68 Yr Old Male Looking for Level or Decreasing Term

[SunnyDaze]

Hi. I just passed my state life exam and am starting to look at final expense companies, but a friend has asked me to find a policy for him. I have no experience with companies yet and have no idea what to tell him.

He is 68, in good health with no issues, active and in shape.

He asked for level or decreasing term for around $25,000 over a period of 20 years. He is not interested in the renewable policies he has seen where the premium increases every 5 years.

This is what he has requested, and I will also appreciate any helpful thoughts here. Thanks in advance.

 

[GreenSky]

Hi. I just passed my state life exam and am starting to look at final expense companies, but a friend has asked me to find a policy for him. I have no experience with companies yet and have no idea what to tell him.

He is 68, in good health with no issues, active and in shape.

He asked for level or decreasing term for around $25,000 over a period of 20 years. He is not interested in the renewable policies he has seen where the premium increases every 5 years.

This is what he has requested, and I will also appreciate any helpful thoughts here. Thanks in advance.

Let me make 2 recommendations. First, join the www.iliaa.org. It's only $1 for the 1st month and there are over 200 webinars you can access. You will learn a great deal and many of your questions will be answered.

Second, go to www.term4sale.com and run some quotes.

I think you'll find that term insurance for a 68 year old will be hard to find. And even if you find a policy, what happens if he lives until 89? If he's healthy enough he may be better off with a GUL policy.

Rick

 

[sshafran]

Hi. I just passed my state life exam and am starting to look at final expense companies, but a friend has asked me to find a policy for him. I have no experience with companies yet and have no idea what to tell him.

He is 68, in good health with no issues, active and in shape.

He asked for level or decreasing term for around $25,000 over a period of 20 years. He is not interested in the renewable policies he has seen where the premium increases every 5 years.

This is what he has requested, and I will also appreciate any helpful thoughts here. Thanks in advance.

I'd go to Term4Sale.com - Term life insurance comparisons (over 100 companies) first for most term requests. I think it would be odd to sell a 68 year old a $25,000 term product. Not much is available at that age. Maybe a 10 or 15 year term? So he hits age 88 and has nothing? I'd discuss either whole life or Universal Life (at least guaranteed to 100).
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Let me make 2 recommendations. First, join the www.iliaa.org. It's only $1 for the 1st month and there are over 200 webinars you can access. You will learn a great deal and many of your questions will be answered.

Second, go to www.term4sale.com and run some quotes.

I think you'll find that term insurance for a 68 year old will be hard to find. And even if you find a policy, what happens if he lives until 89? If he's healthy enough he may be better off with a GUL policy.

Rick

I guess we were typing/thinking at the same time

 

[SunnyDaze]

Thanks, folks, for this helpful info.

 

[xrac]

Hi. I just passed my state life exam and am starting to look at final expense companies, but a friend has asked me to find a policy for him. I have no experience with companies yet and have no idea what to tell him.

He is 68, in good health with no issues, active and in shape.

He asked for level or decreasing term for around $25,000 over a period of 20 years. He is not interested in the renewable policies he has seen where the premium increases every 5 years.

This is what he has requested, and I will also appreciate any helpful thoughts here. Thanks in advance.

This guy has no clue as to what he is asking for. Find out how much he wants to spend a month and then go out and see what kind of coverage you can find for him.

 

[SunnyDaze]

Another great idea. Thanks! He used to sell life a long time ago, and I suppose he is thinking of then.

 

[VolAgent]

Another great idea. Thanks! He used to sell life a long time ago, and I suppose he is thinking of then.

Nothing worse than someone who use to sell insurance.

 

[xrac]

Another great idea. Thanks! He used to sell life a long time ago, and I suppose he is thinking of then.

Here are the facts for him. 68 is an advanced age to be buying term insurance. Term usually cannot be renewed after age 80 period. What he is thinking might work if he were 30 years old. $25,000 is a very small face amount for term insurance.

 

[houcoogster]

Nothing worse than someone who use to sell insurance.

I can hear him pulling his chain from here. Haha

A side note, Jerry Jones use to sell insurance.

 

[SunnyDaze]

Thanks. I appreciate all this help.