Best place to get 500K for a 70YO?

[Dins]

New client who is turning 70 next week. Has a 500K 20YR term that will expire in 6 years and is hoping to get 500K in WL so if he lives past 6 years he still has 500K. Wants to spend 400-500, but willing to go up to 800. I told him I don't see it happening, but will show him the true cost of 500K and then How much he can get based on his budget.

Non-Tobacco
Borderline Diabetic(On Metformin)
Asthma

Looking into North American's GUL and Foresters WL. Any better suggestions?

 

[eersfan]

Is the term contract convertible?

 

[Dins]

Is the term contract convertible?

Not sure...I told him to dig it up for our next meeting though so I can check then...

 

[eersfan]

Not sure...I told him to dig it up for our next meeting though so I can check then...

Do you know what company it's with? If so, post it here and we can probably tell you whether it's convertible or not.

 

[Dins]

Do you know what company it's with? If so, post it here and we can probably tell you whether it's convertible or not.

All he could remember was "United Something..."

 

[DHK]

Could be United of Omaha?

 

[eersfan]

All he could remember was "United Something..."

If it is United of Omaha, the conversion period is based upon the length of term in the contract. 10 year term is convertible before age 75. 15 and 20 year term up to age 75.

Here is the source I used: https://theasagroup.com/wp-content/uploads/Term-Conversion-Privileges.pdf

 

[Dins]

Could be United of Omaha?

Thats what came to my mind, but he said he didn't think so. If it is convertible, are you guys thinking that'll be the best option instead of me setting him up with something new?

 

[WinoBlues]

Not sure...I told him to dig it up for our next meeting though so I can check then...

Do a three way call with him to find out prior to your meeting. That way you have time to check if you will get paid or the original agent gets paid. What the other plan is convertible to. Many of the options are not great. Also time to contract with the company and AOR if need be. Also time to find an alternative plan. All before the next meeting.

Just my 2 cents

 

[DHK]

That assumes it's "Term Life Answers". If it's "Term Life Express", it's not convertible.

Term Life Answers:
http://blogs.mutualofomaha.com/express/files/2015/09/9-16-15-Term-guide.pdf

Term Life Express:
https://blogs.mutualofomaha.com/express/files/2016/08/162059-TLE-Product-Guide.pdf