Senior benefit life insurance will pay for both of the spouse in one policy.

[Tim Lumbao]

Senior benefit life insurance will pay for both of the spouse in one policy. Have anyone here encountered such thing? Client is 72 years old for 11,000 death benefit $83/month for both of them it’s a whole life policy . If one of them passed away it will pay for the funeral? I did not check the insurance policy as they don’t want me to. Is there such a thing? Because the husband is supposed to be Guaranteed Issue, but since the wife have the policy they didn’t check the husbands health but he is still insured?

 

[suranceman]

It must be a first to die policy which would only result in a payout when the first spouse dies which then leaves the surviving spouse uninsured.

 

[Tim Lumbao]

Hey thanks for the reply. So basically I the wife got insured and is in a great health but the husband should be guaranteed issue based on his health problem (Cancer). It means they still get a good deal because the policy will pay even if the husband die? That’s a good strategy for the husband then.

 

[rmhaire]

Hey thanks for the reply. So basically I the wife got insured and is in a great health but the husband should be guaranteed issue based on his health problem (Cancer). It means they still get a good deal because the policy will pay even if the husband die? That’s a good strategy for the husband then.

Way too many question marks in your post.

Two people on one policy. Immediate coverage and he has cancer? And they don't want you to see the policy?

Just make sure your e&o is paid up.

 

[jdeasy]

Sounds like a regular ole first to die policy.

But not underwriting both doesn’t sound right.

If they won’t show the policy they aren’t prospects anyway.

 

[tikibarrister]

Two people on one policy. Immediate coverage and he has cancer? And they don't want you to see the policy?

I'm guessing the husband's cancer diagnoses came after the policy was written, and the existing policy was written by a different, previous agent than @Tim Lumbao...?

While it seems likely the husband will die first, what if the wife is hit by a bus tomorrow? Life insurance will pay for her, but now husband will be uninsured.

 

[suranceman]

No chance it pays out if the husband dies in the first 2 years.

A policy that worked this way would defy all actuarial tables which is impossible.

 

[Newby]

Senior benefit life insurance will pay for both of the spouse in one policy. Have anyone here encountered such thing? Client is 72 years old for 11,000 death benefit $83/month for both of them it’s a whole life policy . If one of them passed away it will pay for the funeral? I did not check the insurance policy as they don’t want me to. Is there such a thing? Because the husband is supposed to be Guaranteed Issue, but since the wife have the policy they didn’t check the husbands health but he is still insured?

As soon as you learn to quit wasting your time on imaginary policies, that people are telling you about, but won’t show you the quicker you’re gonna start making some money.

If I had a nickel for every time that someone described what their insurance coverage was correctly to me I would have about 15- cents.

 

[rmhaire]

As soon as you learn to quit wasting your time on imaginary policies, that people are telling you about, but won’t show you the quicker you’re gonna start making some money.

If I had a nickel for every time that someone described what their insurance coverage was correctly to me I would have about 15- cents.

That much?

 

[jdeasy]

The next person that tells me what they have and it’s exactly that once I see the policy or call the company will be my first.