- 15,041
RPU doesn't get rid of the cash value. It effectively reduces the face amount to the amount the cash value will support. The cash value is still there.
FE Question on Converting Existing Policy
- Thread starter WCMason
- Start date
RPU doesn't get rid of the cash value. It effectively reduces the face amount to the amount the cash value will support. The cash value is still there.
- 2,452
Would assigning the policy to an irrevocable funeral trust work in this situation?
Yes but if she's healthy a 1035 to a new one would get her more DB usually from my experience. Baltimore life has a good one. If the premium and CV are high enough to support a face of at least 25k, a GUL like N American would be a awesome choice and would likely double her face amt. the owner could than be assigned after the new one is issued.
For smaller FE cases, options include Settlers, Equitable, and Baltimore to name a few. Baltimore has the best rates and highest DB on SPWL from my experience. POS approval as well.
readsit1st
Expert
- 23
IMO to get back on Medicaid she has to get rid of her excess cash over $2000 (usually) by assigning it to Medicaid in some way. 1035 it + the cash to drop her to the $2000 limit to Bankers SIWL and get the best funeral she can, up to the State limit. Medicaid will get the rest, if any.
Please quit, or get some GOOD training before going out and messing up people's lives.
- 25,021
Please quit, or get some GOOD training before going out and messing up people's lives.
Can not thumbs up so Xs 2
- 11,280
You 2 just ran off a new poster. You are only allowed to do that to members with more than 100 posts. Therefore you are both thumbed down when I get back to my computer...
- 25,021
I only partially disagree with you so I will only give you one finger.
readsit1st
Expert
- 23
Please quit, or get some GOOD training before going out and messing up people's lives.
I thought I might get a comment
I read this thread and thought it was great, The ideas were interesting and the writers were ones I have followed for some months and admire. So I take it as a good start. I came to learn, so teach. I'm not about to quit before I start.
Wino, I'm glad you backed him up.
I thought I might get a comment
I read this thread and thought it was great, The ideas were interesting and the writers were ones I have followed for some months and admire. So I take it as a good start. I came to learn, so teach. I'm not about to quit before I start.
Wino, I'm glad you backed him up.
I apologize if my post was too blunt. You took it well! I take it you are with BLC, and obviously new. Don't do what you posted, and whoever trained you to do that should get their replacements reviewed by the DOI.
I would highly suggest you get with the most ethical, successful agent in your branch, and ask if you can set up some appointments for them to ride with you and show you how to do it right.
If there aren't any of those in your office, go visit with a few other captive shops such as NYL, Pru, MM, NML, etc and get some good training. Once you feel you've mastered all of the concepts, if you want, make the jump to independent. Just don't drink too much of the McArthur punch at BLC!
