Annuity with LTC - 67 Year Old Female - Dementia

[eersfan]

So you're saying you can't purchase life insurance on someone who's already dead?! Years ago, I got a call from a young man who was interested in life insurance for his father. I asked him how old is father was, and he said "yesterday would have been his birthday." I said "yesterday would have been?" The young man said his father died a week ago.

I said "Have you ever heard the saying "closing the barn door after the horse is gone?" He hadn't, and wasn't too happy when I said life insurance is purchased while you're alive.

 

[scagnt83]

I do not know what they ALL say, but that would seem to make sense.....or they would at least say that you can not execute the rider for x years after getting the plan.

Either way, I would walk away from that client.

I would love to see one that does allow it. I have read most of them and I have never seen one that allows it.

But obviously there could be one out there hypothetically. I think they would at least exclude any pre X but possibly allow for other adl's.

----------

A long time ago, life & annuity agents were referred to as 'field underwriters' because we were the first line of defense when it came to applications and helping insurance companies to make sound underwriting decisions.

I guess those days are long gone and replaced with "what can I get away with for my client so the insurance company would HAVE to pay"?

Excellent point. I'm pretty sure most any agent contract has a clause that we must field underwrite to the best of our ability.

 

[pfg1]

I would love to see one that does allow it. I have read most of them and I have never seen one that allows it.

But obviously there could be one out there hypothetically. I think they would at least exclude any pre X but possibly allow for other adl's.

LTC is tougher to get than life. Even healthy people get run through the ringer so to speak.

 

[eersfan]

They sure do. Family history plays a much larger role in LTC than it does in life underwriting.

 

[yankee466]

They sure do. Family history plays a much larger role in LTC than it does in life underwriting.

Beg to differ on that one.....until very recently there were no family history questions that counted against you in any way on LTC....and now some, like MoO will not offer preferred if Alz or Dementia in immediate family...but most still do not care.

Life insurance on the other hand will essentially ALWAYS worry a lot about cancer, heart, and/or diabetes under age 60 in the family...just having it and/or dying from it......and can take you all the way from Preferred + down to Standard. It is true though that Life insurance does not care about Alz and dementia in family history.....if that is what you meant.

 

[eersfan]

my typing was faster than my thought process.

 

[BeeSelective]

Agents make,their own rates.