OK, need to know what this guy might have for coverage... I met an potential client from a mortgage protection lead, and we only had a brief meeting as his wife was out of town. We'll get together soon when she's back, but wanted to know what you all would think of this:
I asked a few basic questions to find out where he stood with things financially (very well-off, moving into a top gated community in town and owner of multiple companies; has need for quite a bit of insurance). He said he has a policy worth $5M-plus that he's paying around $2000/month on, but he believes he only has to pay for ten years and it'll be full paid up. Doing a bit of quick math ($24k per year for ten year does NOT equal a $5M or more whole life policy), I'm assuming it might be different than what he believes -- maybe it's a simple term policy worth $10M or so, in which case I'd be all over it. But maybe it's something else...?
He's 52 and very athletic/healthy and a non-smoker, so I'd imagine he was given preferred rating at approx age 45. He said the policy was through Skandia (European company, and apparently part of the Old Mutual family?). I'm hoping to get more info when we meet in a couple weeks, but what are your thoughts based on what I was told?
I asked a few basic questions to find out where he stood with things financially (very well-off, moving into a top gated community in town and owner of multiple companies; has need for quite a bit of insurance). He said he has a policy worth $5M-plus that he's paying around $2000/month on, but he believes he only has to pay for ten years and it'll be full paid up. Doing a bit of quick math ($24k per year for ten year does NOT equal a $5M or more whole life policy), I'm assuming it might be different than what he believes -- maybe it's a simple term policy worth $10M or so, in which case I'd be all over it. But maybe it's something else...?
He's 52 and very athletic/healthy and a non-smoker, so I'd imagine he was given preferred rating at approx age 45. He said the policy was through Skandia (European company, and apparently part of the Old Mutual family?). I'm hoping to get more info when we meet in a couple weeks, but what are your thoughts based on what I was told?