Heavy Guy wants large face Whole Life . . .

[DHK]

They're just estimates, not offers.

I'll see if I can find one again.

 

[Lloyds of Lubbock]

Mentioned not endorsed.
Never give them the name and contact of your client.

 

[DHK]

Here we go. It gives a "calculation qualification score" based on the inputs.

Do I Qualify? - Life Settlement Advisors

www.lsa-llc.com

 

[Allen Trent]

How does a calculator like that even work?

The handful of these that I've done all involve underwriting and conversion quotes before any offer is presented.

They're bid on by different entities too.

Funniest part is if you want to get a good bill of health, just try to get a settlement. It's like reverse underwriting. Buying a policy, they tell you all of the reasons that you're going to die before you should and make you pay more. With settlements (again, just my limited experience) they tell you all of the reasons you're going to live a lot longer than what the doctor says and offer you less lol.

I wonder if they utilize some of those rate classification vendor software tools like some carriers use for quick quote or trial application software that give risk class evaluations relatively quickly without full application. I think it is offered through the reinsurers/data companies

 

[Lloyds of Lubbock]

"The handful of these that I've done all involve underwriting and conversion quotes before any offer is presented."
I believe it is just a guide.
The process does include risk evaluation a numerous illustrations.

 

[myinsurebiz]

I'm going to check on the Term policy.

Thanks for all the suggestions.

 

[myinsurebiz]

Also - on the Term - could he convert some of it and keep some as Term?

 

[Allen Trent]

Also - on the Term - could he convert some of it and keep some as Term?

Depends on the carriers conversion privilege. Some allow a partial conversion & then client decides if they want to retain or cancel the balance of the term.

another carrier also allows a client to convert a portion to WL & then bring more coverage over via term riders of 10/20/30 years. This is more beneficial to clients whose conversion privilege is expiring & cant afford all Whole life & will lose the existing term that is jumping in price, so bringing it along to the WL as a term rider can allow them to extend their term coverage at a new age, but at a new level period without proving insurability> IE: $500k 10 year term hitting 11th year could convert to $100k WL & $400k term rider for 10/20/30 year duration.

 

[myinsurebiz]

Depends on the carriers conversion privilege. Some allow a partial conversion & then client decides if they want to retain or cancel the balance of the term.

another carrier also allows a client to convert a portion to WL & then bring more coverage over via term riders of 10/20/30 years. This is more beneficial to clients whose conversion privilege is expiring & cant afford all Whole life & will lose the existing term that is jumping in price, so bringing it along to the WL as a term rider can allow them to extend their term coverage at a new age, but at a new level period without proving insurability> IE: $500k 10 year term hitting 11th year could convert to $100k WL & $400k term rider for 10/20/30 year duration.

Trent - are you licenced in Georgia?

Maybe we could split the case, if the client wishes to move forward?

 

[Lloyds of Lubbock]

Most companies will let you do a partial conversion.
You may lose a brakepoint on the term if you bring it below a certain amount.
Your term riders may be limited on conversion i.e. 50/50 base and term.
You may want speak with your client before doing all this work.
Find out what his budget is.