Having Trouble with Co's Asking for Tax Returns on Older People

jlata1

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I deal with a lot of older self employed people that have money but they're self employed and show little. when I try to write even $100k on a 70-75 yr old most of the carriers are asking for tax returns and company letter heads and sign forms so they can pull the 4562. Its very frustrating for such small amounts and the clients are telling me to get lost.Who are some carriers were I can get 200k on a 65 yr old are 100k on a 73 yr old with no income bs?what about $500k on a 57 yr old. Surely co's wont ask for returns in such a small amount for age 57
 
I deal with a lot of older self employed people that have money but they're self employed and show little. when I try to write even $100k on a 70-75 yr old most of the carriers are asking for tax returns and company letter heads and sign forms so they can pull the 4562. Its very frustrating for such small amounts and the clients are telling me to get lost.Who are some carriers were I can get 200k on a 65 yr old are 100k on a 73 yr old with no income bs?what about $500k on a 57 yr old. Surely co's wont ask for returns in such a small amount for age 57

Retirees can be odd without net incomes or pensions beyond SSI. Most front line carriers are good for $50K on final expenses and might get out to $100K with some additional financials. $200K will need some work (i.e. NW/pension, etc) because insured's over 60 without income we do tend to get pickier.


As for the 57 yo non-retiree-$500K and they're busting your hump? If he makes more than $35K-$40K he should more than fine (depending on any other coverage).
 
no these people are still employed and i'm writing down they make $80k even thought they make much more and they're all asking for proof. Its bs. why are they asking for tax returns. I thought that was only for like 250k on over age 70 and $500k or more for age 60-70. I think they're wary of older people selling there policies to 3rd parties
 
no these people are still employed and i'm writing down they make $80k even thought they make much more and they're all asking for proof. Its bs. why are they asking for tax returns. I thought that was only for like 250k on over age 70 and $500k or more for age 60-70. I think they're wary of older people selling there policies to 3rd parties

Unless they have a bunch in force this does feel kind of excessive to go all the way to tax returns. If they're in their 70's and still working and making at least $80K it's not too far fetched that they have some sort of NW/estate need that $100K-$200K should take care of. If it was $500K I might want something more than the agent's word or summary financials but $100K-$200K? Mind of I ask the carrrier?
 
ok American national is ok and so is American general. But met life and protective have both been tough.Problem with American national is there executive ul non med sucks and isn't guaranteed
 
Thanks didn't know American national had one but I just ran some illustrations and comparisons against north American,transamerica,american general and sagicor. Its really not competitive and north American looks the best with American general second. But I do like American nationals underwriting.
 
and i'm writing down they make $80k even thought they make much more and they're all asking for proof

That's because there is information out there that conflicts with what you're writing down. I hope you aren't doing what this sounds like. You can ask your clients to ballpark for income, but never put something down that they didn't tell you... On the many forms they sign they consent to a financial check too. So if the carrier is asking for verification of financials, there is something out there that is different.
 
I'm confused.
Why would a person who makes 80K on their tax return care about providing their tax return for insurance?

Or, do they not report that on their taxes?

A flag went up somewhere that caused a problem and the carrier is simply asking for clarification, in a meaningful way. If a person conceals income (either overstating or understating or stating differently depending on the situation), this will cause problems with lots of things, not just insurance. Expect to be flagged, be happy when it doesn't happen.

I understand self employed people can be all over the map on 'income', depending on what they are being asked and who is asking, but usually they are reasonably consistent on what they report, especially if they assume someone might check.

Dan
 
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