Buying FE and Term on Myself

Northeast Agent

Guru
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Pennsylvania
Please pardon my ignorance on this subject.

I sell mostly Medicare and other supplements, and some FE to my 65+ clients.

I'm turning 50 next month, am single (no children) and have a small mortgage. I want to buy a 20-year, $200,000 term for the balance (plus other miscellaneous bills), and maybe a 10-pay, $15,000 FE policy. My goal is NOT to be paying on a FE policy until I pass away.

I also plan to buy a LTC policy when I'm 55, but I'm not sure yet what kind. I just want to be sure right now I have something in place in case I die my extended family can bury me, sell my condo and have the money.

Also, since I would write the policies on myself, would I be paid as earned, advanced, etc?

Thanks
 
Please pardon my ignorance on this subject.

I sell mostly Medicare and other supplements, and some FE to my 65+ clients.

I'm turning 50 next month, am single (no children) and have a small mortgage. I want to buy a 20-year, $200,000 term for the balance (plus other miscellaneous bills), and maybe a 10-pay, $15,000 FE policy. My goal is NOT to be paying on a FE policy until I pass away.

I also plan to buy a LTC policy when I'm 55, but I'm not sure yet what kind. I just want to be sure right now I have something in place in case I die my extended family can bury me, sell my condo and have the money.

Also, since I would write the policies on myself, would I be paid as earned, advanced, etc?

Thanks
As far as how you're paid, it depends on the company. Sentinel Security will advance 9 months if you write yourself. :yes:

I'm not sure about the Term or LTCi. :huh:

I'll wish you a Happy Birthday now Lisa, because I'm old and will forget by next month. :twitchy:
 
Call your contracted companies and ask about compensation. If you won't get paid on controlled business, partner with someone who will give you a large percentage of the commission.
Other than the out of pocket cost and your budget, why wait 5 years to write a LTC policy? It sure won't be less expensive in 5 years.
 
goillini52 said:

As far as how you're paid, it depends on the company. Sentinel Security will advance 9 months if you write yourself.

Yikes! Looking at their 10 pay for FE, they are a LOT more $$$ than LBL or Trinity.

fed up said:

Other than the out of pocket cost and your budget, why wait 5 years to write a LTC policy? It sure won't be less expensive in 5 years.

I'm not planning to buy a standalone LTC plan, for sure. Still debating between an annuity with a rider or a hybrid. Or I may move to one of those new Village places... We'll see.
 
Please pardon my ignorance on this subject.

I sell mostly Medicare and other supplements, and some FE to my 65+ clients.

I'm turning 50 next month, am single (no children) and have a small mortgage. I want to buy a 20-year, $200,000 term for the balance (plus other miscellaneous bills), and maybe a 10-pay, $15,000 FE policy. My goal is NOT to be paying on a FE policy until I pass away.

I also plan to buy a LTC policy when I'm 55, but I'm not sure yet what kind. I just want to be sure right now I have something in place in case I die my extended family can bury me, sell my condo and have the money.

Also, since I would write the policies on myself, would I be paid as earned, advanced, etc?

Thanks

Why do you need the life insurance?
Who do you plan to leave it to and Why?
Single, no children, small mortgage... am I missing something?
 
Please pardon my ignorance on this subject.

I sell mostly Medicare and other supplements, and some FE to my 65+ clients.

I'm turning 50 next month, am single (no children) and have a small mortgage. I want to buy a 20-year, $200,000 term for the balance (plus other miscellaneous bills), and maybe a 10-pay, $15,000 FE policy. My goal is NOT to be paying on a FE policy until I pass away.

I also plan to buy a LTC policy when I'm 55, but I'm not sure yet what kind. I just want to be sure right now I have something in place in case I die my extended family can bury me, sell my condo and have the money.

Also, since I would write the policies on myself, would I be paid as earned, advanced, etc?

Thanks

Why not go with a SPWL instead of a 10-pay fe? Check quotes to see what you'd have to dish out to get the 15k benefit.
Edit: but you might have to go a little higher than 15k, at your age..
 
Lifehawk said:

Why do you need the life insurance?
Who do you plan to leave it to and Why?
Single, no children, small mortgage... am I missing something?


I want to leave a small FE to my extended family for my remains.

If I die while I still have a mortgage, they can use the term policy to pay off my mortgage, sell it and have the $, plus any debt.
 
Lifehawk said:

Why do you need the life insurance?
Who do you plan to leave it to and Why?
Single, no children, small mortgage... am I missing something?


I want to leave a small FE to my extended family for my remains.

If I die while I still have a mortgage, they can use the term policy to pay off my mortgage, sell it and have the $, plus any debt.

Your reasons drive your actions.
If they don't need the home, I wouldn't make them pay it off and sale the house... too much hassle settling an estate.

Give them the tax free $ out of the plan and let the bank sale home. Just a thought, don't have all the info so unable to understand the reason and emotion behind your thoughts.

I do my best face 2 face with a pen and tablet of paper. I'm sure you will make a wise choice.:)
 
goillini52 said:

As far as how you're paid, it depends on the company. Sentinel Security will advance 9 months if you write yourself.

Yikes! Looking at their 10 pay for FE, they are a LOT more $$$ than LBL or Trinity.
That's right, you did say 10 pay, but hey...the higher the premium, the more commissions you'll make. :yes:
 
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