1 Pay FE Policies...

[SDCLife88]

Good Morning everyone!

I have a situation that I know nothing about. I have a woman who wants to purchase a 1 pay on someone who is not her blood relative, but does own the house she lives in and was her fathers girlfriend for over 30 years before his passing.

I do most of my biz with LH as most of you know, but they only have a 20 pay and for 25k coverage on a 64 yr old smoker, the math doesn't add up and she will not pay yearly!

Is there a carrier that will let my client buy this policy? Does the girlfriend have to sign anything in person?(she is living in MX at this time)

I am stuck...

 

[Newby]

If you're saying she is not a blood relative and the insured isn't going to sign anything, you should walk away.

Settlers has single pays that are designed for the FE market. These work well for the normal situations FE agents run into. Not yours though.

 

[xrac]

Sounds more like a pre-need situation than a FE to me.

 

[SDCLife88]

I will write the app when she comes back to CA, the client told me if I can work out the numbers with her first, she will have her come back to sign it all. She lives here in the USA more than half the year.
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Sounds more like a pre-need situation than a FE to me.

That is what I told the client, but she does not want that for some reason. Maybe if they have a falling out she can just keep the money herself?

 

[Newby]

They can do the Preneed anytime. Your client won't need the insured's signatures for that. She's basically a step-mother that your client feels responsible for her final costs if I'm understanding you correctly.

Just write her with ForeThought TrustGuard or the NGL single pay now.

Or go to any funeral home and they have products for her.

 

[TwiLight]

Sounds like the girlfriend would be a common law wife and would be an insurable interest with most Carriers.

Sagicor has a Single premium life policy underwritten to table 4 as standard that is very competitive on Face and is interest sensitive for excellent cash values.

Also Baltimore life has a good policy that is fully underwritten with a good face amount, just lousy cash value.

Contact me to discuss the case in more detail and I will help you through the underwriting.

 

[SDCLife88]

Sounds like the girlfriend would be a common law wife and would be an insurable interest with most Carriers.

Sagicor has a Single premium life policy underwritten to table 4 as standard that is very competitive on Face and is interest sensitive for excellent cash values.

Also Baltimore life has a good policy that is fully underwritten with a good face amount, just lousy cash value.

Contact me to discuss the case in more detail and I will help you through the underwriting.

Wow I appreciate it, let me get through the morning and I'll give you a buzz.

CDS
CA life agent
Phone 562-321-5481
[email protected]

Sent from my Galaxy Note II using Insurance Forums App!

 

[rousemark]

They can do the Preneed anytime. Your client won't need the insured's signatures for that. She's basically a step-mother that your client feels responsible for her final costs if I'm understanding you correctly.

Just write her with ForeThought TrustGuard or the NGL single pay now.

Or go to any funeral home and they have products for her.

I am getting the impression that the buyer isn't concerned over the final expenses of the proposed insured. It appears what she is concerned about is having a place to live and the money to pay for it at the death of the insured since she lives in a house owned by the proposed insured.????

 

[SDCLife88]

I am getting the impression that the buyer isn't concerned over the final expenses of the proposed insured. It appears what she is concerned about is having a place to live and the money to pay for it at the death of the insured since she lives in a house owned by the proposed insured.????

House was paid off with fathers life insurance. I think she hasn't decided where to bury the lady because the ex wife is buried with her dad...

This lady is all kinds of Whack job

CDS
CA life agent
Phone 562-321-5481
[email protected]

Sent from my Galaxy Note II using Insurance Forums App!

 

[Todd King]

If they are buying a SPWL for the death benefit, what does it matter about the cash value? If they are concerned about that, then this type of policy may not be in their best interest anyway.