Big Whole Life Policy

[scagnt83]

For GUL with a standard health rating, which carrier would be best? Thanks again!

I would look at LFG or Protective most likely. LFG table shaves so if he comes in as substandard table 1 or 2 they will move it up to a standard rating.

I also would show him both a GUL and a WL illustration and let him choose the product he likes the best. Some people see the higher premium as worth the higher DB in the future, and some do not. Let him decide on the product and then you can ask about his health and then find the right carrier.

When I say ask about health I do not mean "how is your health?". I mean ask for height/weight, smoking status and what type, current meds, past meds from last 2 years, heart issues, blood pressure or cholesterol issues, cancer, copd, hospitilizations, diabetes, etc. Then you can find the best carrier to fit his specific health.
You can show a random WL and GUL to start. But tell him upfront that they are just examples of how the product work and not necessarily the carrier you will recommend for his specific health situation.

 

[FRJ]

The client is in good health and will be able to pay the premiums. Their main goal is to stretch inheritance money further than a simple savings account or CD would go. Thanks again!

When you throw "CD" into the equation then you have to look at single premium whole life policies. Foresters or MTL come to mind. I know you mentioned Oxford on other thread, both Foresters and MTL would probably be a better solution.

 

[WinoBlues]

The client is in good health and will be able to pay the premiums. Their main goal is to stretch inheritance money further than a simple savings account or CD would go. Thanks again!

If you would like send me an email and I will send you my questionnaire. It does not have a lot on it but enough to prompt me to ask the questions. Pinney drop ticket has a good general questionnaire on page two.

Lee

 

[EasternShore]

Thanks! I'll definitely take you up on that!

 

[BNTRS]

I'm confused. He wants a $500,000 death benefit or a $500,000 premium?

 

[ATM]

Midland/North American, Protective, Nationwide if he is in decent shape.

 

[HKeller]

You normally don't want to die with an annuity...no step up in basis, limited distribution options to a non spouse (depending on date of death and when you take w/ds), distributions are likely taxable, etc.

The IRR in a GUL on a healthy individual in their 60s will likely outpace the performance of any fixed (traditional or indexed) investment, even slightly past life expectancy.

Life insurance creates the sum, annuities distribute it (although using the annuity to distribute the inheritance can sometimes work very well.)

If it's to stretch his inheritance, I'd suggest he find a good single premium whole life policy. In two or three years he will start to see a gain on his money, should he re-think his decision. If he should need some down the road he could do a partial surrender & not have to pay a penalty. WHAT does everyone think???

 

[pdoyle]

Tom Virkler, JD 706-354-0401
Tax planning attorney... expert advice all day.
Just tell him I told you to call.

 

[ShawnSIM]

The client is in good health and will be able to pay the premiums. Their main goal is to stretch inheritance money further than a simple savings account or CD would go. Thanks again!

If you are dealing with a lump sum inheritance, then a single premium participating whole life may be a good option for him as well.

 

[punkin]

The client is in good health and will be able to pay the premiums. Their main goal is to stretch inheritance money further than a simple savings account or CD would go. Thanks again!

Maybe I missed it but does he need an income from this down the road or is it to pass on?