Life coverage for 86/85 year old

paulallred

Super Genius
117
I need life coverage for a currently 86 who was born 1/26/1933. He could backdate if the carrier is a "Current Age" company but if there is a carrier that does an 86 year old that will work too...
GUL/IUL/UL all are possible. He has $150k for a Single premium life policy. He is in good health so he can do fully medical UW plans.
I looked at Hancock and they produced approximately 175k of death benefit in their UL and IUL.

Any suggestions for carriers and plans would be really appreciated!

Paul
 
Thank you Ray, Hancock will do it but I was looking for a few others who may be be a better fit in regard to death benefit and guarantee.
The play here is make it tax free
 
The play here is make it tax free
I hope you realize it is already tax free money he has, right? I have heard numerous agents tell clients that bank money is better in a life contract because it is tax free because the agent mistakenly believes money in a bank account is taxable at death to the person that receives it.

Putting $150k in a life contract for someone age 86 to merely get a leverage of $25k might be good if they have other sizeable assets, but it could be a horrible move if he doesn't have plenty of other money to pay for nursing care, etc. Having to cash out a SPWL or IUL/UL that goes backwards heavily on the cash values initially could be a problem if he needs to get at the money, etc.

Again, SPWL & PDA funded UL can be great for these ages in the right situation, but in the wrong situation without sizeable other liquid assets, it can get you a phone call from family members or the Elder Abuse state officials too.
 
I hope you realize it is already tax free money he has, right? I have heard numerous agents tell clients that bank money is better in a life contract because it is tax free because the agent mistakenly believes money in a bank account is taxable at death to the person that receives it.

Putting $150k in a life contract for someone age 86 to merely get a leverage of $25k might be good if they have other sizeable assets, but it could be a horrible move if he doesn't have plenty of other money to pay for nursing care, etc. Having to cash out a SPWL or IUL/UL that goes backwards heavily on the cash values initially could be a problem if he needs to get at the money, etc.

Again, SPWL & PDA funded UL can be great for these ages in the right situation, but in the wrong situation without sizeable other liquid assets, it can get you a phone call from family members or the Elder Abuse state officials too.

What would make it not tax free? It's if he has over a total of like 11m in his estate or if it's going to someone who isn't a direct family member correct?
 
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