Shady Client? Needs Financial Document/verification

[JimYoung]

I have a client in her 70's that has a $3.5 million policy inforce currently. We are going around to different carriers to apply for an additional $4.5 million in coverage, but a lot of carriers are declining her due to request for financial document, which she will NOT provide. She said she is worth over $30 million total but does not want to release any detailed information to an insurance company because she has been robbed before.

What is your experience with these clients that won't release financial information? Also, which carriers is the most lenient with financial underwriting? Thanks!

 

[VolAgent]

Will this policy have cash value? How eager are you to do time for money laundering? Yes, its probably not the case, but that is one of the reasons they want it. If she isn't willing to provide these documents just walk away.

 

[LGilmore]

My experience is you don't have a client cause you won't have a company that will write a policy without the information requested.

How would they "rob" her by showing a balance sheet?

 

[JimYoung]

The policy will not have any cash value. It is a 10 year term policy. How would a life insurance policy involve money laundering? Sorry, I have been in the business for only 3 years, have made MDRT agent every year, but am not familiar with these sort of cases. Last time I had someone refuse to provide financial documentation was because he was a business owner that cheats taxes.

Any thoughts?
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My experience is you don't have a client cause you won't have a company that will write a policy without the information requested.

How would they "rob" her by showing a balance sheet?

Good point. Her reasoning is that if someone knew she was worth this much money (most of it is in gold and cash), that they can kidnap or use her family to blackmail her. Sounds a little paranoid to me, but her mind is extremely sharp, passed every single phone interview and cognitive tests with flying colors.

 

[Todd King]

I can't think of one company that will write her for that much without the financials. She's just going to have to get over it one way or the other; either give the financials or give up on getting coverage!

 

[scotte]

Does she really only want a 10 year term? What if she lives another 11 years. Why not a GUL.

 

[senior-advisor-indiana]

The policy will not have any cash value. It is a 10 year term policy. How would a life insurance policy involve money laundering? Sorry, I have been in the business for only 3 years, have made MDRT agent every year, but am not familiar with these sort of cases. Last time I had someone refuse to provide financial documentation was because he was a business owner that cheats taxes.

Any thoughts?
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Good point.r Her reasoning is that if someone knew she was worth this much money (most of it is in gold and cash), that they can kidnap or use her family to blackmail her. Sounds a little paranoid to me, but her mind is extremely sharp, passed every single phone interview and cognitive tests with flying colors.

Sounds very fishy.... Why would she trust you then?

 

[JimYoung]

Most carriers said they would not request financials for anything under $5 million, but when they run the MIB, they find that she has been declined by other carriers for lack of proof for financial documentation.

 

[senior-advisor-indiana]

Why bother with her? If she can't show you what is necessary then tell her to beat it...

 

[dgoldenz]

The policy will not have any cash value. It is a 10 year term policy. How would a life insurance policy involve money laundering? Sorry, I have been in the business for only 3 years, have made MDRT agent every year, but am not familiar with these sort of cases. Last time I had someone refuse to provide financial documentation was because he was a business owner that cheats taxes.

Any thoughts?
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Good point. Her reasoning is that if someone knew she was worth this much money (most of it is in gold and cash), that they can kidnap or use her family to blackmail her. Sounds a little paranoid to me, but her mind is extremely sharp, passed every single phone interview and cognitive tests with flying colors.

Sounds like a candidate to buy some kidnap and ransom insurance too (yes, it exists). What's the purpose of the policy? At $30M, sounds like she needs some coverage for estate planning, not term insurance, unless this is for a business transaction...which doesn't seem to be the case.