I haven't recommended anything. He seemed to want an answer to a question, and I merely posted questions to learn more particulars in order to run a quote.
I missed the "health issues" posting. A link to the thread where they appear would be the best way to assist the discussion. For example:
Based upon his "colorful" history I don't see that anything would stop him from getting standard rate life insurance, do you? He certainly won't get preferred plus.
And if he buys an ROP policy you would think the company would be more eager to take the application standard given all the extra money they collect in premium, and don't have to pay out in the event of a death claim.
It appears he is older, having discussed several injuries he would have gotten as a young man, and then said he has not been in a hospital for over 10 years. Nothing sound life threatening to me. Isn't everyone over 50 taking medication for BP and cholesterol.
"I haven't recommended anything. He seemed to want an answer to a question, and I merely posted questions to learn more particulars in order to run a quote."
"It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is the most adaptable to change." Charles Darwin
It is not for me. It is for my brother-in-law. 49 yr. old excellent health non-smoker.
$500,000 to $750,000 policy.
What companies will give back his premiums if he lives past the term?
What is the up charge for his ROI on level term? And what companies offer this option?
This one will depend on what state he is in. Pruco, who recently raised their ROP premiums, has the best rates with their OLD rates which are still available in some states.
I should note that the NEW rates take affect on November 2nd, which means the old rates are still available in virtually all states until October 30th, but your brother-in-law better get his butt in gear.
Here are the 30 year annual premiums for preferred plus health for Pruco:
$500,000 costs 2,196.20
$750,000 costs 3,227.15
The next company, if Pruco is out of the picture, is Transamerica Life:
$500,000 costs 2,400.00
$750,000 costs 3,600.00
Last edited by Robert Barney : 10-19-2009 at 02:23 AM.
This one will depend on what state he is in. Pruco, who recently raised their ROP premiums, has the best rates with their OLD rates which are still available in some states.
I should note that the NEW rates take affect on November 2nd, which means the old rates are still available in virtually all states until October 30th, but your brother-in-law better get his butt in gear.
Here are the 30 year annual premiums for preferred plus health for Pruco:
$500,000 costs 2,196.20
$750,000 costs 3,227.15
The next company, if Pruco is out of the picture, is Transamerica Life:
$500,000 costs 2,400.00
$750,000 costs 3,600.00
So Prudential does ROP? How much of the premium does he get back? He is in Michigan.
Student, if you are an insurance agent, you need to get with a GA and start learning about this.
If you are not an agent, have your brother speak with a professional.
You can also go to www.term4sale.com and run some quote. If your brother needs and agent licensed in Michigan, you couldn't do better than going to my website. It's in CA but the rates are the same in MI.
Rick
------------------------------------ ILIAA
Training, Community, Support, and Success Independent Life Insurance Agents Assn rick@iliaa.org
Student, if you are an insurance agent, you need to get with a GA and start learning about this.
If you are not an agent, have your brother speak with a professional..
Rick
Rick, I am licensed but do not work in the industry. He does have a lot of reservations about calling an agent because he does not want to be "hounded."
Fidelity. 40 year mortgage term, with ROP. Issue age 20-40 for Non nicotine, and 20-35 for nicotine. Unisex rates, Jet issue.
I ran a couple rates and these are more expensive than the no-lapse UL from a few companies. Who would want to sign up for a 40-year term policy anyway? What are the odds of them actually keeping it for 40 years, slim to none?
So Prudential does ROP? How much of the premium does he get back? He is in Michigan.
If he keeps the policy to the end of the 30 years, he gets all the premiums he paid back.
If he quits before that, then he doesn't get all his premiums back.
I am unaware of any ROP policy that does not refund all the premiums at the end of the level period.
NOTE: Costs for riders such as Waiver Premium may or may not be refunded - it varies from company to company.
IMPORTANT: I am not kidding, the prices for Pru go up at the end of this month. Tell your brother-in-law he better get cracking.
Rick,
We do not compare ROP products or UL products at www.term4sale.com. We strongly recommend that consumers get in contact with agents that use Compulife is they want those quotes. ROP products and UL products are sufficiently more complicated than term and I really thing, as evidenced by Students questions, that consumers need the guidance of the agent as to the details of those types of products.
But many thanks for the plug on www.term4sale.com. There is no site that offers more products and companies for comparisons - although there are many other sites that use the same software and may or may not compare as many companies.
I ran a couple rates and these are more expensive than the no-lapse UL from a few companies. Who would want to sign up for a 40-year term policy anyway? What are the odds of them actually keeping it for 40 years, slim to none?
I didn't say it was cheap, I said it was available. I haven't ran the illustration so I don't know all the details; that being said, I suspect the point would be the ROP. A 40 year term without ROP is probably going to be cheaper than most UL, but with ROP I suspect it will be more expensive than many UL. But the benefit is the ROP if you should exercise that option.
At the moment, we find Transamerica Family Markets to have good prices and underwriting. But better hurry, every carrier I know is rasing their ROP rates.
At 49, I doubt your B-in-law will need $750,000 for 40 yrs. I would suggest he get a 30-yr and then use the ROP $ to buy a paid-up with a smaller face at the end of the term.
If he is getting the policy because he is expecting a huge estate tax situation, then go with UL now.
Frankly, he needs to stop messing around with an inactive agent and talk to someone who knows what they are doing. A professional agent has better things to do then "hound" a lookie-lou or a procrastinator. Do the both of you a favor and find someone for him to work with.
------------------------------------
Ed Gentry
Insurance Marketing Systems ed@ndinsmail.com
866-232-3370 www.AgentWorkFromHome.com
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