Clients open to selling their policies

[Allen Trent]

Anyone have advice.

Couple different business clients at end of level term coverage. Different clients, but both in early to mid 60s with level convertible term.

Table rated or uninsurable today for new term, but existing term is standard or better.

Policies are convertible to quality Whole Life, not just a inferior high priced conversion offering. Conversion can be to any of the carriers currently offered whole life. Either low cost non dividend paying product version, or dividend paying version or SPWL. In addition, carrier also allows up to 80% of the converted policy to be term riders brought along to the whole life plan if not wanting to convert entire policy to 100% WL. IE: 2M current term could be converted to all $2M WL or as little as $400k WL base & $1.6M 10 or 20 year level term rider. Also allows for term conversion for much smaller policy too, not full conversion.

Just wanted to suggest they consider selling the contracts if there is a market before they let the policies lapse out.

Getting close to grace period at end of level term as they are moving into the annually increasing higher premium right now.

Any advice or direction would be greatly appreciated

 

[WinoBlues]

Anyone have advice.

Couple different business clients at end of level term coverage. Different clients, but both in early to mid 60s with level convertible term.

Table rated or uninsurable today for new term, but existing term is standard or better.

Policies are convertible to quality Whole Life, not just a inferior high priced conversion offering. Conversion can be to any of the carriers currently offered whole life. Either low cost non dividend paying product version, or dividend paying version or SPWL. In addition, carrier also allows up to 80% of the converted policy to be term riders brought along to the whole life plan if not wanting to convert entire policy to 100% WL. IE: 2M current term could be converted to all $2M WL or as little as $400k WL base & $1.6M 10 or 20 year level term rider. Also allows for term conversion for much smaller policy too, not full conversion.

Just wanted to suggest they consider selling the contracts if there is a market before they let the policies lapse out.

Getting close to grace period at end of level term as they are moving into the annually increasing higher premium right now.

Any advice or direction would be greatly appreciated

Not an answer to your question.
However, those sound like great conversion options. Reminiscent of old term options.

 

[Lloyds of Lubbock]

Life settlement companies do not love whole life due to the premium.
I will message you his contact info

 

[Allen Trent]

Not an answer to your question.
However, those sound like great conversion options. Reminiscent of old term options.

Yes, they are unheard of & likely the combo base WL & term going away in next 1-2 years due to reinsurers not liking it as mortality experience has been bad as mostly the unhealthy convert when privilege expiring....and being able to extend 80% as term for another 10 or 20 or 30 year level period when the client was facing ART increasing rates is hated by actuaries

 

[WinoBlues]

Yes, they are unheard of & likely the combo base WL & term going away in next 1-2 years due to reinsurers not liking it as mortality experience has been bad as mostly the unhealthy convert when privilege expiring....and being able to extend 80% as term for another 10 or 20 or 30 year level period when the client was facing ART increasing rates is hated by actuaries

Would you share the company, pretty please?

 

[WinoBlues]

Yes, they are unheard of & likely the combo base WL & term going away in next 1-2 years due to reinsurers not liking it as mortality experience has been bad as mostly the unhealthy convert when privilege expiring....and being able to extend 80% as term for another 10 or 20 or 30 year level period when the client was facing ART increasing rates is hated by actuaries

At one time I did conversions pretty regularly. I actively hunted term policies and eaither AOR'd them or if I couldn't AOR I would wedge the writing agent out.

Then service them into loyalty. Eventually converting and or rewriting.

Sadly, conversion options started sucking.

Term is still Inventory.

 

[Tahoe Ray]

At one time I did conversions pretty regularly. I actively hunted term policies and eaither AOR'd them or if I couldn't AOR I would wedge the writing agent out.

Then service them into loyalty. Eventually converting and or rewriting.

Sadly, conversion options started sucking.

Term is still Inventory.

A lot of 35 YOs bought 20 year term back in the day.

Now they're in their early 50s and need more term.

I love those clients.

 

[WinoBlues]

A lot of 35 YOs bought 20 year term back in the day.

Now they're in their early 50s and need more term.

I love those clients.

I absolutely loved termites.
I have those clients that bought 20 yr term at 35, in great health not a lot of money, then they turn 55 maybe OKish health but more money so 20 yr term and or permanent, now they are 75 with 75 year old health but more money and a permanent need. Or 75 yr old health, permanent need and kids with more money.

Inventory
X-Dating

However, not going to be my Inventory. I find myself just wanting to go play. Just hard to say no when they call.

 

[billyb]

I have tried to help multiple clients sell their policies. All had health issues and were a lot older than me. None qualified. You have to be terminal with months to live. Those TV commercials about selling your policy are very misleading.