62 Years Male Needs Mortgage Protection
- Thread starter Zanetti90
- Start date
- 24,934
I have a client 62 male with high blood pressure and type 2 diabetic. He needs 156k.Which carrier will take him?
Thanks in advance from
Foreign Legion
Just about any based on what you posted. Need and plan design is more important.
- Thread starter
- #3
*****
What do you mean by design and plan is more important?( it may sound like a dumb question but i am new in life. This is the second case i am doing?)
I have a client 62 male with high blood pressure and type 2 diabetic. He needs 156k.Which carrier will take him?
Thanks in advance from
Foreign Legion
Pretty much all of the major term companies (Banner, American General, etc.) will take him if his diabetes is under control and no complications (such as neuropathy). He might even get a "standard" rate on a term policy form one of those carriers; certainly no higher than a Table 4. I use Shaw American to lay off my big term cases; there are plenty of others that handle one-off cases. Once I submit the application, they do most of the leg work. Anyway, they have a quote engine and you don't need an account with them to run quotes.
- 24,934
I said plan design is more important because a well controlled diabetic is not that tough to quote.
At 62 and a rate from Std to T4 cost, ability and desire to pay those premiums are going to be important.
Need (the problem)or want will help in the desire to pay the premium. Plan design will be where you look at solutions to the problem. 30 year level term or laddering 10,20&30 term or ROP so they have a paid up FE plan at the end? All have different cost which will fall under ability to pay.
I gave one in pending now where the mortgage is $200k for 25 yrs. 65 yr old male that we are hoping for Std non smoker. Because of cost, the solution was a 10 yr level term that becomes a DT in year 11 to age 95. Protective Life.
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- #6
- 4,132
Which carrier will take him?
It's going to depend entirely on his health. You will need to provide detail of his health history upfront in what can be called "pre-underwriting". Pre-U is taking his health history to an underwriter, telling them how much coverage is needed and the underwriter will tell you up front, what class to expect from their company.
Find out how committed the guy is to getting insurance before you beat your feet. A well controlled diabetic can get a standard rating, most will be table rated (sub standard) but at any rate the premium will be considerable in comparison to a similar person without type 2. Unfortunately many diabetics have an unrealistic view of their health and don't believe they should be a standard or table rated.
Good luck, but don't be surprised if after doing all this, the person rejects the premium because they're "healthy".
It's going to depend entirely on his health. You will need to provide detail of his health history upfront in what can be called "pre-underwriting". Pre-U is taking his health history to an underwriter, telling them how much coverage is needed and the underwriter will tell you up front, what class to expect from their company.
Find out how committed the guy is to getting insurance before you beat your feet. A well controlled diabetic can get a standard rating, most will be table rated (sub standard) but at any rate the premium will be considerable in comparison to a similar person without type 2. Unfortunately many diabetics have an unrealistic view of their health and don't believe they should be a standard or table rated.
Good luck, but don't be surprised if after doing all this, the person rejects the premium because they're "healthy".
- Thread starter
- #8
Thank you very much for you answer. I have an appointment with him next and ill test the waters if he has the ability to pay.
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Just saw it.Its a nice quote engine
- 24,934
As Larry said get all the details. Use a Diabetes questionnaire. I have good results with diabetics, however, I am also straight with them from the beginning and usually quote a range as opposed to a hard dollar amount.
I have a client 62 male with high blood pressure and type 2 diabetic. He needs 156k.Which carrier will take him?
Thanks in advance from
Foreign Legion
United of Omaha will do it on the Term Life Express Product.
Pricing already has Simple Issue built into it and will take the risk you have stated if not on insulin and A1c/Glucose is controlled.
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