1035 Paid up Policies

[insurgal81]

Hi everyone! I'm a Med Supp agent, I don't do a lot of life. I had a client contact me about a old life policy with $25,000 in CV and a $30,000 DB. I'm looking into paid up options that would give her more Death Benefit. Long Term care is not a concern at all.

So far I contacted Sagicor and Lincoln. Any other suggestions? Also any suggestions of a good Life IMO or FMO. I cant seem to reach the one I have used in the past. I have called them several times and they don't return my phone call, I guess I don't do enough business with them.

Thank you in advance for any help!

 

[Tahoe Ray]

Hi everyone! I'm a Med Supp agent, I don't do a lot of life. I had a client contact me about a old life policy with $25,000 in CV and a $30,000 DB. I'm looking into paid up options that would give her more Death Benefit. Long Term care is not a concern at all.

So far I contacted Sagicor and Lincoln. Any other suggestions? Also any suggestions of a good Life IMO or FMO. I cant seem to reach the one I have used in the past. I have called them several times and they don't return my phone call, I guess I don't do enough business with them.

Thank you in advance for any help!

Sagicor should be competitive if the client wants to maintain control of the cash value.

If the cash doesn't matter, then several carriers let you single pay their GUL and that would likely create more death benefit.

National western has a great single pay product but their service is rough.

SBLI's single pay product is solid as well with reasonable customer service.

Hope that helps.

 

[Allen Trent]

Agree with Tahoe Ray. But first, are you 100% sure only 30k will be paid out as a death claim? I am seen many agents/clients & even carrier Life CS workers not know how to read entire policy.

Only time I have ever seen 25k in 30k face is a level UL really well funded (fairly rare). A non dividend paying WL where client is in their 90s

If it is a UL? If it is an increasing death benefit, the beneficiary would get $55k

Is it a dividend paying WL? If so, the policy also has a lot of paid up additions face amount that would be paid out.

Don't forget about new 2 year contestibilty

If LTC & Cash value not an issue, really take a look at a no lapse UL or IUL product that will get the largest guaranteed face amount & little to no cash value.

How old of client? What state?