Senior term

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.

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.
 
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.

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.
 
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.
 
..... 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. ....

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.
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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.

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.
 
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.
 
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.

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
 
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.

Money and health conscience. That would be a great pond to fish in.
 
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.
 
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.
top10_weapon-switching.gif


https://arma3.com/assets/img/post/images/top10_weapon-switching.gif

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.
 
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