Best Term for Older Folks - Help, Please!

[jdeasy]

Hi all,

I almost exclusively do FE and Medicare but have two clients who would like some additional coverage until their grandchildren are grown. Their ideal is 20 years and 50,000 each, but I haven't seen any carriers in their budget and told them that this was absolutely not realistic for in the $100-150 range combined. They understood. (my commentary: I think their budget could absolutely be higher based on their income, but I want to be prepared and they know their situation better than I).

64 y/o male, TIA in early 2013 but no meds and no other health issues. Nonsmoker.
65 y/o woman, no health issues or meds. Smoker.

I rarely write term, but when I do it's Safe Harbor. I think the best I can get them is 25k for 10 years, which is going to be right around $125 (the woman is, of course, extremely expensive due to the fact that she's a smoker).

What are the other options for these folks? Again, term is NOT my wheelhouse and these two already have big FE policies with me. Just want to take care of them.

Thanks!

For him Grange is $65/mo for $50K 15 yr. AmAm is $73/mo. Grange is $89/mo for her on the 10 yr, $50K.

$25K for her is $60/mo AmAm 10 yr. $51/mo for him 15 yr.

 

[WinoBlues]

I don't know of an ROP product available to anyone over 50.

just a quick look at FEXquotes
age 51 CA


Cincinatti Life
Pru
AIG
AAA
Assurity
United Home Life
and a couple more.

However, UoO's GUL would work as they have a ROP option in year 20 or 25. Close to the same price but they have more options at that time. Like keeping the death benefit and premium. IMohsoHO

 

[FinalExpenseDojo.com]

just a quick look at FEXquotes age 51 CA Cincinatti Life Pru AIG AAA Assurity United Home Life and a couple more. However, UoO's GUL would work as they have a ROP option in year 20 or 25. Close to the same price but they have more options at that time. Like keeping the death benefit and premium. IMohsoHO

That's a great product!

 

[moretrax]

just a quick look at FEXquotes
age 51 CA


Cincinatti Life
Pru
AIG
AAA
Assurity
United Home Life
and a couple more.

However, UoO's GUL would work as they have a ROP option in year 20 or 25. Close to the same price but they have more options at that time. Like keeping the death benefit and premium. IMohsoHO

The original subject of this threadwas "Best Term" product but I see the discussion has been expanded. Thanks for the heads up on Cincinnati Life and the others.

 

[Robert Barney]

Did you try www.term4sale.com?

I continue to be mystified by people in their mid-60's buying term products. I was from the old school that you wanted/needed term while you were young. During that time you saved and invested for retirement, and after you quit working you were done buying term.

If you need insurance now, at 65, and still need it at 75, or 85, why wouldn't you need it the year after it quits, at age 86? And if you need it at 86, then you should be buying permanent insurance - the best value being no lapse UL to age 121. And don't buy UL to age 100, hoping you will beat the life company for a few bucks. You may outlive the coverage.

And if you do retire, and stop working, your income drops like a stone, and how will you afford to pay for it.

I see a lot of 20 year term being sold to seniors heading for the lapse heap of history. That's just a waste of valuable money.

 

[WinoBlues]

The original subject of this threadwas "Best Term" product but I see the discussion has been expanded. Thanks for the heads up on Cincinnati Life and the others.

Ha, that usually happens. It will devolve into term v whole life then policies v certificates then Hatfields v McCoys v Pancho Villa and so on

Cincinnati Life is non med (not SI) <61 <$100,000

Lee

 

[moretrax]

Ha, that usually happens. It will devolve into term v whole life then policies v certificates then Hatfields v McCoys v Pancho Villa and so on

Cincinnati Life is non med (not SI) <61 <$100,000

Lee

These threads have a tendency to digress into p#%&ing contests. Sometimes you pick up a good tip.