Guarantee UL - Thoughts?

[RBHAGENT]

What are the general thoughts you guys have on using a simplified issue guaranteed UL in place of a traditional whole life final expense??

If funeral costs are the main concern, why wouldn't we want to write GUL if we can beat the premiums of a whole life FE. GUL in force to age 120... Same death benefit, level premiums, etc....


Thoughts??

 

[Newby]

What are the general thoughts you guys have on using a simplified issue guaranteed UL in place of a traditional whole life final expense??

If funeral costs are the main concern, why wouldn't we want to write GUL if we can beat the premiums of a whole life FE. GUL in force to age 120... Same death benefit, level premiums, etc....

Thoughts??

Not many companies go down to the small face amounts with GUL. Of any who do, how does their underwriting compare?

MANY but not all FE customers would ruin their no lapse guarantee with late pays, lapses and policy loans but a few would benefit.

What company has a product you would consider?

 

[RBHAGENT]

Not many companies go down to the small face amounts with GUL. Of any who do, how does their underwriting compare?

MANY but not all FE customers would ruin their no lapse guarantee with late pays, lapses and policy loans but a few would benefit.

What company has a product you would consider?

Those are all really good points. I was thinking that the late pays would be the biggest impacts due to the guarantee payments that allow the policy to reach 120.

My thought was for the Healthy non smokers, we are looking at the Sagicor GUL. The rates are extremely impressive assuming the client is "Healthy"

 

[jdeasy]

No way would even consider UL for the FE market. GUL regular ole UL or any other glorified term policy.

UL's have their place but that place is not for burial policies for the procrastinators.

 

[RBHAGENT]

The reason I bring it up is because I was looking at the simplified issue GUL and the rates are pretty darn competitive with guarantee premiums to age 120. Obviously those rates can be impacted by late payments, missed payments, etc....but I dont see why this couldn't be a good alternative for the financially responsible healthy client.

60 year old Male Non Smoker - $10,000

Aetna - $45.83/month
GPM - $40.34/month
5 Star - $41.93
GUL - $31.41/month


Underwriting isn't nearly as easy, but its still not difficult.

 

[jdeasy]

The reason I bring it up is because I was looking at the simplified issue GUL and the rates are pretty darn competitive with guarantee premiums to age 120. Obviously those rates can be impacted by late payments, missed payments, etc....but I dont see why this couldn't be a good alternative for the financially responsible healthy client.

60 year old Male Non Smoker - $10,000

Aetna - $45.83/month
GPM - $40.34/month
5 Star - $41.93
GUL - $31.41/month


Underwriting isn't nearly as easy, but its still not difficult.

As soon as I find some "financially responsible healthy client{s}" in the FE market I'll test out the GUL.

 

[RBHAGENT]

As soon as I find some "financially responsible healthy client{s}" in the FE market I'll test out the GUL.

HAHA, as soon as I wrote that sentence, I wanted to hit "undo".

I hear you on the FE market not being a prime market for the GUL. I think its a competitive product that we should all think about as an alternative...especially with the carriers that are offering the simplified issue.

 

[WinoBlues]

Never work. Same for ROP term on a 50 year old. Do not try it. SIWL is the only way to go.

 

[quackattack99]

Never work. Same for ROP term on a 50 year old. Do not try it. SIWL is the only way to go.

I actually have a 50 year old prospect that I was thinking about offering UHL's ROP term. How come it won't work?

Thanks

 

[TDFnCali]

I actually have a 50 year old prospect that I was thinking about offering UHL's ROP term. How come it won't work?

Thanks

Term & GUL are quite different....if there's a reason he needs term, like its NOT for final exp but to protect til his house is paid off for example. I have 1 term with RNA underwriting right now- although anytime they order a APS for my clients, its always a turn down....but we'll see. Sometimes TERM is the answer...ask questions & probe & see why?