Sigh. I Hate Running into these

[cjmarka]

To the best of my knowledge, no one will buy a policy while in the contestable period. So even if you could get him approved for such a policy, no one would buy it.

Depending on everything, you could easily put him in an FE policy for $25,000 for well under $300 month. Obviously depending on tobacco use, state, companies available to you and any other health concerns.

Yeah that's plan B. His wife is trying to maintain as much of the original coverage because apparently they still have a mortgage of $157k and says she will not be able to afford to stay if he passes away with little or no insurance.

I am working on it. But that might be the end result. Better $25k than nothing, imo

 

[Todd King]

To the best of my knowledge, no one will buy a policy while in the contestable period. So even if you could get him approved for such a policy, no one would buy it.

Depending on everything, you could easily put him in an FE policy for $25,000 for well under $300 month. Obviously depending on tobacco use, state, companies available to you and any other health concerns.

I'll 2nd this thought!

 

[xrac]

Hi everyone

Long-time lurker here. Used to read this forum a lot years ago, but took a break from the gig, and now I am back selling some insurance on the side, so Im glad to be back here, learning from all you guys.

Anyway, got a referral today. 77yr old male who purchased a 15yr Term policy and the term is running out in July. Received a letter from the carrier, informing him that his monthly draft will go from $135 to $1,575 if he wants to keep his coverage of $160,000

Unfortunately, he suffered a stroke 2 years ago, and had a triple-bipass 12 years ago (right after he purchased that term. Too bad it didn't have any of those living benefits!)

I really want to help the guy and put some time into it. His wife sounded so distressed about the whole situation when I spoke to her.

I'm contracted with various companies but not sure where to go from here.

He *might* be able to afford $300-$500/mo at this point but I'm not sure he is going to get very far with that.

Any carrier suggestions for this guy? I have a lot more experience with the 30-50 crowd.

Much appreciated, thanks

Good old Dave Ramsey where are you when we need you.

 

[jdeasy]

Hi everyone

Long-time lurker here. Used to read this forum a lot years ago, but took a break from the gig, and now I am back selling some insurance on the side, so Im glad to be back here, learning from all you guys.

Anyway, got a referral today. 77yr old male who purchased a 15yr Term policy and the term is running out in July. Received a letter from the carrier, informing him that his monthly draft will go from $135 to $1,575 if he wants to keep his coverage of $160,000

Unfortunately, he suffered a stroke 2 years ago, and had a triple-bipass 12 years ago (right after he purchased that term. Too bad it didn't have any of those living benefits!)

I really want to help the guy and put some time into it. His wife sounded so distressed about the whole situation when I spoke to her.

I'm contracted with various companies but not sure where to go from here.

He *might* be able to afford $300-$500/mo at this point but I'm not sure he is going to get very far with that.

Any carrier suggestions for this guy? I have a lot more experience with the 30-50 crowd.

Much appreciated, thanks

I'm pretty sure the conversion rights ended at age 70 on those F&G policies. And they converted to UL not whole life. Wouldn't hurt to check though.

From what you posted he would qualify for FE. That might be his only option. Besides paying out the nose to F&G, that is.

He could also lower the face on the F&G if he wanted to keep it.

 

[cjmarka]

Update

After coming to reality, the customer agreed that any coverage is better than no coverage. I currently have an app for him with a couple of carriers for a final expense plan (graded/modified). If he can get table 4, I hope to keep him under $300/mo for $25k

 

[xrac]

Update

After coming to reality, the customer agreed that any coverage is better than no coverage. I currently have an app for him with a couple of carriers for a final expense plan (graded/modified). If he can get table 4, I hope to keep him under $300/mo for $25k

The sad outcome of buying term and investing/not investing the difference.

 

[jdeasy]

Update

After coming to reality, the customer agreed that any coverage is better than no coverage. I currently have an app for him with a couple of carriers for a final expense plan (graded/modified). If he can get table 4, I hope to keep him under $300/mo for $25k

Why would it need to be graded or modified?

 

[cjmarka]

Why would it need to be graded or modified?

At table 4 +flat extra, the non-graded ones were a little bit more expensive. I have no problems writing level, but they're on a tight budget


He had a stroke last year and a tripe-bipass a few years ago, and he's a heavy smoker. If you think I can get him level at about $300/mo, I'd be more than happy to submit to that carrier.

I'm just afraid of getting a lot of declines or high-rated adjustments

 

[jdeasy]

At table 4 +flat extra, the non-graded ones were a little bit more expensive. I have no problems writing level, but they're on a tight budget


He had a stroke last year and a tripe-bipass a few years ago, and he's a heavy smoker. If you think I can get him level at about $300/mo, I'd be more than happy to submit to that carrier.

I'm just afraid of getting a lot of declines or high-rated adjustments

No ratings or flat extra on FE. And level coverage is far less expensive than graded or modified.

I see you changed the stroke from 2 years ago in the original post to a year ago.

But he can still get level unless there's more. The timing of the stroke will limit his options or give him more options.

And was it a stroke? If it was TIA then it's not an issue with a few companies anyway.

 

[cjmarka]

No ratings or flat extra on FE. And level coverage is far less expensive than graded or modified.

I see you changed the stroke from 2 years ago in the original post to a year ago.

But he can still get level unless there's more. The timing of the stroke will limit his options or give him more options.

And was it a stroke? If it was TIA then it's not an issue with a few companies anyway.

Yeah sorry about that. On the phone he originally told me it was 2 years ago. This morning I found out it was 13 months ago, so he rounded up in our initial conversation.

As for your comment on FE, I admit I have very little experience with this customer demographic. I just assumed everything under $50k and WL was considered FE.

Assurity, ANICO, and UHL are 3 companies I've run quotes with. Unless I made a mistake, the graded ones were less expensive. If I'm screwing up here, I welcome any correction you might have. Its really appreciated. Trying to do the right thing for these people