Get multiple FE policies?

[J2727]

Can someone get a FE policy from multiple carriers at the same time (or at different times)?
To stack policies.

Client needs more than just $8,000 - $15,000.
He doesn't qualify for Term or GUL, but would qualify for FE.

Could he get multiple policies to get to $100K or so?
Or less or more?

 

[Newby]

Can someone get a FE policy from multiple carriers at the same time (or at different times)?
To stack policies.

Client needs more than just $8,000 - $15,000.
He doesn't qualify for Term or GUL, but would qualify for FE.

Could he get multiple policies to get to $100K or so?
Or less or more?

Yes he can get as many as he wants. I just assisted with a death claim on a man that took two $25,000 and one $35,000 from me. All at the same time.

 

[J2727]

Yes he can get as many as he wants. I just assisted with a death claim on a man that took two $25,000 and one $35,000 from me. All at the same time.

So $85,000 in total for him.

Were they from different carriers?

 

[Life Hawk]

Can someone get a FE policy from multiple carriers at the same time (or at different times)?
To stack policies.

Client needs more than just $8,000 - $15,000.
He doesn't qualify for Term or GUL, but would qualify for FE.

Could he get multiple policies to get to $100K or so?
Or less or more?

Does he have enough cash reserves for a single premium?

 

[J2727]

Does he have enough cash reserves for a single premium?

Single premium for FE?
If so, I didn't know you could do a single premium for FE.

How much are you thinking of, for how much death benefit?

Not sure how much cash he has. Less than $100K for sure; probably around $50k or so.
The fact that he needs life insurance at 66 means that he doesn't have a lot of reserves.

He makes a good income, but doesn't have savings.
It's to pay off the mortgage, or at least reduce it significantly, if he dies sooner than later. His wife doesn't work.

His PSA level is too high for Term. He got denied; well, postponed unless he does a full work up, including a prostate biopsy.

However, aside from that, he has no other major health problems.
That's why I'm asking about getting multiple FE policies because at least it would be better than not having anything.

 

[Life Hawk]

Single premium for FE?
If so, I didn't know you could do a single premium for FE.

How much are you thinking of, for how much death benefit?

Not sure how much cash he has. Less than $100K for sure; probably around $50k or so.
The fact that he needs life insurance at 66 means that he doesn't have a lot of reserves.

He makes a good income, but doesn't have savings.
It's to pay off the mortgage, or at least reduce it significantly, if he dies sooner than later. His wife doesn't work.

His PSA level is too high for Term. He got denied; well, postponed unless he does a full work up, including a prostate biopsy.

However, aside from that, he has no other major health problems.
That's why I'm asking about getting multiple FE policies because at least it would be better than not having anything.

Then you may be headed in the right direction. Does he have retirement funds? 401K?

 

[Newby]

So $85,000 in total for him.

Were they from different carriers?

Yes three carriers. If they were all the same carrier there would have just been one policy.

The companies limit to (usually $25,000) to limit their exposure on any one case. They don’t care what other companies exposure is.

 

[Newby]

The fact that he needs life insurance at 66 means that he doesn't have a lot of reserves.

That’s not always true. I have had many very cash rich people buy small whole life policies which can be single pay or monthly pay. There is no better vehicle to keep money in their control during their lifetime but pass that control immediately upon their death to who they choose. Many people have the need for that even if they do have a lot of assets and cash.

 

[goillini52]

Single premium for FE?
If so, I didn't know you could do a single premium for FE.

How much are you thinking of, for how much death benefit?

Not sure how much cash he has. Less than $100K for sure; probably around $50k or so.
The fact that he needs life insurance at 66 means that he doesn't have a lot of reserves.

He makes a good income, but doesn't have savings.
It's to pay off the mortgage, or at least reduce it significantly, if he dies sooner than later. His wife doesn't work.

His PSA level is too high for Term. He got denied; well, postponed unless he does a full work up, including a prostate biopsy.

However, aside from that, he has no other major health problems.
That's why I'm asking about getting multiple FE policies because at least it would be better than not having anything.

He could probably get close to $85K Single Premium for $50K.

 

[J2727]

That’s not always true. I have had many very cash rich people buy small whole life policies which can be single pay or monthly pay. There is no better vehicle to keep money in their control during their lifetime but pass that control immediately upon their death to who they choose. Many people have the need for that even if they do have a lot of assets and cash.

That may be, but this person doesn't have a lot of cash. I know him personally. Good income, but no savings and still has a mortgage.