Need High Death Benefit Guaranteed Issue Term with ROP

Apr 17, 2016

  1. GXR2
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    GXR2 Super Genius

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    My primary focus is P&C, but also licensed in life. I'm seeking to increase my life sales and thus targeting my new home buyers with a mortgage protection insurance campaign.

    Most of these prospects are busy at this stage and not interested in, or don't have the time for, a fully underwritten term policy. Many are not in best of health and/or would be table rated.

    The leading concern of these new home owners is cash outflow. An ROP option can help soften, and/or alleviate that.

    Some guaranteed issue term policies I've seen are basically final expense with max death benefit of $25k/10 years. Obviously not enough to cover a mortgage.

    What carriers offer guaranteed issue term up to 30 years with an ROP option and high death benefit? Average mortgages in my area are $250k - $500k.

    What are premiums like for a policy such as this?

    Thanks.
     
    GXR2, Apr 17, 2016
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  2. NewbieNewbie
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    Nobody is offering a guaranteed issue 30 year term.
     
  3. TwiLight
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    TwiLight Guru

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    There are many simple issue term plans available which are about 30% higher in price compared to fully underwritten plans. That is mainly because they issue a table 4 risk as standard. They also have higher commissions than fully underwritten plans.

    I do have a competitively priced simple issue tern plan up to $400k face and is non-med. Feel free to call me or send a PM to get details.

    We also also have many non med term plans that have great prices and may order an aps to keep rates lower.

    Skipper
     
    TwiLight, Apr 17, 2016
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  4. Mattschmidt
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    Mattschmidt Guru

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    If your prospects are working, then can get $170,000 thru an association plan. Guaranteed issue. But not ROP, and it's an age banded product, with increasing premiums.
     
  5. jdeasy
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    jdeasy Guru

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    I would think you are looking for SI, not GI? But how would paying more for the ROP option help with the "cash outflow" problem?
     
    jdeasy, Apr 17, 2016
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  6. GXR2
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    GXR2 Super Genius

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    Good question. Some who won't buy tend to change knowing they'll get it all back. People are wired uniquely and perceive value differently. Agreed It's an odd psychological aspect that I don't quite understand. For some it makes sense. Just like to present the option.
     
    GXR2, Apr 17, 2016
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