Fully Underwritten vs Simplified Issue vs Guaranteed Issue

[LostDollar]

I would like to understand at a simple level the difference between those terms from the perspective of a potential purchaser of a $10K life insurance policy.

 

[jdeasy]

I would like to understand at a simple level the difference between those terms from the perspective of a potential purchaser of a $10K life insurance policy.

Fully underwritten is far more medical questions and further lookback on most medical questions and possibly even an exam. Usually not on that low of a face.

Simplified issue is less questions, less lookback and no exams. Most are priced in the table 4 range.

Guaranteed issue is no medical questions. In exchange for that the full benefit is not paid until having the policy at least 2 years. Some companies are 3 years.

 

[LostDollar]

I do not have any perspective on what premium rates would be for me today.

With no particular clue what I was doing, 50 years ago I purchased a non-participating whole life policy and a participating whole life policy, both for $10K. The annual payments are less than $200 each per year.

If I chose to buy a $10K policy today, I could pay annual payments for 10 years, or do a single premium. It would be age 80, within a 6 month look back period to preserve age 79.

I would want a policy that matured at age 121 and would prefer not to use fraternal coverage.

Could you give me a very, very general idea idea of what premiums might look like in the different categories of coverage you explained above.

I am NOT looking for "blood squeezed out of a turnip" lowest possible premium. I am just looking for some very ball park ideas of cost as part of a framework for my trying to figure out "Why did I send in the card?"

 

[LostDollar]

And one other question right now.

If I chose to apply for a fully underwritten $10K policy, and there was a medical exam, and I flunked it because of balance problems on a get up and go test, would that put bad stuff about me in an online file somewhere that would prevent me from being able to apply for another fully underwritten or simplified issue product?

 

[jdeasy]

And one other question right now.

If I chose to apply for a fully underwritten $10K policy, and there was a medical exam, and I flunked it because of balance problems on a get up and go test, would that put bad stuff about me in an online file somewhere that would prevent me from being able to apply for another fully underwritten or simplified issue product?

Trinity FU $10K for an 80 year old is $103/mo.

$1200/yr.

No exam. No backing up to save age.

Trinity is not fraternal.

There’s certainly better rates with a fraternal.

If I remember correctly you are in Kansas?

If so there’s no new contestability if you replace.

 

[FEX Quotes]

And one other question right now.

If I chose to apply for a fully underwritten $10K policy, and there was a medical exam, and I flunked it because of balance problems on a get up and go test, would that put bad stuff about me in an online file somewhere that would prevent me from being able to apply for another fully underwritten or simplified issue product?

Your health history and APS do not change.

FWIW, non fraternal coverage is going to run in the low $100/mo range. 10 Pay life is $160-$175 range and a single premium is about $8k

 

[jdeasy]

Your health history and APS do not change.

FWIW, non fraternal coverage is going to run in the low $100/mo range. 10 Pay life is $160-$175 range and a single premium is about $8k

Actually your health does change. Changes every day. Attending Physician's Statements, (APS), change too. Depends on the physician asked and the questions asked. Some companies care about things that others don't so much. And vice versa.

And the 10 pay on that Trinity quote is not much difference. $10K is $103/mo life pay. $112/mo 10 pay.

 

[Newby]

I do not have any perspective on what premium rates would be for me today.

With no particular clue what I was doing, 50 years ago I purchased a non-participating whole life policy and a participating whole life policy, both for $10K. The annual payments are less than $200 each per year.

If I chose to buy a $10K policy today, I could pay annual payments for 10 years, or do a single premium. It would be age 80, within a 6 month look back period to preserve age 79.

I would want a policy that matured at age 121 and would prefer not to use fraternal coverage.

Could you give me a very, very general idea idea of what premiums might look like in the different categories of coverage you explained above.

I am NOT looking for "blood squeezed out of a turnip" lowest possible premium. I am just looking for some very ball park ideas of cost as part of a framework for my trying to figure out "Why did I send in the card?"

I thought everyone knew about this quoter. It will let you do 5-quotes per day without subscribing.

Final Expense Quotes

fexcontracting.com

 

[jdeasy]

And your health history is captured by the MIB, should you try to apply for life insurance.

No, the MIB is what insurance companies report to each other. Not doctors.

A person cannot legally be declined because of MIB info.

 

[LostDollar]

So, Kansas, M, no tobacco, age 80, $10k

What would Trinity charge for the single premium version of the First Whole Life?