Heavy Guy wants large face Whole Life . . .

[myinsurebiz]

25% per table.

T4 = 100%
T8 = 200%
T10 = 250%

WP would be great for him but may be off the table.

As others have said get a commitment then work up and down from there.

A positive is he is probably the most insurable, at the best rate, that he will ever be. Get as much as he can while he can. Maybe stack some term on the plan as insurance. He buys crop insurance. As a farmer he understands risk.

This is not him deciding what company he will accept, it is which company will accept him.

Side note: once you find a company that will take you may want to check to what table you are paid.

This would be a fun case to work through.

What Term Carrier would take this case?

This isn't my normal FE or Term case. I appreciate the input.

 

[WinoBlues]

You need more information before you start getting Quick Quotes.

Need to have a Come to Jesus on both premium commitment and health. People fib about their build and health.

on premium - lets say you go Pru $500,000 for 30 years. STD is cheap at about $200, however, if T10, his correct premium is $700mo

Health - Explain there will be an exam with BP, HT and Wt, more health Hx questions, and APSs. You need to know all this before you start emailing the companies. BP Hx, blood work Hx, hospitalizations, heart and cholesterol, 'borderline' DM? And so on. P & P+ are off the table but I would get family history also.

If your Traditional brokerage has an in house underwriter that is your first stop.

I would Quick Quote it out to the companies these guys suggested and throw in Pru, Banner, LFG and I like Protective also.

Just so you are not surprised later. Some companies may only pay up to T4.

Sorry for the long answer.

It ain't my fault. Blame it on the Whiskey.

 

[Tahoe Ray]

Build tables are good for bigger folks and they have a decent WL.

 

[WinoBlues]

I have a guy that wants Whole Life

This isn't my normal FE or Term case.

To clarify - Whole Life or Permanent? They are not necessarily the same both in performance and premiums.

Both are not term. Quote him what he wants, and show him what you recommend.

More complicated than FE because of size and underwriting but not that different. It is just numbers. FE is just simplified issued WL with less than stellar CV andw about T4 built in.

Don't restrict the quotes to premiums that you are comfortable paying. It isn't about you.

Lastly if he really only want a smaller total amount. Maybe stack some FE and term (inventory).

 

[Allen Trent]

Purpose of the policy?

Is it for protection for wife & kids as income replacement?

For cash accumulation?

For estate taxes?

Could look at no lapse UL or IUL to get more guaranteed coverage if CV not as important.

Could get 2nd to die for some of it if it isnt all needed for his death only

Bring someone else in if you are not comfortable or experienced with cases like this

 

[myinsurebiz]

To clarify - Whole Life or Permanent? They are not necessarily the same both in performance and premiums.

Both are not term. Quote him what he wants, and show him what you recommend.

More complicated than FE because of size and underwriting but not that different. It is just numbers. FE is just simplified issued WL with less than stellar CV andw about T4 built in.

Don't restrict the quotes to premiums that you are comfortable paying. It isn't about you.

Lastly if he really only want a smaller total amount. Maybe stack some FE and term (inventory).

I spoke with him. He is cool with FW if his rates would give him more bang for his buck.

I don't think I have any Carrier that does that other than MoO.

 

[myinsurebiz]

Purpose of the policy?

Is it for protection for wife & kids as income replacement?

For cash accumulation?

For estate taxes?

Could look at no lapse UL or IUL to get more guaranteed coverage if CV not as important.

Could get 2nd to die for some of it if it isnt all needed for his death only

Bring someone else in if you are not comfortable or experienced with cases like this

He mentioned death benefit. He has had a large face Term for a few years - but, he should out live that.

He asked about $100k to $250k.

I have mostly FE type Carriers. I do have MoO, BL and RNA - I'm going to check Monday and see if they have FW products.

I just picked up AML and CICA - but not sure how large their face goes - but, they don't have a H/W build chart.

Thanks, Allen.

 

[Allen Trent]

He has had a large face Term for a few years

If he has existing term with a better risk class than his current health will allow, need to see if his current term has a conversion privilege. See how long he has to decide to convert & also what they allow him to convert to

 

[Lloyds of Lubbock]

I would submit an inquiry to either Guardian, Mass, NY Life or Penn.
It does not matter, it will most likely go to reinsurance.
Grossly overweight...slight chance.
Taking bp med less of a chance
Taking two bp medications imo....decline.
Don't waste your time, if he does not want to do this walk away.

 

[myinsurebiz]

If he has existing term with a better risk class than his current health will allow, need to see if his current term has a conversion privilege. See how long he has to decide to convert & also what they allow him to convert to

Didn't think of that.

Will ask tomorrow.