Low Death Benefit Level Term Life Insurance 25K?

[0b1kanobee]

I was curious to see if it is possible or are there any reputable companies who offer a 25K face value level premium term policy?

I ran my 61 Y.O. client through my vendor and the lowest I can go is 50K. He is a non smoker. He takes no meds but hasn't gone to the doctor for a check up for a while.

He has a policy now I believe through AARP or something but it keeps going up in premium every 5 years and he is not happy. I told him a year ago to get rid of it but he didn't listen. Now he has his new rate and he is ready to do something.

Problem is, he keeps thinking that I want to sell him 50k worth of coverage not 25k. LOL I told him I was told that to do 25k, I would be putting him into the same type of product he is in now.

I can get him Genworth, 50K, level 20 year term in Florida for $49.54 a month provided he comes back preferred.

NOW THAT YOU HAVE THE FACTS, THE QUESTION IS, CAN I GET HIM 25K LEVEL TERM? I want real life insurance where they send out a paramed and all that not some FE policy BS. If they don't have such a term, why not? Is it just because it is not financially smart on the insurance companies part? I figure the premium will be about the same even if I can get such a product.

He says he just needs enough to pay for his 'military' funeral and I try and explain that 25k might not be a whole lot of money in 15 years but he doesn't get it. We are talking about one stupid guy here but I need more training on filling out life apps so hey, why not? Plus I am a sucker for punishment.

If you have any other ideas, feel free but I have to stay under $50 bucks a month, preferably, low 40 dollars.

 

[dgoldenz]

You could've saved all that typing if you had a copy of Compulife. You also could have gone to term4sale.com and run a quote yourself to see which companies will do it.

 

[0b1kanobee]

You could've saved all that typing if you had a copy of Compulife. You also could have gone to term4sale.com and run a quote yourself to see which companies will do it.

Thanks, but I think Compulife costs money and I don't write that much life BUT someday perhaps I will.
I'll check the other site you mentioned.
Thanks!

 

[Norwayguy]

Western Reserve and Transamerica will do those amounts ie 25K for a 61 year old in Maine...let me run compulife for florida. Premiums for Standard are in the $44.30 range...this is a real term policy I'm not sure if it is non-med or a paramed would be done at that age and face amount.

 

[0b1kanobee]

Thanks Peter
I am not licensed with either, I'll have to check with with my vendor that I use and see if they have Transamerica. They have all my info in their system but their quote engine did not provide me with a Trans quote.

ANOTHER QUESTION:

Say this guy dies and has a beneficiary to get the 25k for his military funeral. However, this guy also has 25k in debts. Now, are the debtors going to come after this money and collect which means no military funeral or what are the legalities here? Do you see where I am going with this question?

Let us say that this guy will die a single man (no wife) one adult child (if this matters). Hell he could be in a nursing home when he dies, I just want to be able to tell him and know for myself and future clients, how this death benefit can be applied.

I realize there is probably more to my answer than can just be thrown out to me but if there is a way to keep it simple.....

 

[scotte]

Fidelity will do 25k non-med 20 yr term for about $45 per month select or $50 per month standard. No exam needed, but if he wants money to bury himself, term is not the right policy. Genworth will do a policy( fully underwritten) up to age 105 for 25k at about $46 per month preferred+. This would make more sense.

 

[WinoBlues]

Thanks, but I think Compulife costs money and I don't write that much life BUT someday perhaps I will.
I'll check the other site you mentioned.
Thanks!

Term4sale is free.

Take the commissions from this one sale and it will pay for compulife for a year and you will write more Life.
Hell, Bob will give you a free trial.


Genworth $25K to age 100 = Pref'd = $48. They will issue preferred if he qualifies. Have you GA dial down to age 90 at std also. When did he last see his doc?

There are a half dozen companies that will do this std 20 year term. If you do not have one, Get one. easy speasy.

Who are you contracted with?

 

[jdeasy]

AmAm would do a $25,000 20 year level term for $45/mo. Simplified issue.

 

[0b1kanobee]

Thanks for the information so far. He has nobody to leave any money to and is just concerned about getting his proper funeral and maybe paying for some of the peoples expenses to go to the funeral. When I say some, I mean like two to five people.

I like this 25k to age 100 deal or to age 90. I think that will be the best fit for him.

I am contracted with Genworth, SBLI, LSW and ING for life. I deal with these people locally (link below) for my life business but I don't do much of it HOWEVER my retirement guy wants me to specialize in it or get much more acquainted with it so I can handle/help him with his life stuff. I'll have to expand beyond term obviously for this aspect but baby steps as they say.

Here is who I deal with locally:
Rex Huffman & Associates, Inc. | Home of The Brokers Network

 

[Franz Kafka]

61 + 20 = 81 ... that's just about when they start giving up their ghosts ... is he even aware that he may not get anything?