Senior term

Jan 2, 2019

  1. junkman
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    Maybe but perhaps not. My peers range in age from 50 to 79 and any can bike ride 50 mi any day of the week including days when there is a heat advisory where the "old and infirm" are supposed to stay indoors. We laugh and go ride.

    Apparent fitness level ranges from obese to slim & trim. Many have had significant issues that would cause underwriting declines in any market other than FE. Heart attacks, strokes, diabetes & joint replacements are common but don't stop a person from riding long distances. They simply recover fast if they were in relatively good shape prior to the recent incident.
     
    junkman, Jan 3, 2019
    #11
  2. WinoBlues
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    I agree. There are many relatively healthy people in their 60s, 70s and 80s.

    I also believe there is a larger profitable market of SIWL prospects out there. People that may have some issues like diabetes or a cancer history, but not FE prospects. People living in nice clean homes and late model cars. People that have had the same checking account for decades. These people are better served by a Life Insurance agent.
     
  3. junkman
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    Most of the older bike club members are relatively well off financially. You have to be to be able to justify and write a check for multiple thousands for a BICYCLE. Also, it takes a large time commitment to ride upwards of 100 mi/week. (figure 15 mph including hills + drive time to & from the ride start perhaps with lunch after) This means that most in this group have/had jobs or businesses where they can control their time as opposed to punching a clock. = good prospect group.
     
    junkman, Jan 3, 2019
    #13
  4. WinoBlues
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    How old is to old for term? I just placed a term on a guy in his 70s That is what he wanted. I showed him a GUL and a ONL Whole Life. That crusty old Marine, business owner said the Term. I said 'cool let's get it started'. His 15 year term had just termed out. And his renewal premium was going up to $7,000+ mo.

    I mostly agree with you on Low Income prospects and completely agree that we really need to explain when and what happens when a Term policy Terms out. Many people of all income ranges just hear Term is best and cheap. They do not understand the product. Same as some people think Whole Life is the best in all situations.

    I don't believe the OP said anything about the prospects Income level. I would guess your office gets a fair share of 60 and 70 year olds that after a solid consult are capable of choosing whether term, GUL or Whole Life. You are one of the more well rounded (:)) agents on here. Mungia (NYL past) is another. Life Insurance agents. You guys would be tough to replace as an agent.

    This is more of a Life Insurance agent to me. Different weapons for different kills. Intel then Run and Gun.
    [​IMG]

    https://arma3.com/assets/img/post/images/top10_weapon-switching.gif
     
  5. WinoBlues
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    Dialing down a GUL is a great Term alternative. Especially since at older ages many term plans limit or eliminate any conversion options. Not that most conversion options don't stink with the competitive term market.

    I don't have the info at hand, but Protective Advantage Choice UL does or used to have a rolling target witch is very nice comp wise.
     
  6. Life Hawk
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    I think of it like this... life insurance is like horse racing... if the jockey or the horse are too old... how much of your money are you willing to loose on the bet...

    From trends that I am seeing in the overall health of our population... underwriting restrictions are bound to increase as health risk become more and more of a factor... just thinking.
     
  7. WinoBlues
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    Mortality v Morbidity

    Life expectancy of a Male age 65 in 1940 was about age 78
    Life expectancy of a Male age 65 today is about age 85
     
  8. WinoBlues
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    Money and health conscience. That would be a great pond to fish in.
     
  9. junkman
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    Agents including me are too reluctant to push the permanent sale. I remember 1 term carrier getting out of the business and offering all of their term clients a 1 time conversion to WL based on the original underwriting class. I didn't have a lot of premium with them but almost all converted. None were in the same class and all figured return on DB was about what they'd earn in the market and this was tax free to heirs. It was one of the easier group of sales ever.
     
    junkman, Jan 3, 2019
    #19
  10. Newby
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    Yes I'm making the assumption these are 78 year old lady that has a few health issues and only wants $10,000 and wants a level premium and for it to last as long as she does. Not a real term customer.
     
    Newby, Jan 3, 2019
    #20
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