Bankruptcy

[smartweb2000]

I have a client that is in the process of filing for bankruptcy and wants to purchase life insurance. The paper work are done and file and they are just waiting to go to court. Apparently, he lost his job a year ago and could not make the mortgage payment and when he got his job this year, they are already 1 year late and have default on their loan. They were advised to file bankruptcy by their attorney.

Anyone run into something like this. Is it possible to sell life insurance to someone with this issue? No health problem just a bankruptcy problem.
Wants Universal $100,000.

 

[NinjaNic]

I have a client that is in the process of filing for bankruptcy and wants to purchase life insurance. The paper work are done and file and they are just waiting to go to court. Apparently, he lost his job a year ago and could not make the mortgage payment and when he got his job this year, they are already 1 year late and have default on their loan. They were advised to file bankruptcy by their attorney.

Anyone run into something like this. Is it possible to sell life insurance to someone with this issue? No health problem just a bankruptcy problem.
Wants Universal $100,000.

what chapter? it matters

 

[WinoBlues]

I have a client that is in the process of filing for bankruptcy and wants to purchase life insurance. The paper work are done and file and they are just waiting to go to court. Apparently, he lost his job a year ago and could not make the mortgage payment and when he got his job this year, they are already 1 year late and have default on their loan. They were advised to file bankruptcy by their attorney.

Anyone run into something like this. Is it possible to sell life insurance to someone with this issue? No health problem just a bankruptcy problem.
Wants Universal $100,000.

Pending BK I believe will be a postpone or decline with most underwritten policies. Simplified should be no issue. Ask the underwriter.

Discharged Chapter 7 should not be an issue. Chapter 13 depends on the underwriter. I have gotten two different answers from underwriters of the same company on the same day. Had that conversation with Genworth yesterday. Ask an underwriter and note his name on the file and cover letter.

Lee

 

[VolAgent]

Pending BK I believe will be a postpone or decline with most underwritten policies. Simplified should be no issue. Ask the underwriter.

Discharged Chapter 7 should not be an issue. Chapter 13 depends on the underwriter. I have gotten two different answers from underwriters of the same company on the same day. Had that conversation with Genworth yesterday. Ask an underwriter and note his name on the file and cover letter.

Lee

Interesting you mention that. I have an app in with Genworth now, Chapter 7 is discharged middle of this month. Should I expect a postpone until then?

 

[WinoBlues]

Interesting you mention that. I have an app in with Genworth now, Chapter 7 is discharged middle of this month. Should I expect a postpone until then?

Just reread your post. Scratch my PM. I would guess postpone. But think happy thoughts.