Anyone Companies Offer Final Benefit with Dementia?

[scott17201]

I have a 76 yr old maryland client who is taking medication for dementia. Other than graded death benefit does anyone take that?

 

[dgoldenz]

No. United Home Life will do up to $25k graded...they will be about the cheapest out there for someone w/ dementia. Still only takes about 5-6 years to pay the entire death benefit in premium. I'm not an FE expert though, so maybe someone knows of something cheaper...but that's what happens when you wait until you're 76 with dementia to buy life insurance.

 

[scott17201]

my client just applied with a company called Old American. Never heard of them. They take dementia clients.

 

[TDinsgrp]

UHL will be most likely your best bet. Old American...typically...is a lot higher than most so I would compare with UHL? UHL also pays full commission on their Graded plans so it's the same comp as a 1st day benefit. Let you know if I find something better?

Happy Selling!

 

[scott17201]

united home life will only take her for graded benefit. old american will consider it for level benefit. so hes to let me know tommorrow if she gets approved with them if not i have a chance to go with uhl.

 

[jdeasy]

my client just applied with a company called Old American. Never heard of them. They take dementia clients.

OLd American doesn't do an MIB. But I do believe they ask the question the app. Or, they are supposed to.

I just replaced an Old American immediate coverage for a lady with Parkinsons. The Old American agent didn't even answer the question on the app and she was approved level.

If she had passed, they would not have paid. I put her with AmCon graed where she has 40% of face right now.
I don't know if something like that is what's going on with this client, but I would make a pretty good guess about it.

The best deal for this lady out there is to refer her to MoO. It will be almost 60% cheaper than UHL

 

[Specialagent]

Good question. Any others?

 

[jacobtn]

I have done that many times myself. amazes me how many agents just blatantly lie on the app, I guess they don't mind taking a 2 year gamble with their E&O/ins license.

Like you do apparently, I always look at the app on the clients life policies while in the home amazing what you can find sometimes (misrepresented age, tobacco usage, health questions, etc).

The only company that I know of that writes FE on dementia is UHL. They won't insure someone who has cancer in the past 12 mths, but full blown alzheimers is not a problem... strange..

that's why we have mutiple companies!

OLd American doesn't do an MIB. But I do believe they ask the question the app. Or, they are supposed to.

I just replaced an Old American immediate coverage for a lady with Parkinsons. The Old American agent didn't even answer the question on the app and she was approved level.

If she had passed, they would not have paid. I put her with AmCon graed where she has 40% of face right now.
I don't know if something like that is what's going on with this client, but I would make a pretty good guess about it.

The best deal for this lady out there is to refer her to MoO. It will be almost 60% cheaper than UHL

 

[HarryRenard]

I have done that many times myself. amazes me how many agents just blatantly lie on the app, I guess they don't mind taking a 2 year gamble with their E&O/ins license.

Your E&O does not cover agents who LIE, I see guys write this all the time on here, it isn't "Lie Insurance". What it does cover I don't know but I know it doesn't cover lies .

 

[Newby]

When I find agents who lie on the application, I call the company with the client and clarify the correct health information and ask them what they want to do. In most cases they cancel the policy from day 1 and mail ALL their premiums back. They do a full chargeback on it *** that sold the policy.
Some of them are pretty obvious.
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I had a pretty funny one recently where the customer service rep on the phone advised the lady to just keep it because in 3 more months it would be incontestable.
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The client said no way because your application in large print says it is insurance fraud and I can be subject to fines or imprisonment.
The rep said "oh yeah, I forgot that part."