Non-Med policy with nominal WL base + Term Rider ?

[myinsurebiz]

Non-Med policy for couple in their 30's with nominal WL base + $500kTerm Rider + Child Rider + Living Benefits.

Who?

 

[DHK]

Penn Mutual. They can do up to $2 million without a medical exam (if I recall correctly):

You, Stronger | The Penn Mutual Life Insurance Company

 

[Allen Trent]

Non-Med policy for couple in their 30's with nominal WL base + $500kTerm Rider + Child Rider + Living Benefits.

Who?

Keep the term separate as stand alone coverage. Putting term riders on can be a disaster in the future in many cases by trapping the term rider to the base WL. Such as Major income drop, divorce, bankruptcy or becoming Dave Ramsey disciple. When the client calls & wants to drop whole life & keep the cheap term,riders can't be kept unless the WL stays active.

Only 2 times I think base insured term riders should be used (basically when forced to):

1. Max funding a WL policy PUAR & the policy becomes MEC on the illustration. Throw a small term rider on the policy to open up more IRS MEC premium room instead of making the base WL bigger & obligating the insured to higher required base WL premiums. Putting the small term rider on not only opens the MEC room, but maximizes how much of the money can go in the optional PUAR overfunding part of policy

2. Rare that carriers allow this, but a few do on term conversions. When someone is uninsurable & is converting term to WL, some carriers may allow a portion of the new policy to be term rider. IE $250k current expiring term might be able to convert to $50k WL & bring the $100-$200k term balance over to the base term rider for 10/20/30 years. This is helpful for less healthy clients who can't afford to make entire new policy WL

 

[scagnt83]

Penn Mutual. They can do up to $2 million without a medical exam (if I recall correctly):

You, Stronger | The Penn Mutual Life Insurance Company

They do not offer a normal Level Term Rider, just a blended Rider for PUAs.

And its not true non-med. Just the possibility of no medical exam. They still ask the same health questions as before and have the same UW guidelines as before.

Their stats show that around 70% are approved without an exam. But that doesnt mean they are instantly approved either, I think that stat includes the ones they request medical records for.

 

[scagnt83]

Ameritas isnt non-med. But it checks all the other boxes. They too have an express UW program that gives the possibility of no medical exam.