Garenteed Life Insurance...

[Getzer928]

...or Graded death benefit. What is it and is it available for NC and what if the policy owner lived in Maryland and was insuring her parents that lived in NC..Is that possible?

 

[BNTRS]

You mean like guaranteed issue? Most GI contracts are only return of premium for the first few years, and then there's a death benefit that will be paid if the insured dies after that.

As far as owner living in one state and the insured in another, perfectly fine. You'll use a contract from whichever state you sit down and sign papers in.

 

[TristanTLC]

You mean like guaranteed issue? Most GI contracts are only return of premium for the first few years, and then there's a death benefit that will be paid if the insured dies after that.

As far as owner living in one state and the insured in another, perfectly fine. You'll use a contract from whichever state you sit down and sign papers in.

partially correct. You'll use the contract from whatever state the OWNER sits down and signs paper, not the insured. If the owner lives in Maryland, then its a Maryland App; but if the Owner lives in Maryland and the owner signs the app in NC then it's an NC app.

True GI is available in NC (in age range), but face amount is limited.

 

[jdeasy]

partially correct. You'll use the contract from whatever state the OWNER sits down and signs paper, not the insured. If the owner lives in Maryland, then its a Maryland App; but if the Owner lives in Maryland and the owner signs the app in NC then it's an NC app.

True GI is available in NC (in age range), but face amount is limited.

You use the state app where the insured signs it. If the insured lives in Maryland, but, is signing the app in Virginia, you use the Va. app. Doesn't matter where the owner lives or signs.

I've done several of those. I even got the advice that you gave a couple of times only to find out that I had to redo them.

 

[Getzer928]

partially correct. You'll use the contract from whatever state the OWNER sits down and signs paper, not the insured. If the owner lives in Maryland, then its a Maryland App; but if the Owner lives in Maryland and the owner signs the app in NC then it's an NC app.

True GI is available in NC (in age range), but face amount is limited.

hey thanks for the info, this forum is turning into a great place for me to fact check some information i hear from other sources.

he wants 100,000 in life insurance, but can only get a garenteed policy with a graded death benefit, that means i should just get a couple of them to stack one on the next...right?

 

[WinoBlues]

""he wants 100,000 in life insurance, but can only get a garenteed policy with a graded death benefit, that means i should just get a couple of them to stack one ""

Why? What is the health issue?

hey thanks for the info, this forum is turning into a great place for me to fact check some information i hear from other sources.

he wants 100,000 in life insurance, but can only get a garenteed policy with a graded death benefit, that means i should just get a couple of them to stack one on the next...right?

 

[jody108]

I don't know of any company that offers a graded or modified benefit in NC? Is there one?

Also, can the parent's use their NC address if they sign in MD. I don't think that is kosher.

If they live in NC and you sign them up in MD, then I believe they have to use their NC address (not their daughters).

If you aren't careful, this could be a problem for them later (or their family). Make sure it's legal.

Please correct me if I'm wrong. I've only sold to residents that actually live in the state they are applying in.

Jody

 

[xrac]

Just in case you haven't picked up on it already for what it is worth it is Guaranteed not Garenteed.

 

[BNTRS]

I don't know of any company that offers a graded or modified benefit in NC? Is there one?

Also, can the parent's use their NC address if they sign in MD. I don't think that is kosher.

If they live in NC and you sign them up in MD, then I believe they have to use their NC address (not their daughters).

If you aren't careful, this could be a problem for them later (or their family). Make sure it's legal.

Please correct me if I'm wrong. I've only sold to residents that actually live in the state they are applying in.

Jody

The application you use is irrelevant to the state contract they get. The state contract is determined by the two out of three rule. The state application only applies to what state you are signing the contract in.

 

[Getzer928]

Just in case you haven't picked up on it already for what it is worth it is Guaranteed not Garenteed.

lol oops, damn college degree didnt teach me spelling