Best place to get 500K for a 70YO?

[Dins]

Ok guys I just talked to him. He said it's US Financial.

 

[eersfan]

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?

Unless he is looking for cash accumulation, a GUL contract may be suitable. Symetra Life is a company I have used in the past.

 

[Dins]

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

 

[Dins]

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

 

[Dins]

Unless he is looking for cash accumulation, a GUL contract may be suitable. Symetra Life is a company I have used in the past.

I don't currently have Symetra. I'll have to look into them. Best way to get a quote?

 

[eersfan]

I don't currently have Symetra. I'll have to look into them. Best way to get a quote?

Go through your insurance wholesaler. I use cps insurance for all of my insurance products. Insurance and Financial Management Company | CPS Insurance

 

[dgoldenz]

Of course he wants $500k WL for $400-500/month.....meanwhile a 70 year old at standard for a UL policy is $1500/month, which means a WL is going to be a lot more than that. I'd also like an Aventador for $500/month, probably not going to happen. He'll probably be lucky to get a 10-year term policy for under $800/month.

 

[Dins]

Of course he wants $500k WL for $400-500/month.....meanwhile a 70 year old at standard for a UL policy is $1500/month, which means a WL is going to be a lot more than that. I'd also like an Aventador for $500/month, probably not going to happen. He'll probably be lucky to get a 10-year term policy for under $800/month.

No, it's not going to happen. I told him I'd show him how much 500K really cost, and how much coverage he could actually afford. I'm just trying to get as close to the 500K as possible.

 

[David Block]

US Financial is gone and I am certain the conversion period has expired. I would contact a good brokerage GA to find the best plan available. GUL would be one solution, another would be a whole life/term blend, and I would consider companies such as Mass Mutual, Guardian, and the like for the permanent solution. Nothing at this point is going to be inexpensive regardless of which way he goes. The GUL may provide more but remember, he cannot miss any premiums otherwise the guarantee may collapse.

 

[xrac]

Term life costs at younger ages causes many consumers to be totally out of touch at what life insurance will cost as they get older. This guy is in that boat and is going to find out that he can only buy $100K-$150K or less for what he wants to spend. Most 70 years old with term are completely out of touch with the cost of insurance beyond age 70. Good luck in educating him! He is dreaming. My blended term whole life 500/500 that I have had since my mid 50' runs more than $1500/month and I am not a diabetic with asthma. He has waited too long to try to put what he wants in place and never could have bought t for what he wants to spend.