Have a guy that I sold a $25,000 Gerber guaranteed issue to last August. He now wants another $25,000 but wants to name a corporation as a collateral assignment for beneficiary. I suppose they want some kind of security from him as a business deal or perhaps he owes a loan to them. Anyway, I've talked to someone at both Kemper and Columbian and they don't seem to have a problem with it but wanted to see what you guys think. Do you think either of these companies will have a problem with the collateral assignment, or should I try to get him to name his wife and then change the beneficiary after it's approved? On the other hand, we live in a community property state so the wife would probably have to sign the beneficiary change form in that case. Thoughts?
Question for Kemper or Columbian Guaranteed
- Thread starter Speck
- Start date
- 30,259
If you talked to the companies and they don't have a problem with it, why would you care what we think? Their opinions are the ones that count.
- Thread starter
- #3
- 30,259
- 7,012
I have no idea, but it's always easier to change things after a policy has been issued.
- 30,259
I don't have Columbian, but as was pointed out to me last night, it's not really GI. It's more like Settlers Bronze.
- Thread starter
- #7
No health questions, but it does ask you at the bottom of the application if they're confined to a bed, confined to hospital, nursing home, or have a terminal illness. This guy's waiting on a heart transplant but he still goes to work every day. Anyone have a quote for Great Western's ROP product for Louisiana at $25,000 on a 65-year-old male? I have a rate sheet from last September or so but not sure if the rates changed. I'm not appointed with them but may decide to if needed. Do they return 110% in the first two years like most companies? Also, do they let you write before your appointment paperwork is complete or no?
- 30,259
I'd call those health questions. Not sure if they'll let you write before contracting.
$211.25 a month and yes, they have ROP + 10% for 2 years.
- Thread starter
- #9
- 357
I would not have a lender as the bene on a collateral assignment. The insurance company is going to give the lendor the full face. You should name his wife and get a collateral assignment form. I do not know if a GI will have them as this is usually a term market. The reason to do so is then the assignment acts as a lien. IE he dies and the lendor is reimbursed up to the owed amount. The remainder would then go to the beneficiary.
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