Looking for Term for Not So Great Health

B_Life · 10-09-2009, 12:18 AM

Hi everybody!
I am looking for term plan for the following situation
Male non smoker 63years old, heigth/weight is perfect
1. diabetes diagnosed at 53, takes pill only
2.mild depression controls with medication
3.deterioration of lower back on medication
4. on disability because of lower back

Which term company would approve him?
Thanks for any ideas!

Chazm · 10-09-2009, 12:30 AM

I know you are looking for term, but Why? At 63 he will probably only get 10 years.

Is he just looking to cover a mortgage for that little time?

agent C · 10-09-2009, 01:08 AM

Is he on alot of pain medication for his lower back?

B_Life · 10-09-2009, 02:20 AM

He is looking for a term because he is looking for as much coverage he can get for least premium (he needs about $200-$300K)
For his back j he takes Alendronate:

"Alendronate is classified as a bisphosponate drug. Its Chemical Abstract Service designation (CAS Number) is 41575-94-4. The broader category of osteoporosis drugs is antiresorptive drugs that slow the "resoption" of minerals out of the bone and into the bloodstream. (Other antiresorptives include SERMs (selective estrogen-receptor modulators) and calcintonin."

WinoBlues · 10-09-2009, 02:21 AM

Originally Posted by B_Life

Hi everybody!
I am looking for term plan for the following situation
Male non smoker 63years old, heigth/weight is perfect
1. diabetes diagnosed at 53, takes pill only
2.mild depression controls with medication
3.deterioration of lower back on medication
4. on disability because of lower back

Which term company would approve him?
Thanks for any ideas!

Try West Coast. I recently did a 69 year old version of your client. Twenty year level term came in Standard Non Smoker. Note: minimum is &100,000
The kicker may be the cause of the back pain. Rheumatoid?

Lee

annuityseller · 10-09-2009, 02:26 AM

American general is offering 20 year term to 70 year old and underwritter will work with you!!

dgoldenz · 10-09-2009, 02:44 AM

Shop it with a brokerage company to multiple carriers. When you have someone on disability, that never looks good to the insurance company, especially compounded with the diabetes. You'd be lucky to get a standard rate on term, but if you can't, you may be able to get it on a permanent policy with a table shave program.

racjac · 10-09-2009, 06:02 AM

Why does this client NEED LIFE insurance?

dgoldenz · 10-09-2009, 06:05 AM

Originally Posted by racjac

Why does this client NEED LIFE insurance?

Does it matter?

souldeux · 10-09-2009, 06:38 AM

Originally Posted by B_Life

He is looking for a term because he is looking for as much coverage he can get for least premium (he needs about $200-$300K)
For his back j he takes Alendronate:

"Alendronate is classified as a bisphosponate drug. Its Chemical Abstract Service designation (CAS Number) is 41575-94-4. The broader category of osteoporosis drugs is antiresorptive drugs that slow the "resoption" of minerals out of the bone and into the bloodstream. (Other antiresorptives include SERMs (selective estrogen-receptor modulators) and calcintonin."

Yeah, but why is he looking for that coverage? Is it to secure a short-term loan, cover his kids through college, what? I hate to harp on this point, but it's important this time - you'll find more flexibility with a table shave on a permanent policy, like dgoldenz said. Even if it's just a short-term need, your client may end up happier with a permanent option.

Also, with the mild depression, any history of psych hospitalization?

WinoBlues · 10-09-2009, 06:41 AM

Originally Posted by racjac

Why does this client NEED LIFE insurance?

Who should decide what he needs? Some plumber with a two sided FNA?

Lee

B_Life · 10-16-2009, 05:38 AM

Ended up writing WCL.
Thanks so much for the help.

pdoyle · 10-16-2009, 07:38 PM

Originally Posted by B_Life

Hi everybody!
I am looking for term plan for the following situation
Male non smoker 63years old, heigth/weight is perfect
1. diabetes diagnosed at 53, takes pill only
2.mild depression controls with medication
3.deterioration of lower back on medication
4. on disability because of lower back

Which term company would approve him?
Thanks for any ideas!

diabetic with good control (A1C < 7) possible standard/table 2 range depending on hx of control and age of onset.

Mild depression should not be an issue... but you never know what the records will show.

The other 2 are morbidity issues... should be ok as long as there is no drug abuse.

I'm curious about his HT/WT

MetLife could be standard (lifestyle credit program)
West Coast, Genworth, Pru. WRL and many others probablt closer to table 2 but standard is not our of the question.

10, 15 and 20yr rates are available.

If it gets difficult... and rating likely... you can always go to Lincoln Life, Sun Life and a few others and write a UL and dial down premium to mirror a term product. ( table 3 to standard shave program.)

InsureGuy5 · 10-16-2009, 08:10 PM

You do need to have an insurable interest. Maybe Banner Life...

M*R · 10-17-2009, 01:18 AM

The person who originally wrote this used WCL so this convo is basically dead. However, for anyone who reads this in the future you may want to try using the advice given regarding Table shaving programs.

Most No-lapse Universal life policies allow you to design the coverage to extend to any age. Therefore, a Table shaved Standard No-lapse UL designed to extend 20 years could be less than a 20-year Term rated a table C.

Just an idea, but if you look at the right companies for this, the UL will usually win it out.

dgoldenz · 10-17-2009, 01:26 AM

Originally Posted by M*R

The person who originally wrote this used WCL so this convo is basically dead. However, for anyone who reads this in the future you may want to try using the advice given regarding Table shaving programs.

Most No-lapse Universal life policies allow you to design the coverage to extend to any age. Therefore, a Table shaved Standard No-lapse UL designed to extend 20 years could be less than a 20-year Term rated a table C.

Just an idea, but if you look at the right companies for this, the UL will usually win it out.

Depends on the company. Some companies the dialed-down benefit costs almost the same as the full guarantee, others there is a big difference and as you said, comes out cheaper than term at a table rating. Just make sure the client knows that there will be no conversion option on the table-shaved dialed-down UL policy.