Any Recommendations?...

[FETalk]

Hey guys, I have a male client who is 69 years old, smokes, and is interested in taking out $100,000 of fully underwritten whole life insurance coverage, with the premium being paid annually.

I've checked with a few different carriers, and I getting an average annual premium cost of between $6,000 and $7,000.

I'm trying to find something a little bit lower, because he's only interested in paying around 5K or so... Any suggestions?

Thanks in advance!

 

[DHK]

Non-lapse GUL.

Remember that WL must mature (cash values = death benefit) by age 121. Assuming with current age we have 52 years until age 121, 4% guaranteed rate, and NO cost of insurance (impossible)... premiums have to be $598 per month.

Just remember that non-lapse GUL may have no cash values.

 

[WinoBlues]

When you or he says Whole Life what are you referring to? Sometimes prospects are talking Cash Values, sometimes it is Permanent coverage to age dead.

What is their goal?

 

[DayTimer]

Sometimes prospects are talking Cash Values, sometimes it is Permanent coverage to age dead.

Sometimes both.

 

[WinoBlues]

Sometimes both.

True that.
Then the question goes to which is more important to them. So we know the correct recipe.

 

[Life Hawk]

What is their goal?

Spot on.

The answer is somewhere in the that "what are you trying to do?".

 

[FETalk]

Non-lapse GUL.

Remember that WL must mature (cash values = death benefit) by age 121. Assuming with current age we have 52 years until age 121, 4% guaranteed rate, and NO cost of insurance (impossible)... premiums have to be $598 per month.

Just remember that non-lapse GUL may have no cash values.

Thanks for your response. I actually did check a few carrier's GUL products, and due to his age and the fact that he smokes, the annual premiums were higher or about the same.

 

[FETalk]

When you or he says Whole Life what are you referring to? Sometimes prospects are talking Cash Values, sometimes it is Permanent coverage to age dead.

What is their goal?

He's not as concerned about the cash value accumulation, as he is about the lifetime coverage.

I'm basically just trying to find a carrier that offers the cheapest option.

 

[scagnt83]

Thanks for your response. I actually did check a few carriers GUL products, and do to his age and the fact that he smokes, the annual premiums were higher or about the same.

Try different ones then. 99% of the time, GUL is lower cost than WL. (when using competitive products)

Ameritas & Cinci are the only WL Ive found that competes with GUL from a price standpoint... but they dont beat GUL if using competitive GUL products.

What GUL products did you quote? Try NA or AIG if you havent already. But $6k for a 69 year old smoker sounds low to me. Id jump on that in a heartbeat.

 

[FETalk]

Try different ones then. 99% of the time, GUL is lower cost than WL. (when using competitive products)

Ameritas & Cinci are the only WL Ive found that competes with GUL from a price standpoint... but they dont beat GUL if using competitive GUL products.

What GUL products did you quote? Try NA or AIG if you havent already. But $6k for a 69 year old smoker sounds low to me. Id jump on that in a heartbeat.

MOO, and American National.