Guranteed Issue Whole Life Quote

Discussion in 'Life Insurance Forum' started by Ocho, Aug 19, 2015.

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  1. Ocho
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    Ocho Active Member

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    Hello All,

    I've got a 78 year old lady that had strokes in 2012 and 2013. She had no paralysis from the strokes, but she now walks with a walker. The only option I've come to (so far) is a guaranteed issue whole life policy. Premium comes to about $307/mo. $25k DB. They originally wanted $50k, but I don't know of anyone who will offer 50. Any other ideas or options?

    Cheers!
     
  2. Jerard
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    Jerard Well-Known Member

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    All these are for 25K, immediate benefit, and assuming she's a NS and there's nothing else wrong with her. Using Florida rates.

    Transamerica has a lookback of 2 years on stroke for Preferred and a 1 year lookback for Standard. Standard would be 308.50. If it's been over 2 yerars then Preferred would be 230.50.

    Liberty Bankers has a 2 year lookback at 234.65

    Oxford is 2 years at 218.12

    5-Star is 2 years at 229.29

    RNA is 2 years at 230.11
     
  3. Newby
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    Newby Well-Known Member

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    She doesn't need GI at all. Which FE companies are you contracted with?
     
  4. Ocho
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    Ocho Active Member

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    Currently, none.
     
  5. cowgoesMoO
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    cowgoesMoO Well-Known Member

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    well that's your problem right there
     
  6. FinancialsMax
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    FinancialsMax New Member

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    278.00/mo Eagle Prmr Americo (No Wait Period)
     
  7. Ginger T
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    Ginger T New Member

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    Hello,

    Here's the thing, Liberty Bankers Life is probably the most lenient FE carrier when it comes to SIWL. So, if your client can't qualify for first day coverage with them, more than likely she won't qualify with any.

    If you're familiar with LBL's worksheet you will notice that in Part 2: Question G - it asks if the client "Uses a walker, wheelchair or electric scooter due to "Chronic Illness" and a Stroke is considered a chronic illness. AND this is typical of any FE carrier writing first day coverage.

    She may qualify for a modified product, these typically have 2 or 3 year Graded Death Benefit (GDB) . Liberty's is 3 years. You don't want to do that if she is already battling illnesses, right? And Modified products are usually more expensive than Guaranteed.

    At this point in her life, I agree that Guaranteed seems to be the best path. Even with the 2 year GDB.

    The carrier I am thinking of pays ROP plus 4.5% interest for death other than accidental in the first year and 50% of the face value in the second. If I had a client like yours, I would feel comfortable with that.

    Seriously at her age, it's not HOW much coverage she wants, but HOW much she can afford. If she can only afford 7-$15K, her family will be happy to have that versus none. It will have a better chance of staying on the books too!

    The quotes I worked up are with UFG. They have an e-signature application however it does still require you to be face to face with your client. There are still some over the phone options, but UFG seems to be a good fit. .

    $7K/75.59 $10K/$107.10, $15/$163.77 and $25K/$264.63

    Keep up the great job and hope this helped.
     
  8. jdeasy
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    jdeasy Well-Known Member

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    Finally Max!!! Where have you been?? They waited 2 years for your answer!!

    Even though there were a number of companies 2 years ago that were far better than Americo, {and now too for that matter}, you still came through for them.

    I hope they are still checking the forum for the answer.:yes:
     
  9. Broker4Ever
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    Broker4Ever Well-Known Member

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    Americo Eagle is a go as long as the doctor said the walker is TEMPERARY as in 6 months or less use expected.

    Liberty Bankers is mentioned above also. They will ask many questions about the walker & will probably not take it.

    This is a slam dunk Royal Neighbors of America case. I send all my walker use cases to them & always come back with an instant approval that's paperless.

    P.S. you can get a contract anywhere on this forum. Street is 120%. Don't ask for any less.
     
  10. jdeasy
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    jdeasy Well-Known Member

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    Pimpin ain't easy!!:laugh:

    Good thing you and Max came along 2 years later with the answer. :yes:


    Even 2 years ago RNA would not have done $50K for this lady.

    But when you want to pimp any platform will suffice.
     
    Last edited: Aug 14, 2017
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