Help With Life Case

[Jerard]

A GUL is a good fit for the right person, and has guarantees (thus the name guaranteed UL)

Everyone's needs are different. "Never" is a strong word to use in this business.

Sorry, but I disagree. I believe life insurance should be guaranteed until death, regardless of the age of the client. If they need more coverage then blend it with cheap term. I do understand that we often have to sell what the client insists on.

There is no such thing as any guaranteed life product (until death) that has "UL" in the name. I've always said that if anyone disagrees with this to feel free to show me a contract. PM me for my email if you have a policy scanned and ready to send. Even a GUL will have provisions in the contract that will void the guarantee OTHER THAN payment of the premium.

There is only one way anyone should ever present any UL.
1) Never use the word "guarantee"
2) Show any presentations using only the minimum interest rate that will show the plan maintaining benefit until age 150.

Also...I won't get dragged into another 3 page debate on this like last year. As fun as it was.

 

[jacobtn]

Sorry, but I disagree. I believe life insurance should be guaranteed until death, regardless of the age of the client. If they need more coverage then blend it with cheap term. I do understand that we often have to sell what the client insists on.

There is no such thing as any guaranteed life product (until death) that has "UL" in the name. I've always said that if anyone disagrees with this to feel free to show me a contract. PM me for my email if you have a policy scanned and ready to send. Even a GUL will have provisions in the contract that will void the guarantee OTHER THAN payment of the premium.

There is only one way anyone should ever present any UL.
1) Never use the word "guarantee"
2) Show any presentations using only the minimum interest rate that will show the plan maintaining benefit until age 150.

Also...I won't get dragged into another 3 page debate on this like last year. As fun as it was.

150? Why not 160? That's ridiculous. Most folks laugh when I tell them the GUL is guaranteed to age 120, wit no premiums required at 100.

 

[yogooglethis]

My long time health client ask me if i can help him with his whole life policy that suddenly started going up in price.It wasn't a WL of course turns out it was a 36k BMA Compu-flex UL policy that supposedly was to be paid up in 2039 if he paid 100.00 monthly premium. It was another BMA agent that replaced his BMA WL 28 years ago when client was age 42 .Now because of unpaid loans policy has no cash value and is basically ART with 36k db that he pays 120.00 for . he requested illustrations for what he told was guarantees to age 85 and BMA ( bought out by Athene ) sent the following illustrations to him which after I looked at explained projections were not guarantees and advised he call company and get clarification on that after which he said agent on phone insisted projections were guarantees ..well kinda of sort of after my client pressed him on it..both the projected and guaranteed interest rate is 5%



policy has 25k spouse term rider to age 95 427.50 annual included in following premiums

36k DB
Projected values to age 95 ( 25 yrs) $171.00
Guaranteed values to age 78 ( 8 yrs)


36k DB

Projected values to age 85 (15 yrs) $148.00
Guaranteed values to age 75 (5 yrs)


25k DB

Projected values to age 85 ( 15 yrs) $104.00
Guaranteed values to age 75 ( 5yrs)


Male 11/5/44/ 70 1 cigar last 6 month could probably pass full underwriting standard but could still save age on SIWL

spouse 7/10/47 NS she has type 2 diabetes,insulin diagnosed after 50 ,HPB and some other issues that I would be concerned about trying to get her fully underwritten but can pass SIWL no problem


Only possibly good thing i see about policy is if he could keep policy going on himself to age 95 is the spouse rider to age 95 that only cost 427.00 annual.

He would like to keep about 35k on him and 15-25k on spouse and knows he is going to spend more than he is now but he doesn't want to spend more than 200.00 monthly.any suggestions?

Update: I suggested to client to request an in force illustration showing what the needed monthly premium for the guaranteed side is also to age 95 .My client left a VM for me today saying the agent or customer service person he spoke with at Athene today said the projections above is the inforce illustration and the projection side values ARE guaranteed to age 95 and to make my client feel more at ease the agent/rep reminded him that conversation was being recorded as if that was further proof and assurance his coverage was guaranteed to age 95 for 171.00 premium.On the VM my client left me today he also said that after talking with his life insurance company he now felt more comfortable to just increase the premium to 171.00 and keep his policy unless i call him and advise him not to and explain why he should get something else.I am not a life specialist but this doesn't sound right to me but before I call him I want to make sure what the insurance company is telling him is not 100% accurate.I am sure he would let me do a 3 way call with him to the agent of the company to ask more questions but I would like some input on what can be requested in writing from the carrier that shows in writing that he indeed has guarantee of a level 171.00 premium to age 95 before I make the call ?

 

[onefastpony]

Update: I suggested to client to request an in force illustration showing what the needed monthly premium for the guaranteed side is also to age 95 .My client left a VM for me today saying the agent or customer service person he spoke with at Athene today said the projections above is the inforce illustration and the projection side values ARE guaranteed to age 95 and to make my client feel more at ease the agent/rep reminded him that conversation was being recorded as if that was further proof and assurance his coverage was guaranteed to age 95 for 171.00 premium.On the VM my client left me today he also said that after talking with his life insurance company he now felt more comfortable to just increase the premium to 171.00 and keep his policy unless i call him and advise him not to and explain why he should get something else.I am not a life specialist but this doesn't sound right to me but before I call him I want to make sure what the insurance company is telling him is not 100% accurate.I am sure he would let me do a 3 way call with him to the agent of the company to ask more questions but I would like some input on what can be requested in writing from the carrier that shows in writing that he indeed has guarantee of a level 171.00 premium to age 95 before I make the call ?

Get the illustration in writing. Dunt have him take an agents word for it over the phone.

Just have him call asks request an inforce illustration. They should send him one. It will probably take a few weeks to get it though.

 

[Jerard]

150? Why not 160? That's ridiculous. Most folks laugh when I tell them the GUL is guaranteed to age 120, wit no premiums required at 100.

The figure I used was arbitrary meaning "until the client dies, whenever that may be". An addition, the figure was to be a guideline for the agent, not to be mentioned to the client.

 

[yogooglethis]

Get the illustration in writing. Dunt have him take an agents word for it over the phone.

Just have him call asks request an inforce illustration. They should send him one. It will probably take a few weeks to get it though.

I have a copy of this new illustration that was sent recently and was is asked to sign that reflect the premiums I mentioned in OP.This is not considered an in force illustration then?Do in force illustrations necessarily run to age 100?

 

[WinoBlues]

I have a copy of this new illustration that was sent recently and was is asked to sign that reflect the premiums I mentioned in OP.This is not considered an in force illustration then?Do in force illustrations necessarily run to age 100?

Some policies only run to age 95. I would suggest you send a copy of the illustration to one or two of us to check out for you.

Lee

 

[yogooglethis]

Some policies only run to age 95. I would suggest you send a copy of the illustration to one or two of us to check out for you.

Lee

I could but to be clear this illustration only shows the guaranteed values to run 8 years.Only the value projections side runs to age 95

 

[unic.consulting]

Get the illustration in writing. Dunt have him take an agents word for it over the phone.

Just have him call asks request an inforce illustration. They should send him one. It will probably take a few weeks to get it though.

How long does it usually take to get an inforce illustration? I have a client who asked for two about 2 weeks ago, and they haven't arrived yet. One was from TransAmerica and the other was from United Fidelity

 

[onefastpony]

I could but to be clear this illustration only shows the guaranteed values to run 8 years.Only the value projections side runs to age 95

If the guaranteed column only runs for eight more years then the policy is only GUARANTEED EIGHT MORE YEARS!

The agent who told this guy the projected column is also the guaranteed colum is smoking crack. Even if the interest rate is the same crediting to both columns, the guaranteed side takes into account the maximum charges & policy fees within the policy compared to what the company is actually charging that reflects the projected column.