Scenario, 81 years old Type II Diabetic, need life insurance

Jan 16, 2008

  1. thatdguy
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    thatdguy Expert

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    I have a potential client that wants about $300k in coverage, is a female 81 years old, a bit overweight 5'4" 185lbs.

    I am trying life insurance and the coverage is about $2200/mo

    any suggestions or companies that can reduce that drastically?

    thanks
     
    thatdguy, Jan 16, 2008
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  2. James
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    James Guru

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    :DYou Joking?:D
     
    James, Jan 17, 2008
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  3. TXINSURANCE
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    What a deal how can they make money on that ?

    That quote can not be right.
     
  4. James
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    She would only need to live another 12 years for her premium to catch up to the DB. No the quote seems about correct. I believe that someone 81 is expected to live in their 90's. It is the diabetic issue that I'm suprise they even gave a quote but, depending upon the health at this age and, exactly when she became diabetic is critical. In other words if she is in good health and, has all her toes, fingers and arm and leg (with no complications) it could be that the diabetic issue is a non issue at 81.
     
    Last edited: Jan 17, 2008
    James, Jan 17, 2008
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  5. djs
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    djs Super Moderator Moderator

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    Do the math, keeping in mind insurance companies tend not to lose money. In this case, they probably will, unless it's annual renewable term.

    She has what, maybe 5 years left? Your premium is $26.4K per year, with a death benefit of $300K. Chances are, the insurance company will collect between $100K and $150K before they pay out. I'd strongly suggest taking this deal. Besides, not a lot of choices at 81.

    Dan
     
    djs, Jan 17, 2008
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  6. TXINSURANCE
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    I would venture to say this is a QUOTE not an actual offer to bind. If it is an offer to bind - yeah that is a steal at that age with high risk conditions.

    Something doesn't seem right at first glance though.
     
  7. James
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    I'm thinking this quote is nothing more then a internet generated quote, I don't know any insurance company that would actual write a policy on someone of this age without the full medical writeup. At these ages you never know untill the underwriter does his/her job.
     
    James, Jan 17, 2008
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  8. moonlightandmargaritas
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    Why does this feel like an NAA noobie type case?
     
  9. James
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    Likely because of his previous post stating that F&G and Forresters were his two companies.
     
    James, Jan 17, 2008
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  10. thatdguy
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    moonlight - why does it matter what company I am with? someone new in the industry is someone new in the industry. I have a lot to learn and that's why I am here. So If you are here to make cracks at every new people that has questions, then maybe this is the wrong forum for you to be in?
     
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