59/M With Serious Health Issues....GI or AARP?

[TDFnCali]

This topic was brought up before on a general level, now I have a actual scenario. I spoke to the daughter of a 59yr male today that is blind (because of diabetes), primarily confined to a wheelchair, has CHF and perhaps even more issues- sounded pretty bad. I only talked to her for about 10min outside their apartment, so I didnt see him.

She was asking questions on life insurance & telling me about his existing policy with AARP (set to go up in July when he's 60). So I told her most likely he would have to stick with his current policy & absorb the higher cost (he's way past the 2yr waiting period) or get a GI policy which would have a set cost & never raise, BUT his 2yr waiting period would start all over again & that would be entirely their decision. I reiterated the pros & cons of their AARP policy vs starting over & told her I'd swing by next week when she had more time to discuss. She handles all of his financial affairs & wanted to discuss her own policy as well.

So according to others who posted on this before (Newby, JD, maybe some others)....they all said they would never replace a policy past its 2yr waiting period for another 2yr waiting period.

2questions-

1) Would u consider replacing this in the above scenario if that's what the family wanted?

2) And is there ANY scenario would u replace a policy past its waiting period for 1 with a new waiting period??

Thanks in advance!

 

[inreverse]

Sounds like he might be in a home hospice situation, if he has less than two years expected life expectancy even a GI would not be much help.

 

[TDFnCali]

Sounds like he might be in a home hospice situation, if he has less than two years expected life expectancy even a GI would not be much help.

No, she never said or indicated that....so lets assume, hes just very sick but not terminal or anything! How would u address the 2 questions above?

 

[Newby]

In that situation I would recommend they convert the term policy to the NYL permenent policy IF they feel his health is stable and he is expected to live for many years.

If they don't expect but a few years he is best to stay with his current term.

It's all about the family's expectation of his mortality. All you can do is make sure they understand their options.

No I would not replace someone with those serious health conditions.

You can however sell ADDITIONAL coverage in these situations quite often.

 

[TDFnCali]

In that situation I would recommend they convert the term policy to the NYL permenent policy IF they feel his health is stable and he is expected to live for many years.

If they don't expect but a few years he is best to stay with his current term.

It's all about the family's expectation of his mortality. All you can do is make sure they understand their options.

No I would not replace someone with those serious health conditions.

You can however sell ADDITIONAL coverage in these situations quite often.

Thanks Newby. Got another question for you, what if based on the info I gave her today, she asked me to replace it with a GI that doesnt have a price increase? You still wouldnt do it?? Im too new to really know what to do in this scenario?

 

[lsalmans]

Thanks Newby. Got another question for you, what if based on the info I gave her today, she asked me to replace it with a GI that doesnt have a price increase? You still wouldnt do it?? Im too new to really know what to do in this scenario?

In no situation do you replace this policy. I would just echo Newby's comment earlier and just inquire about adding.

If they convert this policy to permanent he will not have a 2 year waiting period with conversions. You have nothing that will provide Level coverage.

 

[TDFnCali]

In no situation do you replace this policy. I would just echo Newby's comment earlier and just inquire about adding.

If they convert this policy to permanent he will not have a 2 year waiting period with conversions. You have nothing that will provide Level coverage.

Ok, that sounds about what Newby is saying....cool thanks! Im not familiar with AARP's UL, but I will mention it to her.

Unless someone has a valid different opinion, sounds like the route I'll go.

 

[jdeasy]

Ok, that sounds about what Newby is saying....cool thanks! Im not familiar with AARP's UL, but I will mention it to her.

Unless someone has a valid different opinion, sounds like the route I'll go.

It guaranteed convertable to the UL. That would probably be the best option, but, it's as Newby said, if the family feels that the life expectancy is not that long they could just ride out the term Once it goes up at 60 it's level for 5 more years.

They might could just add coverage instead of paying the difference for the UL.

 

[jacobtn]

I came across a situation just like this today. Her AARP policy had just lapsed so I ended up writing her a level standard with Monumental.

 

[TDFnCali]

I came across a situation just like this today. Her AARP policy had just lapsed so I ended up writing her a level standard with Monumental.

Well my potential client hasnt lapsed...so yours is a lil more cut & dry as to what u can do! Congrats!