Could I Have Replaced and Saved Client Money?

[luke4275]

I'm new to FE business.. recently I sold my first policy, thru Foresters for 5,000 . The client had 4 other whole life policies for him and 3 for his wife. I crunched some numbers and couldn't seem to save him any money bec most of the policies were issues at much younger ages.

male non smoker 2/25/39 5ft 7 220 ,, no health issues
benefit carrier monthly issue age
5,000 foresters 37.71 71
2,000 vet life 12.03 58
3414 amer income 22.20 62
8127 amer income 28.00 53 *
3,000 stonebridge 19.66 issued at 70

He borrowed 2,000 on this and pays 160.00 in yearly interest.

wife non smoker 11/17/35 no health issues

3422 $ 23.76 american income life issued 65
6764 $28.08 american income life issued 59
5000 45.75 old american insurance. unsure of issued age

Can I save him money? Only the first premium. with foresters was written by me. perhaps they'd do blood, etc if the savings were high? thanks

 

[WinoBlues]

Looks like he has about $19,500 in coverage.
Paying about $133. per month.

One idea: Genworth $25,000 GUL to age 105 at std =about $91.00 Much lower if he dumps in the CV from the old policies.
Another: $30,000.00 of coverage for about $107. per month and/or us the CV to buy down the premium or help short pay.

In the second one, Client's wife and family get $10,000 more for less and also gets a the CV to buy down the premium or pay off debt or put into savings or just take a vacation or.......

Lastly. Got to be sure you are putting the client in a better place. Explain the contestability period.
I did not check the Build tables. just throwing out the idea. If he is rated on build the CV still may bring the cost down.

Fully underwritten.

I'm new to FE business.. recently I sold my first policy, thru Foresters for 5,000 . The client had 4 other whole life policies for him and 3 for his wife. I crunched some numbers and couldn't seem to save him any money bec most of the policies were issues at much younger ages.

male non smoker 2/25/39 5ft 7 220 ,, no health issues
benefit carrier monthly issue age
5,000 foresters 37.71 71
2,000 vet life 12.03 58
3414 amer income 22.20 62
8127 amer income 28.00 53 *
3,000 stonebridge 19.66 issued at 70

He borrowed 2,000 on this and pays 160.00 in yearly interest.

wife non smoker 11/17/35 no health issues

3422 $ 23.76 american income life issued 65
6764 $28.08 american income life issued 59
5000 45.75 old american insurance. unsure of issued age

Can I save him money? Only the first premium. with foresters was written by me. perhaps they'd do blood, etc if the savings were high? thanks

 

[jdeasy]

I'm new to FE business.. recently I sold my first policy, thru Foresters for 5,000 . The client had 4 other whole life policies for him and 3 for his wife. I crunched some numbers and couldn't seem to save him any money bec most of the policies were issues at much younger ages.

male non smoker 2/25/39 5ft 7 220 ,, no health issues
benefit carrier monthly issue age
5,000 foresters 37.71 71
2,000 vet life 12.03 58
3414 amer income 22.20 62
8127 amer income 28.00 53 *
3,000 stonebridge 19.66 issued at 70

He borrowed 2,000 on this and pays 160.00 in yearly interest.

wife non smoker 11/17/35 no health issues

3422 $ 23.76 american income life issued 65
6764 $28.08 american income life issued 59
5000 45.75 old american insurance. unsure of issued age

Can I save him money? Only the first premium. with foresters was written by me. perhaps they'd do blood, etc if the savings were high? thanks

If you could put the client in a better place by replacing, then you should recommend replacement.

There are many options out there. One of them has been shown to you as a GUL. While that is an option, I would never, never, ever put a FE client in a UL of any kind, GUL included.

Now, WinoBlues might could make an argument for it in a specific case, but, he is an experieced, well versed agent. You are not.

You seem to be asking a lot of questions here that your manager should answering for you. Do you have a manager? If not, get with someone to teach you the ropes.