Is GI the only option for my Bipolar client?

Jan 12, 2018

  1. Dins
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    Hi Everyone,

    I have a 27yo female who was referred to me by one of my IUL clients. They told her about the solution I created for them and now she wants something similar. I told her I don't see this being a real possibility. She was pretty disappointed, and started asking about alternative options to achieve the same goal. She's asked about another Whole Life Policy with good growth potential, Term, and Term with ROP. All of which I don't see her getting a good rating, if she's not declined. All I can see is a FE policy, but due to her age and Ht/Wt, maybe a GI product would end up working out better. I don't have much experience with Bipolar and life policies so I was hoping maybe somebody would be able to suggest something I don't know of/haven't thought of before I make a final recommendation.

    Diagnosed with Bipolar, Anxiety and ADD in 2016. She's currently prescribed Latuda, Lamictal, and Vyvanse for the ADD. 5'7 and just under 300lbs(Another reason I can't see good outcome going FU)....

    Thanks in advance!
     
  2. Newby
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    Settlers Silver is who I would use for young bi-polar applicants if you use an FE product.

    Maybe some fully underwritten WL would be an option. Lafayette and KSKJ are both easy to get Underwriting assessments from.
     
  3. Life Hawk
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    The weight issue alone is a tough, shes about tabled out with most carriers on that issue alone. Add in the meds... doesn't look good. I would go simple GI issue with no option for a decline. Some bipolar cases don't deal well with rejection... from experience. If she wants growth, add a simple IRA.

    Companies don't care much for unhealthy young people. Too much risk involved.
     
  4. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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  5. Life Hawk
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    Yes, I stand corrected. I use a life carrier that has a "Flexi saver" that would work well as an addition to this case. It is a traditional IRA with starting floor of 50 bucks. Just wanting to be creative for Dins.

    If I can be a further assistance let me know. Some cases are not so simple and you need to be creative for your client.
     
  6. WinoBlues
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    Is she a mom? Single mom? How much face amount? Is the primary need death benefit? 27, Bipolar and a big girl. What is her realistic premium tolerance? Is she going to be the payor/owner? Is she on medicaid? Will she jump through all the hoops of a long fully underwritten time frame?

    Maybe a SIWL/Term combo?

    Assuming a term policy.

    $50,000.00 @ $31.
    $35,000.00 @ $24.
    $25,000.00 @ $20.

    UHL non med 20 yr term
     
  7. Fisher
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    What carrier is that... Federal Life? (I Googled 'flexi saver.)
     
  8. Life Hawk
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    Yes it is. I know they are not the most inexspnesive carrier, but I have found them to be one of the most responsive. Take a look at the BBB report... they are currently my first goto, with a few exceptions.
     
  9. Dins
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    Thanks. I don't currently carry Settlers, Lafayette or KSKJ so I'll look into it.

    I appreciate your creativity. That's exactly the type of solution I want to present to her!

    Yes. Single mom to a 4YO. Primary need is death benefit. Second is making sure there is an element of permanent coverage since with her conditions, age is the only thing that is helping her. Lastly, she really loved the IUL idea, so any element of growth or savings really appeals to her. For a Non-IUL solution Budget is around $100. She was willing to spend more if she felt like it was contributing to savings/retirement.

    Who would you guys use as a GI carrier for this case?
     
  10. WinoBlues
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    Can this Bipolar Single Mom comfortably commit to $100 mo forever? If Yes, I am probably in the minority, would make sure the death benefit is covered for the child's needs first. I still think a Term / Perm combo would be where I would start then back into the premium budget. Maybe a short pay SIWL Term combo.

    ""with Bipolar, Anxiety and ADD in 2016. She's currently prescribed Latuda, Lamictal, and Vyvanse for the ADD. 5'7 and just under 300lbs""

    Both mortality and morbidity do not look good. At 300#s at age 27, the meds combined with Alcohol and Drugs, I doubt she is going to get healthier in the future. I have done a number of cases like this. Normally the parents or grandparents are the owner and payors. They will eventually be taking care of the children.

    Side note: I get trying to do your best for a referral, however, don't buy a lapse just because you want to help.
     
    Last edited: Jan 13, 2018
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