Buying FE and Term on Myself

Jul 12, 2019 at 12:58 PM

  1. Northeast Agent
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    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
     
  2. goillini52
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    goillini52 MAGA...Eat More Bacon & BUILD THAT WALL!!!

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    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:
     
    goillini52, Jul 12, 2019 at 1:10 PM
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  3. fed up
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    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.
     
    fed up, Jul 12, 2019 at 1:10 PM
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  4. fed up
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    1 more thing, turn 50 get a colonoscopy.......after you submit your applications and are approved
     
    fed up, Jul 12, 2019 at 1:12 PM
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  5. Northeast Agent
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    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.
     
  6. Life Hawk
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    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?
     
    Life Hawk, Jul 12, 2019 at 4:21 PM
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  7. KRobby
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    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..
     
    KRobby, Jul 12, 2019 at 4:24 PM
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  8. Northeast Agent
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    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.
     
  9. Life Hawk
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    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.:)
     
    Life Hawk, Jul 12, 2019 at 4:38 PM
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  10. goillini52
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    goillini52 MAGA...Eat More Bacon & BUILD THAT WALL!!!

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    That's right, you did say 10 pay, but hey...the higher the premium, the more commissions you'll make. :yes:
     
    goillini52, Jul 12, 2019 at 4:46 PM
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