Cheapest 30 yr non med level term age 29

[WinoBlues]

Remember the old days when they would let the agent do the swabs?

Yup, Americo. I think I did one then threw all the supplys away. Well, I did put the swabs in my gun-cleaning box.

 

[Allen Trent]

HIV as well.

for sure--I just figured it would be a little harder today to hide HIV if the consumer actually knew they had it. Guessing all the script checks & medical billing codes would show that more than drugs & tobacco would be picked up.

Ironically, just had a very large (IMO) case come back tobacco use for an agent. Client insists they have never used tobacco & was clean on their lab work. After the underwriter went back & read the entire 100 pages of the client medical records it was seen he wasnt tobacco user......but the 3rd party vendor that compiles medical records & adds a summary page to the records marked tobacco user on the summary & that is what triggered the tobacco rating & tobacco questionairres. LOL

 

[Allen Trent]

ust wait until those express UW programs start seeing how many people lied about tobacco use or drugs. Or just the medical info that does not get registered.

bingo. I think we will start seeing term rate increases soon for the 1st time in my career after 2-3 decades of term rates going lower. Between reinsurance costs, all the costs of the technology, lower interest rate markets, etc along with mortality slippage, I think it will happen

 

[Allen Trent]

NYL brought in the local examone owner to teach all the new agents how to perform a swab.

I wonder how many agents swabbed themselves to get a client non-smoker rates??!!

I remember a story about that time when the examone/portamedic folks were training. They shared a story that State Farm in like Wyoming or Montana had 10 clients in a short time come back as having HIV. after investigation, the agent was doing his own saliva test & the agent is the one that had HIV. Who knows if it was true, but could definitely see it being true.

 

[Allen Trent]

Remember the old days when they would let the agent do the swabs?

Yup, had to tell the client to Hawk Tua & spit on that thang

 

[Allen Trent]

Guardian is doing them now for certain amounts/ages in lieu of a full exam.

No agent involvement.

They overnight the kit to the client, client downloads an app, takes a video using the app of themselves doing the swab. It comes with prepaid 2day fedex return envelope.

I think Mass has started a similar program for certain amounts/ages.

do you know the vendor doing this for the carriers? We use saliva kits on an extremely rare basis (small WL face amounts, teens, tobacco rate removal).....But most agents I work with have very outdated kits & I am sure those kits are paid for by carrier just to have them on a shelf that then expire, etc.

Would love to pass that on if you know which of the vendors is supplying the consumer kit/video, etc

 

[WinoBlues]

Yup, had to tell the client to Hawk Tua & spit on that thing

.
And we're off....

 

[DonP]

Here's a question for all . My friend had a $1 mil guaranteed 30 yr level term with Phoenix life . The policys about 20 yrs old with 10 yrs to go . Phoenix was taken over by the state . He got letter from state his death benefit max is $300 k during rehabilitation. Phoenix life was known for selling cheap high face amount term . No company is going to buy a 30 yr level $1 mil term at $90 a month with 10 yrs coverage left . The liability is huge with so few yrs left and small premium . What will happen to this policy ? Can an acquiring company reduce the face amount ?

 

[Tahoe Ray]

Here's a question for all . My friend had a $1 mil guaranteed 30 yr level term with Phoenix life . The policys about 20 yrs old with 10 yrs to go . Phoenix was taken over by the state . He got letter from state his death benefit max is $300 k during rehabilitation. Phoenix life was known for selling cheap high face amount term . No company is going to buy a 30 yr level $1 mil term at $90 a month with 10 yrs coverage left . The liability is huge with so few yrs left and small premium . What will happen to this policy ? Can an acquiring company reduce the face amount ?

My professional recommendation would be for your friend not to die.

They should also buy a new term policy.

 

[Allen Trent]

Here's a question for all . My friend had a $1 mil guaranteed 30 yr level term with Phoenix life . The policys about 20 yrs old with 10 yrs to go . Phoenix was taken over by the state . He got letter from state his death benefit max is $300 k during rehabilitation. Phoenix life was known for selling cheap high face amount term . No company is going to buy a 30 yr level $1 mil term at $90 a month with 10 yrs coverage left . The liability is huge with so few yrs left and small premium . What will happen to this policy ? Can an acquiring company reduce the face amount ?

I must have misread that in recent months, I thought it was the Variable Life company that had a court case on rehabilitation. I know a lot of the investors that bought large face policies as Life Settlements to the consumer are not happy as they planned to collect the full face of the policy someday after buying policy from the consumer & making ongoing payments.

I believe the consumers will only be protected to $300k or so & I would also think they may not be able to convert the the term if it had a conversion privilege to convert to WL or UL, etc