Best Term for Older Folks - Help, Please!

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!
 
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!
Yes , Phoenix SH Term is going to be the most competitive for a term plan. Even if you go med it'll only be a couple dollars a month cheaper.

What I've done for old folks that want term is write them a UL like Foresters. Sell it as a 10 year term policy. Have them pay the minimum premium & it'll blow after the 10 year no lapse guarantee. The difference is it's a good amount cheaper than any 10 year term plan. ;) what's also nice about foresters is you can add accidental to the same policy.
 
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!

I'm assuming from your flag icon you are in Oregon? You might want to check American National (ANICO). $50k, 15-year for the man $91 $50k, 10-year for the woman (tobacco) $97
The TIA will be the thing that kicks up the rating on this and ANICO is very conservative and slow when it comes to UW. I haven't found Phoenix to be much better than that.
Remember the Living Benefits!
 
Cool, I'll probably just stick with the SH. I can still get them double the coverage of their WL policies ($25k) plus those living benefits for ten years.
 
Cool, I'll probably just stick with the SH. I can still get them double the coverage of their WL policies ($25k) plus those living benefits for ten years.

Are you replacing their WL policies? If so, ask them what their plans are if they live 11 more years.
 
Are you replacing their WL policies? If so, ask them what their plans are if they live 11 more years.

Nope, I wrote the WL policies on Friday, ain't replacing those. They just want to have extra protection for the next 10-20 years. These folks were way more on top of their stuff than most FE clients. :)
 
----------

Nope, I wrote the WL policies on Friday, ain't replacing those. They just want to have extra protection for the next 10-20 years. These folks were way more on top of their stuff than most FE clients. :)

I did look up the underwriting so this is just off the top of my head. Maybe look at ROP term. Twice the cost of term but a reduced paid up plan at the end of the level period.

This may have been better option before writing the FE plan though.
 
ROP term was mentioned here. Do most of the Term companies offer this ?

If not, which of the term companies "best for older folks "offer this option ?
 
ROP term was mentioned here. Do most of the Term companies offer this ?

If not, which of the term companies "best for older folks "offer this option ?

Best and older are to open ended words. Best depends on underwriting criteria, amount, benefits wanted and the goal. Older can have a different definition for each person. Also age plays a big role on how long a level period they can get or if it is even offered at the age.

Two that I have mentioned before are Cincinnati Life for healthier PIs and United Home for less healthy PIs. They both have a RdPdUp option at the end.
 
----------



I did look up the underwriting so this is just off the top of my head. Maybe look at ROP term. Twice the cost of term but a reduced paid up plan at the end of the level period.

This may have been better option before writing the FE plan though.

I don't know of an ROP product available to anyone over 50. :no:
 
Back
Top