Senior term

Jan 2, 2019

  1. Fisher
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    Does any company offer a term product at age 79?
     
    Fisher, Jan 2, 2019
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  2. WinoBlues
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    Face amount will determine which companies also. one or may go down to $25,000 at $100,000 more open up. 10 year term.
    For a couple of dollars more GUL will work like term. However, to age 121.
     
  3. Fisher
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    Dude is looking for a low face amount, less than 25k, and doesn't want FE. I told him that ship has most likely sailed years ago.
     
    Fisher, Jan 2, 2019
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  4. WinoBlues
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    Yup.

    What is his health like?

    We did a gazebo build for a Veteran this past summer. 100` weather, 3 Days. The youngster in the group is mid 50s. The two oldest were late 70s and early 80s. The 80 year old is super fit. It would not surprise me if he qualified for preferred.
     
  5. Life Hawk
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    Must listen to Ramsey... no clue!
     
  6. Newby
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    When I occasionally run into that I quote them a whole life rate and see how they respond. Some will say, I can go with that. “ then I say and the advantage if this one over any term you have probably found is that this one will keep the same rate each year and you can cancel it any time that you want the term to end. (Usually favorable response. )

    Once they are all ready to sign up I explain that the policy is whole life and not term. But the main difference at their age is that any term that will accept them is likely to cost about the same but will either cancel or increase in price after 12 months. This one stays the same. Most will sign up if they really wanted insurance. Some keep looking for that $14 per month for $100,000 term on a 79 year old.

    It’s all good either way.
     
    Newby, Jan 2, 2019
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  7. LostDollar
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    That's a very clever approach to the situation.

    Are you using a final expense guaranteed issue (I may not have the terminology right there) FE type product where you are not getting into explaining any health qualification issues?
     
  8. Newby
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    No. I would always ask general health questions (heart attacks, strokes, cancer, diabetes, lungs, smoking status) prior to quoting anyone. I would have a good feel for what they are going to qualify for and quote the product I plan to actually sell them.
     
    Newby, Jan 3, 2019
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  9. Newby
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    My train of thought when encountering any objection is to take the objection away and see if it’s real.
    For example: I need to speak with my daughter before I decide anything.
    My response: If you daughter likes this plan, do you have any other concerns about starting the plan?

    Sometimes just by phrasing their objection like that (if it’s a mild smokescreen objection) they will re-think it and say, I really don’t need her. I think I will go ahead with it.

    Other times the true objection comes out: well I really can’t afford that payment.

    And sometimes you get, yes it’s up to her. If she likes it then we’ll do it.

    You are going to have different plans of action depending on how they respond to you taking away their objection.

    The I want term only person who is too old for term is best flushed out by not arguing that term is not a good option at his age but just taking away the objection. If I can get you a term plan today and it costs this.... would you like to start your plan today? If they throw you more objections, then you are not dealing with their true objection yet. If they say YES if you can get me a good term plan for that, then you know they really do THINK they want term and they are a buyer.

    But now you need to explain why term is not the right option for a low income senior who want a small policy that lasts the rest of their life without rate increases. And the best way to do that is to get them happy with a price. And happy that it doesn’t end at any age. And happy that the rate will never increase. And only then is the right time to explain that the product that does all that for them is whole-life. Not term.
     
    Newby, Jan 3, 2019
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  10. ATM
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    Midland will write GUL down to 25k to age 85. If you pay the minimum required premium it will generally guarantee 8-12 years (age 79 and up). You can guarantee to 121 as well, just pay more premium. And if you start with the minimum premium you can increase later and automatically extend the GTE. Just did a 78 yr old for $10M and the minimum was better than any term product we could find. And guy got preferred rates.
     
    ATM, Jan 3, 2019
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