a RdPu option in 10 years. Or some type of combo policy. Most likely some type of term.
 
It could be anything. Don't waste another second thinking about what he has until you have his policies in hand. EVERYTHING before then is guesswork.
 
Larry couldn't be more correct. Prescription without proper diagnosis is not only malpractice - it's BAD sales technique!

Don't be so frickin' anxious - the prospect will pick up on it. Be cool.
 
Larry beat me to it. You're wasting your time trying to figure out what it could be.

There are far too many possibilities, and the information he gave you is too vague to even begin to guess.

Look at the real policy and go from there.
 
If your dying to know. .. call the company name he gave you and just ask if they have now or have had in the past ten years had a product that sounds like this.

I would explain that you were helping a gentleman with his finances and he told you he had this policy. I would be up front with them and say I ask not asking for specific policy info just want to see if you have this product so I don't waste my time.

If they have this great deal ask them to contract and then call me and offer more a contract
 
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