Single Premium Whole Life Carrier in New York State ????

Jul 10, 2018 at 5:55 PM

  1. Devin01
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    Devin01 Super Genius

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    Have a medicare client I am looking to convert a small paid up whole life contract has 13k in paid up value into Single Premium WL, any reccomendations?
     
  2. alexvon
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    alexvon Expert

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    like a pda?
    yes, custom whole life policy
     
  3. goillini52
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    goillini52 BUILD THAT WALL!!!

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  4. alexvon
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    alexvon Expert

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    I dont know the rules here, will go find those after I post this. dont know if its okay to talk specific companies. that kind of thing

    But yea a single deposit is possible, you pay the lump sum into a pda (premium depost account) as part of a custom whole life policy that effectively prepays up to 14-15 years of annual premium payments. then youre done just accumulate interest anddddd dividends
     
  5. goillini52
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    goillini52 BUILD THAT WALL!!!

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    Yes, you can name companies. It's done all the time. :yes:
     
  6. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    Assurity Life has a single pay whole life contract.

    Link provided for reference only as it isn't from the carrier itself:
    LifeScapeĀ® Single Premium Whole Life
     
  7. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    I'm going to make a more-than-educated guess that you must be with New York Life as they are usually the only ones that talk about "Custom Whole Life".

    Based on the OP, we're talking about someone in their later years and they aren't looking to make or manage any more premium dollars. They may also have difficulty qualifying for other traditional coverage. There are single premium policies out there - like Assurity Life. They are MEC contracts and aren't designed for income or loan purposes - just permanent death benefits to pass an asset on income tax-free. And usually the underwriting is more favorable than other traditional policies at that age because the insurance company has more to work with in their general account for these policies.

    Hope that helps.
     
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  8. alexvon
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    alexvon Expert

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    ^ yes
    why would premium dollars need to be managed?
    they dont need to be made or managed

    difficulty qualifying definitely can be true. I know you are not referring to the cwl I mentioned but just to clarify it is not mec
     
  9. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    "Managed" doesn't necessarily mean what you think it means. It's just to ensure that premiums are paid. That's managing premium dollars - at least what I meant by it in my post.

    As opposed to "managed money" using investments. Obviously a completely different universe of a topic.
     
  10. alexvon
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    alexvon Expert

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    gotcha
    that is what I assumed
     
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