Simplified or Guaranteed Issue TERM LIFE for Low Face Amounts

[Pete Cormie]

I never sell FE WL for the cash value. It's for FE's.

As in the OP: Need low face amounts and GI or SI. How low will Genworth go? Is is GI or SI?

Who is AmAm?

 

[SportsNut]

I never sell FE WL for the cash value. It's for FE's.

As in the OP: Need low face amounts and GI or SI. How low will Genworth go? Is is GI or SI?

Who is AmAm?

Genworth can't spell simplified issue, let alone GI. I love it when folks look to reinvent the wheel... looking for that perfect mousetrap for that 75 yo... term isn't where its at in that arena... oh yeah, you can get term with simplified issue but the rates are 85-90% of FE WL policies... where does that ever fit...?

Maybe someone that you can guarantee that they will NOT outlive the term product of 5, 10 or 15 yrs is about the only place that I can think of, but I am not in the biz of guaranteeing anyones mortality date. It almost seems to border on malpractice to sell such a product, if we are speaking low face amounts and to those that have under performed financially, meaning they have no real asset base. Then if someone is looking for a more sizable amount of term for a specific short term need, SI or GI is not the way to go either if there is ANY other choice. I know we are generalizing but 2+2 equals 4 almost every time.

Who is AmAm... pass it on.
Oh, my guess - Amway!

 

[sshafran]

Who is AmAm?

American Amicable: American-Amicable Life Insurance Company of Texas
- - - - - - - - - - - - - - - - - -

Foresters Strong Foundation Term will go down to $20,000.

Looked at their site, and unless I'm missing something it looks like this option may have been taken away when they re-branded it to the "LifeFirst" product. Or, is the Strong Foundation only available in certain states?

 

[jdeasy]

American Amicable: American-Amicable Life Insurance Company of Texas
- - - - - - - - - - - - - - - - - -


Looked at their site, and unless I'm missing something it looks like this option may have been taken away when they re-branded it to the "LifeFirst" product. Or, is the Strong Foundation only available in certain states?

I don't know about that. It's still available here in Ky. I did one last week. I ran the illustration and printed it off stright from the Foresters website and then printed off an application since I didn't have a supply of them.

I've written 3 of the AmAm Easy Term policies this year and 2 Foresters Strong Foundation term policies. It's such a small part of my business that I don't stock supplies for them.
- - - - - - - - - - - - - - - - - -

why not sell UL for FE??? A 50k GDBUL II with ING lasts til age 125 and is cheaper than any other 50k whole life out there. What am i missing?

I just tell customers that if cash value is important to them, they need Whole life, but its more expensive. If they want a product that will last forever like Whole life, but doesn't have the Cash guarantees... go with a guaranteed UL policy. Again, Genguard from Genworth will go out to 125. Transamerica ACE will go out to 125. Same with West Coast Life and several others.

Beacuse the guarantees are not there with UL. Even with GUL the guarantees go out the window if a payment or two is missed. FE buyers do miss payments.

And, $50,000 face is not for FE anyway. For one to survive and thrive in the FE market you must understand the FE market.

It is not for term or UL. Personally, I will not write a term or an UL for FE. I would send that prospect elsewhere if they insisted that's what they wanted.
- - - - - - - - - - - - - - - - - -

American Amicable: American-Amicable Life Insurance Company of Texas
- - - - - - - - - - - - - - - - - -


Looked at their site, and unless I'm missing something it looks like this option may have been taken away when they re-branded it to the "LifeFirst" product. Or, is the Strong Foundation only available in certain states?

Are you in Pa? I went to the Foresters site this morning and it let me illustrate a Foresters term for Pa. It must be available there.

Sorry, I just noticed your flag is Mi. I also was able to illustrate for Mi. Their software won't let it illustrate a state where it's not available.

 

[TPAAgent]

AA Easy UL is pretty solid rates

Forget about Fidelity- they dont run APS's

If you submit an app, and a APS is required, they'll decline your client, then you'll have to answer that question if you try and put them through a new company

Fidelity is nice, and has its place

But it can be damaging

 

[rizzle]

I have another FE client that we just put a $50,000 AmAm term on. It's a 10 year term. She wanted to leave her two sons $25000 each, but couldn't afford to have it all in whole life. She also doesn't plan to keep it past the initial term. She said that, "surely by then they will be self supporting".

how old was this lady? she only wanted to leave sons money if she died within the next 10 yrs?

 

[sshafran]

I don't know about that. It's still available here in Ky. I did one last week. I ran the illustration and printed it off stright from the Foresters website and then printed off an application since I didn't have a supply of them.

Are you in Pa? I went to the Foresters site this morning and it let me illustrate a Foresters term for Pa. It must be available there.

Sorry, I just noticed your flag is Mi. I also was able to illustrate for Mi. Their software won't let it illustrate a state where it's not available.

I'm actually in Ohio - I grew up in PA (Hence the Steelers avatar), and lived in MI for 3 yrs. I need to change the flag.

I called Foresters - it is a proprietary product only available to your IMO. So, unless someone is with the same IMO you are with, they can't write the Strong Foundation product.

 

[jdeasy]

how old was this lady? she only wanted to leave sons money if she died within the next 10 yrs?

She is 65. Yes, she only wanted to cover it for 10 years. Term is temporary insurance, so it was perfect for a temporay situation. I said that in the original post. She doesn't plan to keep it past the original term.

 

[rizzle]

curious how old her kids are where they won't be self supported until another 10 yrs?

 

[jdeasy]

curious how old her kids are where they won't be self supported until another 10 yrs?

What difference does that make to you?