Newbie Producer with a Mortgage Insurance Client Question

[lefty1962]

Hi Folks.. thanks in advance for any advice and I apologize for my ignorance. (I'm working on that, quickly!)

Im newly licensed in TN and working in Mortgage Protection. I have my first sit down appointment this Tuesday, Oct 11 with a couple who are in their mid 50s who are looking for a solution for their mortgage protection.

He has early stage Parkinsons and is in treatment.
She is in perfect health, both are OK on weight and non-smokers.

He has 175k of whole life, she has 150k of whole life.
They have a 265k mortgage balance.

Any advice on how to best serve these folks?
Appreciate your advice for this noob!

 

[pcbinsurance]

I shudder to ask but who is your "MP" upline?

 

[briko3]

Hi Folks.. thanks in advance for any advice and I apologize for my ignorance. (I'm working on that, quickly!)

Im newly licensed in TN and working in Mortgage Protection. I have my first sit down appointment this Tuesday, Oct 11 with a couple who are in their mid 50s who are looking for a solution for their mortgage protection.

He has early stage Parkinsons and is in treatment.
She is in perfect health, both are OK on weight and non-smokers.

He has 175k of whole life, she has 150k of whole life.
They have a 265k mortgage balance.

Any advice on how to best serve these folks?
Appreciate your advice for this noob!

If all you're interested in is debt protection instead of finding out their true life insurance needs, then just give them a term policy that is the same length as the remainder of their mortgage for the amount of their mortgage.

Now, if you're interested in what they really NEED, we need a lot more facts.

 

[TwiLight]

He has early stage Parkinsons and is in treatment.

If all you're interested in is debt protection instead of finding out their true life insurance needs, then just give them a term policy that is the same length as the remainder of their mortgage for the amount of their mortgage.

Now, if you're interested in what they really NEED, we need a lot more facts.

I think the OP was more concerned about the Parkinsons.... Doubt his carriers will take it for a Term Policy....

 

[lefty1962]

thank for advise. appreciate it. yes, we're concerned about being able to get more affordable term rather than whole. I'm learning!

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I shudder to ask but who is your "MP" upline?

I'm working with Symmetry Financial Group. So far, its been great and the team I m part of have been helpful. But I know you all are super wise and helpful! I appreciate it. Someday, I'll be able to advise a newbie like me.

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If all you're interested in is debt protection instead of finding out their true life insurance needs, then just give them a term policy that is the same length as the remainder of their mortgage for the amount of their mortgage.

Now, if you're interested in what they really NEED, we need a lot more facts.

You are right! I plan on gathering more facts Monday and seeing what will truly serve their needs. Maybe an annuity is best? It all depends on their needs. But they sent in a form asking for MP info specifically.

 

[Stevekobrin]

Welcome to the business! I wish you much success.
I do have a few items for you to think about:
1) Parkinson’s can definitely be underwritten, and at a good price. Be sure to prequalify him so you know what the pricing will be before he applies.

2) They have already seen how serious illnesses can develop later in life. The fact that they have permanent insurance could be a Godsend for them.

3) Check out their retirement plan. You might uncover a need for life insurance as pension maximization.

Good luck!

 

[lefty1962]

thanks kindly. Ive been working on this case all day. I'm learning a lot.

 

[Stevekobrin]

You are welcome. Remember that people often have tunnel vision when they buy life insurance to protect their mortgage. They tend to forget about all the other needs the product can meet. Be sure to remind them.