10 Pay

Aug 7, 2019

  1. benneaf
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    benneaf Super Genius

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    Looking for help....I am looking for a mutual life company a that has a 10 pay I can write on minors in large dollar amounts of coverage ($1,000,000).

    What I am NOT looking for is a policy that can be illustrated as a 10 Pay. I am looking for something structured and guaranteed as a 10 Pay.

    I used to write these with Ohio National, but they recently made some changes and now you can't write their 10 Pay on minors.

    I prefer mutual companies over stock companies, but I may not have a choice. Any ideas?

    Thank you in advance
     
    benneaf, Aug 7, 2019
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  2. Newby
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    Newby Guru

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    I think you can write the Lafayette 10 pay on minors. I would check with them. Great company.
     
    Newby, Aug 7, 2019
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  3. DHK
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    DHK Guru

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    DHK, Aug 7, 2019
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  4. pfg1
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    pfg1 Guru

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    Penn can do a 10pay.

    I didn't know ON changed on that, I wonder why. The 10pay on minors is a great fit.
     
    pfg1, Aug 8, 2019
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  5. benneaf
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    benneaf Super Genius

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    A lot has changed at ON. They dropped most all their annuity business. They've had some big leadership changes. Their products have changed. I like them, but they are making me nervous.
     
    benneaf, Aug 8, 2019
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  6. pfg1
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    pfg1 Guru

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    Yeah, I'm familiar. I just didn't realize they did away with the 10pay for minors. I haven't done alot with ON in the past couple years because for some reason they always have seemed to find an issue with anyone I submit.
    I talked to my rep recently in depth about the situation, he said cash flow wise they are stronger than they have been the past couple years, but there is definitely some bad press surrounding the changes.
     
    pfg1, Aug 8, 2019
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  7. SouthernComfort
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    SouthernComfort Guru

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    its Mass Mutual for a 10 pay on a minor.
     
  8. Lloyds of Lubbock
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    Lloyds of Lubbock Super Genius

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    Bad press...their ratings have plummeted!
    They are down to a 79 on a comdex report.
    Guardian, Mass, NY Life and Penn all issue a 10 pay to a minor.
    There is a relationship of of coverage betweeen the parent and child usually 2:1.
     
  9. Allen Trent
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    Allen Trent Guru

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    Is it possible that ON has completed their repricing as required to install new mortality tables? And those new tables & reserving impacted the ability to issue 10 pay on young ages without MEC'ing them. And maybe the other carriers have not repriced their limited pay contracts yet. Just wondering if that might also be why
     
  10. pfg1
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    pfg1 Guru

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    Very possible, and I think they have repriced. They have a slew of new version products out - I just haven't dug into look at it all because I'm not doing much with them these days.
     
    pfg1, Aug 8, 2019
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