Old American question

[Fisher]

So a client of mine replaced his Foresters PlanRight policy with an Old American 10-pay. Foresters was a 10k at 62.61/month. Old American agent knocks on his door (client is an incessant card filler-outer) and writes a 5k 10-pay at 60/month. Agent tells the guy that after 10 years he doesn't have to pay any more premiums and the face amount will be 8400. I have never heard of an FE product that increases the face like that. Anyone know if such a beast exists?

I haven't seen the actual policy as I'm deciding if it's worth my time to even drive out to the knucklehead's house.

 

[HomeService]

wouldn't that be a decrease?

 

[suranceman]

So a client of mine replaced his Foresters PlanRight policy with an Old American 10-pay. Foresters was a 10k at 62.61/month. Old American agent knocks on his door (client is an incessant card filler-outer) and writes a 5k 10-pay at 60/month. Agent tells the guy that after 10 years he doesn't have to pay any more premiums and the face amount will be 8400. I have never heard of an FE product that increases the face like that. Anyone know if such a beast exists?

I haven't seen the actual policy as I'm deciding if it's worth my time to even drive out to the knucklehead's house.

There is no way this is mathematically possible. They've been lied to.

 

[Fisher]

wouldn't that be a decrease?

No. 5k to 8.4k.

 

[Baseball7]

Go back and write him a Transamerica 10 pay if that's really what he wants

 

[FinalExpenseDojo.com]

Help the client call the carrier and see what they have to say

 

[Fisher]

Help the client call the carrier and see what they have to say

That's the exact plan.

 

[DayTimer]

So a client of mine replaced his Foresters PlanRight policy with an Old American 10-pay. Foresters was a 10k at 62.61/month. Old American agent knocks on his door (client is an incessant card filler-outer) and writes a 5k 10-pay at 60/month. Agent tells the guy that after 10 years he doesn't have to pay any more premiums and the face amount will be 8400. I have never heard of an FE product that increases the face like that. Anyone know if such a beast exists?

I haven't seen the actual policy as I'm deciding if it's worth my time to even drive out to the knucklehead's house.

How old is the client? Tobacco or no? I was just looking at some limited pay quotes and depending upon the client's age I do not see why it is not possible.

 

[Fisher]

You don't see why WHAT'S not possible?

 

[rousemark]

So a client of mine replaced his Foresters PlanRight policy with an Old American 10-pay. Foresters was a 10k at 62.61/month. Old American agent knocks on his door (client is an incessant card filler-outer) and writes a 5k 10-pay at 60/month. Agent tells the guy that after 10 years he doesn't have to pay any more premiums and the face amount will be 8400. I have never heard of an FE product that increases the face like that. Anyone know if such a beast exists?

I haven't seen the actual policy as I'm deciding if it's worth my time to even drive out to the knucklehead's house.

Apparently Old American has an increasing benefit series of plans.
expense