60 Year Old Smoker Needs $10,000 Policy

[mikeincolumbuso]

This gentleman is the brother of a MAPD and FE customer. I was writing up her FE application several weeks ago and he said he wanted enough life insurance to bury him aka final expense. He is perfectly healthy, but he doesn't want a high face amt. No more than $25,000. I checked a couple of FE companies and the premiums are right around $58-60/month for just 10K. He said he had a small life policy thru his employer and the premium was less than that for $25,000. Any advice about alternatives to final expense, like a $25,000 underwritten or even non med plan and what those premiums would be? I know his smoking is driving the premium but I am wondering if something other than FE would save him some money.

 

[Josh]

It looks like you're falling for the apples to turnips comparison. What happens when he leaves his employer? Odds are it's just a term policy with some conversion options at best. Getting a 10k FE policy is going to be permanent. You're never going to win a price war in the FE market if you're competing with a term policy.

 

[jdeasy]

This gentleman is the brother of a MAPD and FE customer. I was writing up her FE application several weeks ago and he said he wanted enough life insurance to bury him aka final expense. He is perfectly healthy, but he doesn't want a high face amt. No more than $25,000. I checked a couple of FE companies and the premiums are right around $58-60/month for just 10K. He said he had a small life policy thru his employer and the premium was less than that for $25,000. Any advice about alternatives to final expense, like a $25,000 underwritten or even non med plan and what those premiums would be? I know his smoking is driving the premium but I am wondering if something other than FE would save him some money.

$88/mo for $25,000 whole life with RNA.

 

[TDFnCali]

It looks like you're falling for the apples to turnips comparison. What happens when he leaves his employer? Odds are it's just a term policy with some conversion options at best. Getting a 10k FE policy is going to be permanent. You're never going to win a price war in the FE market if you're competing with a term policy.

+1 on that ^^^^

Unless u get him to sit down with the exact details of his work policy, which normally DOESNT happen... He will always compare yours to his and "think" his employers is the better deal. Plus like JD said, I find about 90%+ of those work policies are only valid while he works there, once he leaves or retires he won't have coverage.

TDF
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[TXInsuranceAgent]

and his policy at work probably increases in premium every 5 years

 

[RonRoberts]

No job usually no coverage. My UPS $25K policy won't mean anything to me once I am gone for good. This is why I have my own coverage.

same reason it is almost 10:00pm and I have another hour and half to get home just to hit the boxes from 3-9 in the am. I don't look at any company coverage to last forever and having this perspective helps me to sell additional insurance to those employed.

 

[WinoBlues]

This gentleman is the brother of a MAPD and FE customer. I was writing up her FE application several weeks ago and he said he wanted enough life insurance to bury him aka final expense. He is perfectly healthy, but he doesn't want a high face amt. No more than $25,000. I checked a couple of FE companies and the premiums are right around $58-60/month for just 10K. He said he had a small life policy thru his employer and the premium was less than that for $25,000. Any advice about alternatives to final expense, like a $25,000 underwritten or even non med plan and what those premiums would be? I know his smoking is driving the premium but I am wondering if something other than FE would save him some money.[/QU

""That is great Bob. Those group plans do OK when you are a younger employee. You notice it goes up every 4-5 years and ends or goes _Way_ up when you leave.

I can beat it with a policy that you control, not some group administrator. How about $25,000.00 at $46. all the way to age 70? Includes a terminal illness rider for up to $12,500.00 at no extra charge. Or we can lower the face some and guarantee it to afe 121 for a bit more. Again, something you control.""
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No job usually no coverage. My UPS $25K policy won't mean anything to me once I am gone for good. This is why I have my own coverage.

same reason it is almost 10:00pm and I have another hour and half to get home just to hit the boxes from 3-9 in the am. I don't look at any company coverage to last forever and having this perspective helps me to sell additional insurance to those employed.

UPS I just got off the phone with a guy that just went full time. I am quoting him, his wife and son $500,000.00 each. He was a referral from a new UPS driver who I sold, Who was a referral from a couple that both work in the HUB, Who referred me to another driver who is buddies with a couple loaders in the 3-9 shift. I like UPS berry berry much.

 

[mikeincolumbuso]

Thanks. I appreciate the advice about the comparison with group/employer coverage. This guy doesn't have any coverage now. He was surprised at the cost of FE compared to whatever type of coverage he had while he worked. The $88 from RNA info is helpful JD Easy. Do any carriers sell a UL at that low of a face amt?

 

[jdeasy]

Thanks. I appreciate the advice about the comparison with group/employer coverage. This guy doesn't have any coverage now. He was surprised at the cost of FE compared to whatever type of coverage he had while he worked. The $88 from RNA info is helpful JD Easy. Do any carriers sell a UL at that low of a face amt?

I'm sure someone could help you on the UL. I don't sell UL's so I don't check into them.

 

[GoCubsGo]

GUL's start at 25K
60yr old smoker would start at $82 with North American and $98 with Genworth.