Help with Finding a Product

[Tahoe Ray]

I don't have experience with life cases of that risk. Mainly write FE. He's also over weight.
Assuming he qualify, what would a single premium give him?

He would have to surrender the policy and pay tax first. You can't 1035 annuities to life insurance.

You could annuitize (or move it to a SPIA) and annual fund a life policy. That might mitigate the tax liability. Do you know what his basis is?

You need more information about his condition (severity), build (seniors get some flexibility on build with some carriers) and the tax consequences of moving this annuity before looking at life insurance. Without this info, you can't do an analysis of an annuity with a death benefit vs. his alternatives.

If you're not comfortable doing this, you might want to bring another local agent into the mix to assist.

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and with a new multiyear contract ? I like this career....

We don't know his financial position...maybe he's worth 2 million and spends 50k/yr and this is true "legacy money"

That being said, if this were my client and we ended up doing an annuity with a roll-up DB, I'd certainly give ROP as an option, to your point.

 

[scmb]

I rather not mess with a life policy of that sort on him, I didn't think of the annuity with increased death benefit, I only know a bit about that option. Could you direct me to a product with an increased death benefit annuity?

 

[Tahoe Ray]

I rather not mess with a life policy of that sort on him, I didn't think of the annuity with increased death benefit, I only know a bit about that option. Could you direct me to a product with an increased death benefit annuity?

I listed a handful in an earlier post. I'll pm you my phone number. Feel free to give me a call if you'd like to discuss it in more detail.

 

[scmb]

Could you list a few ways a type of policy like that could work on this case?

Thanks for the help!

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Client has a $450/m LTC for him and his wife paying $110 a day up to 1,000 days.

Thinking of using an annuity with forethought 'ForeCare' that doubles the premium paid towards LTC expenses and the rest of the principal is paid to beneficiaries.

200k bonus for LTC will be 1,800 days of $110 for LTC. Double the possible LTC benefit and save $450 a month on his LTC policy.

What would be the down side for this idea?

 

[Tahoe Ray]

Could you list a few ways a type of policy like that could work on this case?

Thanks for the help!

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Client has a $450/m LTC for him and his wife paying $110 a day up to 1,000 days.

Thinking of using an annuity with forethought 'ForeCare' that doubles the premium paid towards LTC expenses and the rest of the principal is paid to beneficiaries.

200k bonus for LTC will be 1,800 days of $110 for LTC. Double the possible LTC benefit and save $450 a month on his LTC policy.

What would be the down side for this idea?

I'm pretty sure that Parkinson's is a knockout for forecare...I'd have to check the guide but i remember it being asked near the top of the app where all of the "bad" questions are.

Not to mention he is paying 5400/yr for 220k coverage for him and his wife. If he went with ForeCare and cancelled his policy, he would be self insuring 200k of his own money (since you spend your own money first).

There are a number of other considerations as well (taxes, legacy, etc.)

 

[MattDobbins]

Leave it be. 3% is rock solid today.

 

[SanDiego619]

If he truely doesn't need the money then how bout something like American Equity Bonus Gold? 10% Bonus on his money to pass to the bene and they have their DB rider to add for a 4% roll up to pass.