60 Year Old Smoker Needs $10,000 Policy

[SportsNut]

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

And that is if he is issued Pref rate. Std rate would be more than the RNA WL by a good margin. For what little difference there is there's absolutely no reason NOT to go with the WL in this case.

 

[WinoBlues]

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?

Sagicor goes down to $10,000.00 I believe. Non med

 

[VolAgent]

All these are bunny trails until the prospect realizes that his coverage is good only as long as he stays employed and even then there are no guarantees. Until he realizes that, you are just wasting your time looking at options and talking to him about it.

Typical cons with group life:
1. It is a group certificate. At any time the employer can end it and end your coverage.
2. Usually banded, so rates go up every 5th birthday or so.
3. Non-portable. If you leave your employer for any reason, your coverage ends. Some larger employers do provide retiree coverage, but that is the exception and not the rule now. Very few group life plans offer portable or convertible coverage.

 

[WinoBlues]

I agree with all of that except the waste of time.

I will write him 10 yr term at age 60 then permanent at 65-70. Inventory.

All these are bunny trails until the prospect realizes that his coverage is good only as long as he stays employed and even then there are no guarantees. Until he realizes that, you are just wasting your time looking at options and talking to him about it.

Typical cons with group life:
1. It is a group certificate. At any time the employer can end it and end your coverage.
2. Usually banded, so rates go up every 5th birthday or so.
3. Non-portable. If you leave your employer for any reason, your coverage ends. Some larger employers do provide retiree coverage, but that is the exception and not the rule now. Very few group life plans offer portable or convertible coverage.

 

[VolAgent]

I agree with all of that except the waste of time.

I will write him 10 yr term at age 60 then permanent at 65-70. Inventory.

Except he won't buy the 10 year term either until he gets past that block.

 

[rousemark]

Except he won't buy the 10 year term either until he gets past that block.

If he won't buy the permanent because the premium is higher than the term and he won't buy the term because it does not have the guarantees of the permanent, then you don't have a prospect. Time to pack your old kit bag and move on. You may eventually do something with someone like this guy every once in a while but in the time it takes you can find and write 3 "reasonable" prospects.

 

[RonRoberts]

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.

I see why you like UPS. I'll give you my reasons:

1. Defined Benefit Pension
2. No cost health insurance - excluded from Obamacare

Bout of kidney stones 2 years ago cost BCBS almost $20K, my out of pocket was less than $100. This is why I will keep working my 3-5 hours per day and 40-50 hours a week selling insurance.

 

[WinoBlues]

Yeah, just had that conversation with the guy this morning. He just when full time feeder driver. Planning on 6 figures this year.

My daughter in law works the same shift you do. Does not want to drive.

I see why you like UPS. I'll give you my reasons:

1. Defined Benefit Pension
2. No cost health insurance - excluded from Obamacare

Bout of kidney stones 2 years ago cost BCBS almost $20K, my out of pocket was less than $100. This is why I will keep working my 3-5 hours per day and 40-50 hours a week selling insurance.

 

[RonRoberts]

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.

If it were me and he was healthy I would shoot for Assurity. And, I would go with whole life. Chances are he is going to need it one day. I sell GUL all day long but for this situation, depending upon his financial situation, if this is all he will have, his need for the insurance, IMO, whole life whether it be simplified issue or fully underwritten.

Yeah, just had that conversation with the guy this morning. He just when full time feeder driver. Planning on 6 figures this year.

My daughter in law works the same shift you do. Does not want to drive.

Your feeder driver, he will be making the bucks with the best retirement package UPS offers. But his hours are really screwy which some can't handle.

I don't blame your daughter. Stay part time and accrue the pension and free health insurance. At minimum a $20K benefit package not including her wage...can't be beat or matched any where except maybe UAW. I did cover drive for several years but getting home at 10PM every night got real old. Today, I sometimes work more hours, and I get home after 10PM but that is by choice. I would much rather work UPS + my insurance business 60 hours a week than a truck for 50-55.

 

[mikeincolumbuso]

Anyone here that works with Sagicor that can help me get appointed and knows how they are to work with?