$1 Million dollar premium

Feb 14, 2018

  1. g717
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    g717 New Member

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    Need help winning a deal here... 69 year old single guy wants to leave money to his nieces and nephews! I only have direct access to Mass Mutual which im not a big fan of but they do the job on occasion. I used to work for the Knights of Columbus which trained me well, but I recall running into Guardian, Northwestern, and New York Life on occasion that really did well with these high premium policies. Any other ideas of carriers that really do well with these!?
     
    g717, Feb 14, 2018
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  2. VolAgent
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    VolAgent Guru

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    Lots of companies do well with big dollar premiums. The question is, what exactly are you trying to do and how do you want to do it? Sounds like you are thinking whole life due to the companies listed.
     
    VolAgent, Feb 14, 2018
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  3. scagnt83
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    scagnt83 Worldwide Expert of Everything

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    Go with GUL if all he cares about is inheritance.
     
    scagnt83, Feb 14, 2018
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  4. g717
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    g717 New Member

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    Well, hes trying to get the biggest amount of death benefit possible, with some cash value. He asked for an IUL but I just dont think thats in his best interest, maybe im wrong! Not %100 sure on if Whole Life is the answer though, I just know I had ran into some nice policies like this before and they were what I would consider "cooking". Survivorship UL's are good but you can only write them for two people not a single guy.

     
    g717, Feb 14, 2018
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  5. eersfan
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    eersfan Super Genius

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    Have you considered going the premium-financing route? As much bang for your buck without shelling out a $1 Million dollars in premium each year.
     
    eersfan, Feb 14, 2018
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  6. VolAgent
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    If he asked about IUL, I would look at Lincoln Financial Group then. Good company with good products. Also very forgiving underwriting for older people as this is their bread and butter.

    There are plenty of others, but this is the type of case where I have always seen LFG step up, particularly if you are working with a good GA.
     
    VolAgent, Feb 14, 2018
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  7. scagnt83
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    scagnt83 Worldwide Expert of Everything

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    If he asked about IUL, I would show GIUL. It will generate some Cash (if the market does well) and guarantee his DB no matter what. Premiums will be less than WL and more than normal GUL.

    Midland/North American have a good GIUL. I think they might table shave on it too.
     
    scagnt83, Feb 14, 2018
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  8. dgoldenz
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    dgoldenz Moderator Moderator

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    Is this premium $1M/year or a $1M lump sum single payment? GUL will get the max death benefit guaranteed for life. At age 69, underwriting is going to play a huge factor in which company is the best option. If you know nothing about his health, you need to start there. He could have cancer for all you know if you haven't asked those questions yet...
     
    dgoldenz, Feb 15, 2018
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  9. gkatzfinancial
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    gkatzfinancial New Member

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    Midlands xl-ec product is great for older clients, offers the table shaving, you can waive the surrender charges / lower costs to program. Enables more flexibility for client whether leaves for inheritance or ends up wanting to utilize the cash value. I’d be happy to help you with Midland if you have questions!
     
  10. scagnt83
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    scagnt83 Worldwide Expert of Everything

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    I agree. EC4 is my go-to for most single premium cases. And working with Midland is so much nicer than NA... despite them being in the same building... lol.

    For impaired risk, they have a new SI SPIUL. (heritage I think the name is) It has a great chronic rider on it. (does not require permanent impairment like their other chronic riders do)

    But for legacy cases like this, I would not use either product unless there was just a health issue and I needed the Simplified Issue UW. It sounds like DB is the primary goal and they want to maximize the DB and not CV.
     
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