Not my Forte

Discussion in 'Life Insurance Forum' started by Superchief, Oct 27, 2006.

  1. Superchief
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    Superchief Guru

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    I have a friend looking for a $100K life policy. He's a 49 year old smoker.

    I have never dealth with the larger policies and don't understand them as well as my normal products.

    Any recommendations on what type of policy and what company to look for?

    Thanks!
     
  2. STIBROKER
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    STIBROKER The Guy that GREENSKY can't not put on ignore. Moderator

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    I just wrote a $60,000 wl on a 5 mo old yesterday.....most of my adult policies are $500,000 and up......give me a call I have just the co. for him...512-260-0856
     
  3. sman
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    Superchief,

    $100k is not a large policy these days. If you want to get an idea for some term quotes, go to www.term4sale.com.
     
  4. STIBROKER
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    STIBROKER The Guy that GREENSKY can't not put on ignore. Moderator

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    that site does give us us financial insurance........
     
  5. sman
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  6. STIBROKER
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    STIBROKER The Guy that GREENSKY can't not put on ignore. Moderator

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    us financial will issue a smoker at pref. rates....
     
  7. sman
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    Ah, when I first read your previous post, I just thought you typed "us" twice and it really made no sense to me. But yes, U.S Financial will sometimes offer preferred rates to smokers. Assuming of course they are occassional smokers. The OP didn't supply that information so I didn't make the assumption. However, if the person doesn't qualify for non-tobacco rates with U.S. Financial, they aren't even close to being the least expensive.

    On a side note, Prudential is fairly aggressive in this area as well. Especially with cigar smokers or chewing tobacco/dip users.
     
  8. Superchief
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    I understand that $100K might not be a large policy nowadays to you guys who are used to selling $500K & up, but I work primarily in the Senior Market and the life policies I'm selling are generally no bigger then $10 - 15K, and of course are just simple Whole Life policies. I've never taken time to learn about the larger W/L, Term & UL policies.

    First off, why would anyone want a Term policy unless the beneficiary was planning to off the insured within the Term period? I don't get that one. I pay premiums for 20 years, don't die and lose all my money. Sounds like a genius business decision. Am I missing something on this one?

    The only advantage I'm seeing are the lower premiums and then maybe the option to convert to permanent insurance later.
     
  9. James
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    James Guru

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    I like that! :D
     
  10. sman
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    sman Guru

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    How much of your homewoner's premium do you get back? How about that auto insurance? They offer a huge refund, don't they? Maybe your medical insurance does that? No? O.K., dental, DI? Why is it only life insurance where people think they have wasted money?

    Insurance is a transfer of risk. Life insurance included. My goal is to pay for all types of insurance and hope I never have to use them. I need at least $1,000,000 of life coverage while my children are young. I can spend about $600 per year for a 20-year term. Or around $1,000 per year for a 30-year term. Or I could spend about $5k per year for a GPUL. Maybe I don't have an extra $4k to spend to get the coverage I NEED. But let's say I do have $5k per year to spend. Let's say I opt for the 30-year term and invest the $4k difference in premium and earn 8%. At the end of 30 years I have nearly $500k saved up. Or I could have $100k-$150k cash value in that GPUL policy. You tell me which one is better.

    In addition, you can get a Return of Premium Term policy these days. So at the end of the term period, you get all your money back.
     

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