Bankers Life Policy

[axeman462]

Re: Bankers: I just got off a call where the person said that she recently bought a $20,000 Wl policy on her 31 yr old Smoker son. At $24.10 mo. Does this look correct to you?

Thanks,

Lee

I played with the old bankers software I have, and couldnt find any way the agent came up with those costs. There is a good chance the customer is mistaken on what she has or the agent lied to her. Here are the different scenarios I was able to come up with:

Indexed Univesal Life (plan 19E), min DB of $25k
minimum premium: $22.65
Max funded: $30.71



Traditional Whole life (plan 12Y), has a min face value of $25K
For $25,000
Std: $30.85/mo
Non-Smoker: $28.12
Select: $46.84 (has min death benefit of $50k)

Final Expense WL (plan 13x)
for $20,000: $48.65
for $10,000: $25.65
for $9,328: $24.10


Term (plan 5z1)
5yr, min 50k
std Tob: $16.45

10yr, min $25k
std tob: $13.40

20yr, min $25k
std tob: $16.49

 

[WinoBlues]

Thanks iI appreciate the help.

I am guessing this is going to be a combinationof some kind of base and riders.

It is in So Cal (4 hours) so I want be prepared be for I go.

Thanks again,

Lee

I played with the old bankers software I have, and couldnt find any way the agent came up with those costs. There is a good chance the customer is mistaken on what she has or the agent lied to her. Here are the different scenarios I was able to come up with:

Indexed Univesal Life (plan 19E), min DB of $25k
minimum premium: $22.65
Max funded: $30.71



Traditional Whole life (plan 12Y), has a min face value of $25K
For $25,000
Std: $30.85/mo
Non-Smoker: $28.12
Select: $46.84 (has min death benefit of $50k)

Final Expense WL (plan 13x)
for $20,000: $48.65
for $10,000: $25.65
for $9,328: $24.10


Term (plan 5z1)
5yr, min 50k
std Tob: $16.45

10yr, min $25k
std tob: $13.40

20yr, min $25k
std tob: $16.49

 

[Indy007]

I played with the old bankers software I have, and couldnt find any way the agent came up with those costs. There is a good chance the customer is mistaken on what she has or the agent lied to her. Here are the different scenarios I was able to come up with:

Indexed Univesal Life (plan 19E), min DB of $25k
minimum premium: $22.65
Max funded: $30.71



Traditional Whole life (plan 12Y), has a min face value of $25K
For $25,000
Std: $30.85/mo
Non-Smoker: $28.12
Select: $46.84 (has min death benefit of $50k)

Final Expense WL (plan 13x)
for $20,000: $48.65
for $10,000: $25.65
for $9,328: $24.10


Term (plan 5z1)
5yr, min 50k
std Tob: $16.45

10yr, min $25k
std tob: $13.40

20yr, min $25k
std tob: $16.49

I'm betting on the 19E. There are a lot of ways to move that premium around, and depending on what rates are with Bankers now, that premium might be target.

That OR the agent did the 13X trick of quoting the FE with the DB/ADB ($10,000/$20,000) to make her think she was getting $20k instead of the $10k.

 

[axeman462]

Thanks iI appreciate the help.

I am guessing this is going to be a combinationof some kind of base and riders.

It is in So Cal (4 hours) so I want be prepared be for I go.

Thanks again,

Lee

no problem.

Bankers FE product doesnt have any riders.

unless bankers prices and products are drastically different than here in florida, my guess is it is an IUL (we were trained to sell IULs as whole life products at bankers) funded just over the minimum, and it is a $25,000 policy not a $20,000.
but I am curious myself to see what he sold her...

 

[WinoBlues]

Come to think about it she did say he couldadd money to it.

Thanks,

Lee

I'm betting on the 19E. There are a lot of ways to move that premium around, and depending on what rates are with Bankers now, that premium might be target.

That OR the agent did the 13X trick of quoting the FE with the DB/ADB ($10,000/$20,000) to make her think she was getting $20k instead of the $10k.

 

[axeman462]

Come to think about it she did say he couldadd money to it.

Thanks,

Lee

So, what product was it?

 

[WinoBlues]

So, what product was it?

I have not had a chance to see it yet. I am writing her 89 yr old mother next week and have a meeting set to review the Bankers policy when I replace the terming out Primerica policies. The Bankers policy is the easy part. This Lady has made some unwise Insurance choices in her life. Husband is 70 she late 60s and now they need to replace term.

I'll let you know though.

Lee