Buying FE and Term on Myself

[goillini52]

Edit: but you might have to go a little higher than 15k, at your age..

Are you calling her old?

 

[KRobby]

Are you calling her old?

haha...this is why tonality is better at influence and comprehension than the actual words.. I'm calling her a spring chicken.

 

[Newby]

If you are 50 and good health and you are wanting term plus a small whole life I would sell yourself a small participating whole-life through LaFayette or other participating company with a term rider. That way your entire term amount is convertible to add more whole life as your financial picture changes. And if you are going to sell LTC to yourself just check into the LTC rider option with Lafayette and you might just be able to have a larger WL with the LTC rider than two separate policies.

There are other companies that do this too. But Lafayette has always been my favorite for those cases because they have so many good WL options.

 

[shonceman]

Several years ago I wrote myself a 20 year term that converts (at the end of the term) to a fully paid up whole life plan with a face amount equal to the base premiums paid in. It provides me enough for mortgage payoff during the term, then leaves me with a paid up $50k for final expenses, etc. I got it from LBL, but they've stopped selling any term products. Does anybody else have a policy like that?

To get a similar effect, I have written a 20 or 30 year term with return of premium. The plan would be to take the cash at the end of the term and move it into a single pay WL, or maybe an annuity if the client can't qualify for the life plan.

 

[goillini52]

Several years ago I wrote myself a 20 year term that converts (at the end of the term) to a fully paid up whole life plan with a face amount equal to the base premiums paid in. It provides me enough for mortgage payoff during the term, then leaves me with a paid up $50k for final expenses, etc. I got it from LBL, but they've stopped selling any term products. Does anybody else have a policy like that?

To get a similar effect, I have written a 20 or 30 year term with return of premium. The plan would be to take the cash at the end of the term and move it into a single pay WL, or maybe an annuity if the client can't qualify for the life plan.

UHL does. Wino's talked about them. I picked them up, but haven't really studied them yet.

 

[shonceman]

UHL does. Wino's talked about them. I picked them up, but haven't really studied them yet.

I had them at one time, but had a hard time getting excited about them. I ended up getting termed for non-production. I did manage to write my largest premium gdb policy ever with them. When the lady died a few months later, it was also my largest single chargeback ever!

 

[Northeast Agent]

Thanks, all. This is really helpful. I'm going to check out both Lafayette and UHL.

And shortly I'll be taking more life insurance training through Insurance Pro Shop or some other reputable outfit. Time to expand past Medicare and ancillaries.

 

[myinsurebiz]

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

Just get a 20 / 30 year term with ROP. If you outlive the policy - you'll probably have the $15k you are looking for to handle Burial.

You could even convert some or all of it to Permanent if you desire . . .