10 Pay

[benneaf]

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

 

[Newby]

I think you can write the Lafayette 10 pay on minors. I would check with them. Great company.

 

[DHK]

I have a Guardian life product guide and it states that their 10-pay can be issued from age 0-75 - at least as of 2017.

MassMutual has a 10-pay, but I don't know their age limits.

https://fieldnet.massmutual.com/public/life/pdfs/li1737.pdf

 

[pfg1]

Penn can do a 10pay.

I didn't know ON changed on that, I wonder why. The 10pay on minors is a great fit.

 

[benneaf]

Penn can do a 10pay.

I didn't know ON changed on that, I wonder why. The 10pay on minors is a great fit.

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.

 

[pfg1]

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.

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.

 

[SouthernComfort]

its Mass Mutual for a 10 pay on a minor.

 

[Lloyds of Lubbock]

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.

 

[Allen Trent]

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

 

[pfg1]

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

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.