Life Insurance 74 year old male

[jemelton]

I have a relative that had 4 bypasses in 2011 and has not had any complications since. Not diabetic or anything, 6’3” 250 non tobacco. Based on that he was offered tentative table 4 in 2017 but they wanted him to get a stress test to get a firm rate which he did not do. The brokerage also said this after seeing his records.

Complicating factors: heart attack prior to bypass; CAD was considered severe; although diabetes is now well controlled he was diagnosed as diabetic at the time the CAD was diagnosed, which is a factor.

Is a final expense policy the best I’m going to be able to do here? I would ideally like 100-200k permanent coverage (Gul) but may have to go final expense. I know some of them go up to $50k simplified issue. Thanks in advance!

 

[walthamny]

Final expense would be an easy approval. The only issue being most cap at 50K so to get 200K you are looking at 4 carriers. Its likely the monthly premium is beyond their budget. If he did not want to a stress test years ago, that does not sound good from a full underwriting position. If you are applying for full underwriting, you have to be willing to do whatever they ask. If that attitude has not changed, dont bother with full underwriting. You will likely waste time.

 

[fed up]

$100-$200K for permanent life for a 74 yr old? Somebody has lots of money for premium. Also, I'm 6'5" and 225. Your client height and weight could be a decline issue

 

[WinoBlues]

$100-$200K for permanent life for a 74 yr old? Somebody has lots of money for premium. Also, I'm 6'5" and 225. Your client height and weight could be a decline issue

Not really.

$150,000 for a STD 74 is probably <$1,000 mo. And may include ABR.

$1,000 is a lot less than $150,000

Break even is about 12 years. Same as avg mortality For a 74 y o.

Now, he may not be STD, but neither is his mortality.

A valuable lesson I learned years ago was to not put my financial limits on my prospects.

All IMohsoHO

 

[Allen Trent]

What is the purpose of the death benefit in this case? Is it for a surviving spouse or could they look at 2nd to die to minimize the impact of his substandard risk class.

Several good no lapse IUL or GUL 2nd to die. While his health will impact premiums on 2nd to die, might not be as much of impact as individual policy on him alone.

Also, have you checked out the Sagicor Wealthcare? If I recall, it had a more limited set of knock out questions. [EXTERNAL LINK] - WealthCare Indexed Single Premium Universal Life - Sagicor Life USA

Not sure if this packet is current, but page 4 has their knockout questions: https://levelfourinsurance.com/carrier/Sagicor/WealthCare_Accelewriting Guide.pdf

 

[myinsurebiz]

I have a relative that had 4 bypasses in 2011 and has not had any complications since. Not diabetic or anything, 6’3” 250 non tobacco. Based on that he was offered tentative table 4 in 2017 but they wanted him to get a stress test to get a firm rate which he did not do. The brokerage also said this after seeing his records.

Complicating factors: heart attack prior to bypass; CAD was considered severe; although diabetes is now well controlled he was diagnosed as diabetic at the time the CAD was diagnosed, which is a factor.

Is a final expense policy the best I’m going to be able to do here? I would ideally like 100-200k permanent coverage (Gul) but may have to go final expense. I know some of them go up to $50k simplified issue. Thanks in advance!

A Simplified Underwritten carrier may take this Standard and go to $100k - $150k.

I believe MoO and Ameritas will take this on their IUL's as well based on meds.

 

[scagnt83]

Guardian would most likely take it.

 

[jemelton]

Can anyone recommend a ga to access these companies mentioned through or a good ga in general?

 

[jemelton]

Guardian would most likely take it.

How do their policies work? I did a quote on their website and it showed 10 year term 74 year old $546 per month. Can I access them directly or do I have to use a ga

 

[Tahoe Ray]

How do their policies work? I did a quote on their website and it showed 10 year term 74 year old $546 per month. Can I access them directly or do I have to use a ga

You can reach out to the brokerage manager at a Guardian office and they can get you contracted.