82 Yr Old, 5 or 10 Year Term Insurance?

[newguy99]

Hi,
Is there any carrier that will do a 5 or 10 year level term for a 82 year old? He is a high net worth client for $1 mil policy.

 

[NinjaNic]

Hi,
Is there any carrier that will do a 5 or 10 year level term for a 82 year old? He is a high net worth client for $1 mil policy.

I would actually dial down a UL and show catch up premium after the guarantee expires. Makes for a much better exit strategy.

 

[Todd King]

I don't know of a single company that will write an 82 year old a term policy. I very well could be wrong though.

 

[Newby]

When does their need for the insurance end? Five years or ten years?

If you find it, it won't be much cheaper than whole life. It's too likely they will die at that age.

 

[VolAgent]

I'm not much for CYA letters, but if I did this I would.

I would want a letter signed by the insured, spouse and any and all beneficiaries stating that they understand that coverage terminates in X number of years or continues on at a substantially higher and potentially unaffordable premium.

 

[JGold814]

MetLife can do a 1-yr non-renewable I believe at 82, but as far as I know, everyone pretty much stops offering term insurance after age 80.

A dialed-down, no-lapse UL could serve your client's purpose, however, a lot of carriers have a minimum number of years for the length of the policy (i.e 10 or 12 years) - but the premium (more than likely) wont be much different than a full no-lapse UL to 121.

How much coverage is he looking for? What state is he in?

 

[hammerken]

Transamerica was writing those at one point. Not sure if they still are.

 

[JGold814]

I think they do, but the max age it can be issued it as 79 I believe.