FE "Term" to age 85? 90?

[billyb]

Don't you just love Termites. I have been reaching out to a 20 year term client for several years reminding him that he terms out in 2019.
He has pretty much been ignoring me. He got his terming out letter from AIG today. Monthly premium increase from $32mo to $1,200.00 mo.
He called me.Oh, and now he is age 74

I had a case like that this week. 10YLT policy initial guarantee expired and the premium went from $40 to $500. He is now an insulin dependent diabetic and lives in SC which is a state I am not licensed in. Don't think I will purchase a non-resident license for a case that will be less than $100 monthly.

 

[rousemark]

The guy's 76. Do they backdate for age?

Don't know

 

[rousemark]

On a 75 year old:
How long of a level period will they go?
What would the premium be on say a $50,000 and $100,000?

It is a 5 year renewable term; terminates at age 80,like the one New York Life writes.. Age 75 max is $50K... Male NS = $373.24, Male S = $573.50, Female NS= $306.55, Female S= $531.80.

 

[Allen Trent]

I hate to say it, but Trans writes 10 year term up to age 80 (so your 76yo would have coverage up to age 86) and has low face amounts (25k).

Good luck.

considering the elevated age, much better chance of him dying in the 2 year contestability period than when your write a 30, 40 or 50 year old. So, if you taking away something he has guaranteed for another 4 years, you better make very certain every sneeze & test is disclosed on any rewrite. those rewrite death claim denial conversations with beneficiaries don't go over well. Seen it happen a few times over the years

 

[WinoBlues]

I am not licensed in. Don't think I will purchase a non-resident license for a case that will be less than $100 monthly.

I give cases away for that reason. Sometimes I get something in return sometimes, especially if a small case, It is just good karma. .

 

[billyb]

It is a 5 year renewable term; terminates at age 80,like the one New York Life writes.. Age 75 max is $50K... Male NS = $373.24, Male S = $573.50, Female NS= $306.55, Female S= $531.80.

Sons of Norway Whole Life at age 75 for $50,000:
MNT $247.06
MT $346.64
FNT $216.80
FT $329.30

 

[rousemark]

Sons of Norway Whole Life at age 75 for $50,000:
MNT $247.06
MT $346.64
FNT $216.80
FT $329.30

Without a doubt a better deal... What about the underwriting?

 

[billyb]

I just got a 76MNT issued, but he was in excellent health. For example they say they will consider COPD, insulin and stroke on FU over $50,000, but every case I asked the underwriter about on SIWL which is under $50,000 she said no. They can't rate SIWL, but do offer tables on FU.

 

[WinoBlues]

For example they say they will consider COPD, insulin and stroke on FU over $50,000, but every case I asked the underwriter about on SIWL which is under $50,000 she said no. They can't rate SIWL, but do offer tables on FU.

Assuming they can paramed, PHI and APS on their FU also. Fewer claims surprises.

 

[Desmond Doss]

Sons of Norway has NEVER answered a phone call or email FYI