Is There a TERM Product for This Client??

[TDFnCali]

Im writing up a FE policy on a 59 yr old lady with MS today....she has an existing "term" policy, when in reality it's a UL, the guarantee period is already over with. She told me she will probably keep it for a few more yrs until the cost is more then her current premium, even after I get her a FE WL policy.

So my thought was to provide her with an alternative term policy along with her FE policy that would be about the same cost, but she'd only need 10yrs on the term at most. So, what carrier would provide her the best 1- 59/NS/has MS/Cancer removed 3yrs ago/No other issues...but her weight most likely wouldnt fit into RNA's guidelines (I have to confirm when I see her later)? Id prefer 1 with no Paramed, but this maybe impossible. If there's such a thing, pls let me know who, otherwise I'll just stick to the original plan of just getting her a FE policy!

She has $50k now for about $55/mo

 

[Shalom]

Assurity has a no med term. I do not have the app in front of me so I do not remember the time frame for the cancer. Check with Mark Rosenthal I know he does assurity.

Im writing up a FE policy on a 59 yr old lady with MS today....she has an existing "term" policy, when in reality it's a UL, the guarantee period is already over with. She told me she will probably keep it for a few more yrs until the cost is more then her current premium, even after I get her a FE WL policy.

So my thought was to provide her with an alternative term policy along with her FE policy that would be about the same cost, but she'd only need 10yrs on the term at most. So, what carrier would provide her the best 1- 59/NS/has MS/Cancer removed 3yrs ago/No other issues...but her weight most likely wouldnt fit into RNA's guidelines (I have to confirm when I see her later)? Id prefer 1 with no Paramed, but this maybe impossible. If there's such a thing, pls let me know who, otherwise I'll just stick to the original plan of just getting her a FE policy!

She has $50k now for about $55/mo

 

[Josh]

Fidelity might do their graded term.

 

[Mattschmidt]

99% sure NonMed companies will not issue to someone with MS...However, Josh has pointed you in the right direction as Fidelity's graded product might just work for her

 

[JRoot]

She can't get non-med without it being graded. She shouldn't be afraid of the exam if it's the MS she's worried about.

It all depends how long she's had the MS, number of attacks, date of last attack, severity etc. I've had Standard rates issued and I've had declines - you just need to get more info.
Life Insurance with Multiple Sclerosis | Online Life Insurance Quotes | Individual Life Insurance

 

[rousemark]

Im writing up a FE policy on a 59 yr old lady with MS today....she has an existing "term" policy, when in reality it's a UL, the guarantee period is already over with. She told me she will probably keep it for a few more yrs until the cost is more then her current premium, even after I get her a FE WL policy.

So my thought was to provide her with an alternative term policy along with her FE policy that would be about the same cost, but she'd only need 10yrs on the term at most. So, what carrier would provide her the best 1- 59/NS/has MS/Cancer removed 3yrs ago/No other issues...but her weight most likely wouldnt fit into RNA's guidelines (I have to confirm when I see her later)? Id prefer 1 with no Paramed, but this maybe impossible. If there's such a thing, pls let me know who, otherwise I'll just stick to the original plan of just getting her a FE policy!

She has $50k now for about $55/mo

The fact that the guarantee period is over is immaterial .. The policy apparently has outperformed the guarantee or it wouldn't still be in force.. What you need to do is get an inforce projection in order to see how long the policy will continue at current premiums based on current assumptions and also based on the guarantees. You can't properly advise the client about her current coverage without this information.

 

[RichMcK]

Can you convert a UL to Whole Life, providing one is available through the UL carrier?

 

[VolAgent]

Can you convert a UL to Whole Life, providing one is available through the UL carrier?

That would be an exchange. Without underwriting? It is rarely offered. With underwriting, they will do it all day long. You have to watch out for surrender charges as well. Sometimes a company will waive on internal exchanges, sometimes not.

 

[WinoBlues]

She can't get non-med without it being graded. She shouldn't be afraid of the exam if it's the MS she's worried about.

It all depends how long she's had the MS, number of attacks, date of last attack, severity etc. I've had Standard rates issued and I've had declines - you just need to get more info.
Life Insurance with Multiple Sclerosis | Online Life Insurance Quotes | Individual Life Insurance

Ditto. The cancer Hx maybe the bigger issue. I would shop it as suggested. Could be a flat extra Xs X years.
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The fact that the guarantee period is over is immaterial .. The policy apparently has outperformed the guarantee or it wouldn't still be in force.. What you need to do is get an inforce projection in order to see how long the policy will continue at current premiums based on current assumptions and also based on the guarantees. You can't properly advise the client about her current coverage without this information.

That is spot on. Also guarantee will have changed as the years went by. So if he is looking at the original illustration and if the policy had some good years the guarantee may be longer. Either way I would want the inforce in my file as a CYA If I replaced it.

 

[Mark]

I have Multiple Sclerosis and it sucks to have it. There are different degress of M.S. Most people with MS can only get graded. You almost have to already have enough damage to be told you have M.S. and at that point you cant buy normal insurance. It tooks 5 MRIs, and a ton of test before I got the label.