Whole Life for a Young Pup

[TampaHound]

I deal with whole life but generally speaking it's FE (50+). One of my clients is looking for Whole life for his much younger wife (she's 31). They want to do at least 25K but might go higher on the price.

I've been trying to go term with her for a few reasons but am getting no where.

Your recommendations as to what company may be able to help?

 

[Newby]

I deal with whole life but generally speaking it's FE (50+). One of my clients is looking for Whole life for his much younger wife (she's 31). They want to do at least 25K but might go higher on the price. I've been trying to go term with her for a few reasons but am getting no where. Your recommendations as to what company may be able to help?

Many options. I usually use Lafayette on those cases.

Why are you thinking term if they want whole-life?

 

[BYSFG]

Maybe they want the guarantee? If its what the client wants, why not assess their needs and why they want WL.

For me personally, if I have no other options/recommendations that fit the clients needs, I then only turn to Term. Dealing with a majority of the middle market, a family household income of 50k - 100k a year, given your scenario, Term is usually the last thought in my mind unless the client cant afford anything else but needs at least some sort of coverage.

Much rather suggest a WL for 25k @ 20$/mo. vs a near 300k term at the same price, or even a combination plan depending on carrier to meet their needs. Prefer that my clients not have to worry about having to:

-Renew, where term premium sky rockets
-Convert term to WL at current age based premium
-Shop again

Ultimately, whats the purpose of the insurance for the wife? Cash Accum.? FE? Lifestyle/Survivor support? Etc.

 

[FRJ]

I deal with whole life but generally speaking it's FE (50+). One of my clients is looking for Whole life for his much younger wife (she's 31). They want to do at least 25K but might go higher on the price.

I've been trying to go term with her for a few reasons but am getting no where.

Your recommendations as to what company may be able to help?

Mutual Trust Life Insurance Co is worth a look. Good illustration software and support for more advanced life insurance structures.

 

[TampaHound]

Many options. I usually use Lafayette on those cases.

Why are you thinking term if they want whole-life?

At the risk of sounding horrible....I know this girl personally. I know that eventually she'll let the coverage lapse due to the higher premium of a whole life policy. She also thinks that she'll be able to borrow against the whole life policy as an investment tool....even if I've told her there are better ways to do it.

She's barely covering her bills now. A term would make more economic sense and would still meet what she's looking to cover.

I know that I can't be responsible for anything that happens once her signature is on that paper...but sometimes you have have to lead a horse to the water.

 

[pfg1]

$25k death benefit? Its gonna be a LONG time before they have any real cash to borrow against. Show her that.
Why not suggest some of each? Or a WL policy with a term rider for additional covg? I would help her to understand the value of having adequate covg in place first.

 

[monstrhuntr]

$25k death benefit? Its gonna be a LONG time before they have any real cash to borrow against. Show her that.
Why not suggest some of each? Or a WL policy with a term rider for additional covg? I would help her to understand the value of having adequate covg in place first.

What carriers would you suggest for a whole life with term rider for someone healthy is their 30's?

 

[WinoBlues]

What carriers would you suggest for a whole life with term rider for someone healthy is their 30's?

You are looking at a small policy, small premium. Sell them what they want. An alternative might be a ROP term that RdPdUps in 20 or 30 so she will have something in place she does not have to pay for when the much older husband goes toes up. Are there children?