Single Premium WL

[Dins]

Hey guys,

Hoping you could help me make sure I've looked at all the options for this client. She's 63 and in TX. Has a tanking UL with a little over 12K left in net cash value. We're wanting to 1035 that into a Single Premium whole life ideally starting out at 20-25K face. Here are the issues:

Diagnosed with MS in 1985. Very well managed though with oral meds injections. No tremors, or assistance needed with moving around or anything like that. She really looks great.

Has HBP and an uses an inhaler when her asthma acts up due to allergies. Also, not the best build. 5'7 and 291lbs.

Looked into Assurity and Oxford. MS appears to knock her out with Oxford. Having a hard time finding a build chart for Assurity. Any other good options?

TIA

 

[DHK]

For Assurity, search for the Life Impairment Guide.

 

[Dins]

For Assurity, search for the Life Impairment Guide.

Thanks. Did that and found that the MS shouldn't be a problem. Unfortunately, they request you call to get more info on the build. That's a first.....

 

[goillini52]

Hey guys,

Hoping you could help me make sure I've looked at all the options for this client. She's 63 and in TX. Has a tanking UL with a little over 12K left in net cash value. We're wanting to 1035 that into a Single Premium whole life ideally starting out at 20-25K face. Here are the issues:

Diagnosed with MS in 1985. Very well managed though with oral meds injections. No tremors, or assistance needed with moving around or anything like that. She really looks great.

Has HBP and an uses an inhaler when her asthma acts up due to allergies. Also, not the best build. 5'7 and 291lbs.

Looked into Assurity and Oxford. MS appears to knock her out with Oxford. Having a hard time finding a build chart for Assurity. Any other good options?

TIA

Settlers Bronze, which is a Modified 2 year ROP(pays full face from day 1 for accident, return of premium plus 10% interest if death by natural case in 1st 2 years, 100% after). They'll go up to $15K Face Amount.

She can get $15K for $9,731.25

 

[Dins]

Settlers Bronze, which is a Modified 2 year ROP(pays full face from day 1 for accident, return of premium plus 10% interest if death by natural case in 1st 2 years, 100% after). They'll go up to $15K Face Amount.

I don't know if they're in your state. If they are, give me her age and I can give you a quote.

Client is adamantly against a graded policy. Would rather keep her tanking UL than take the risk. Day 1 coverage is a must.

 

[goillini52]

Client is adamantly against a graded policy. Would rather keep her tanking UL than take the risk. Day 1 coverage is a must.

Not a lot of options with MS.

 

[Dins]

Not a lot of options with MS.

Yea I know. That's why I'm praying that build won't be a big problem with Assurity, and seeking backup options in case it is.

 

[DHK]

Client is adamantly against a graded policy. Would rather keep her tanking UL than take the risk. Day 1 coverage is a must.

That makes as much sense as a (yes this is sexist) large woman who swears she will always fit a size 12.

It also means that she wants to pay a MINIMUM premium for a maximum death benefit. Which is an incorrect way of selling UL in the first place (unless it's a GUL... and that wouldn't be "tanking", but performing properly).


In addition, it also means that you screwed up the verbage when talking about underwriting.

Always say something along the lines of "You were accepted under normal terms for someone with your health."

 

[goillini52]

Yea I know. That's why I'm praying that build won't be a big problem with Assurity, and seeking backup options in case it is.

Good luck.

 

[Dins]

That makes as much sense as a (yes this is sexist) large woman who swears she will always fit a size 12.

It also means that she wants to pay a MINIMUM premium for a maximum death benefit. Which is an incorrect way of selling UL in the first place (unless it's a GUL... and that wouldn't be "tanking", but performing properly).


In addition, it also means that you screwed up the verbage when talking about underwriting.

Always say something along the lines of "You were accepted under normal terms for someone with your health."

She's had this policy since the 70's. Her statement from 2014 reflected a death benefit of over 60K and cash value of over 30K. She took out loans and hasnt paid a premium since she can remember. The policy has been dwindling down and now she just wants to stop the bleeding and walk away with what she can. Which is why we're trying a single premium. The goal is to keep her in a similar situation as she is now since she can't afford a reasonable monthly premium.