DI Cant Buy Life Insurance? 2 Questions

[bboman23]

To answer question 1
Don't write a company that asks if they are on disability.

 

[jdeasy]

To answer question 1
Don't write a company that asks if they are on disability.

That's not what question 1 was about.

 

[John Galt]

I agree and do change ownership. However, you have to watch the look back period. I prefer to start out with a different owner if possible.

True dat, extra commission as well.

 

[bboman23]

1) What about the DI question?

2) Are you sure its the cash value thats a concern? or face amount?
It doesnt make sense that it would be a face amount, since it alone lacks any value, but Gov't doesnt make sense often.

3) Can you then write it up.....Change ownership later say 2 years in?

This number 1. Assuming he is talking about a company that asks about it on app like SLAC.

 

[John Galt]

This number 1. Assuming he is talking about a company that asks about it on app like SLAC.

Cant remember but doesnt uhl and oxford ask as well.

 

[jdeasy]

This number 1. Assuming he is talking about a company that asks about it on app like SLAC.

He is asking about being able to buy life insurance if on disability income.

 

[goillini52]

Cant remember but doesnt uhl and oxford ask as well.

No Oxford doesn't.....

 

[peteybear]

Well I don't think cash value is much concern as they have to hold it to yr 3-4 to really have any. How would the govt know if a person had any cash value if they bought the policy after being on di for many yrs? I bet 75% of Fe clients in the south are on Medicaid and I bet 95% own there own policy.But its very dangerous for another person to own your policy as you lose total control. You as the insured don't even have the power to cancel it.

 

[WholeLife]

Well I don't think cash value is much concern as they have to hold it to yr 3-4 to really have any. How would the govt know if a person had any cash value if they bought the policy after being on di for many yrs? I bet 75% of Fe clients in the south are on Medicaid and I bet 95% own there own policy.But its very dangerous for another person to own your policy as you lose total control. You as the insured don't even have the power to cancel it.

Not the best advice in my opinion Poohbear. If you don't deal with the ownership, at least in the first couple of years you may be setting the client up for a problem. If you are the payor, you always have the ultimate ability to cancel regardless of ownership.

 

[jacobtn]

unless they gave someone else the ownership of their bank account as well they always can cancel it.

Well I don't think cash value is much concern as they have to hold it to yr 3-4 to really have any. How would the govt know if a person had any cash value if they bought the policy after being on di for many yrs? I bet 75% of Fe clients in the south are on Medicaid and I bet 95% own there own policy.But its very dangerous for another person to own your policy as you lose total control. You as the insured don't even have the power to cancel it.