Something is not quite right?

[jcorr]

I inheirited an orphan and he wants to cancel his policy because he feels his been wronged by his current company and he applied and got another policy through Ethos. He's 57, non smoker and currently has a 50k whole life with a 50k term rider, paying about $106 a month. There's about $8000 in cash value. Now here's where "something's not quite right". He says he got a $200k, 30 year term, through Ethos for $146 a month (cheapest I can find is $153) That's the first red flag (but there could be a company with that premium). This is the second red flag, he says he has to cancel his current policy before the good folks at Ethos will issue the policy. My concern is that he has continous coverage, maybe what he says is 100% accurate but right now, I'm skeptical.

 

[Tahoe Ray]

I inheirited an orphan and he wants to cancel his policy because he feels his been wronged by his current company and he applied and got another policy through Ethos. He's 57, non smoker and currently has a 50k whole life with a 50k term rider, paying about $106 a month. There's about $8000 in cash value. Now here's where "something's not quite right". He says he got a $200k, 30 year term, through Ethos for $146 a month (cheapest I can find is $153) That's the first red flag (but there could be a company with that premium). This is the second red flag, he says he has to cancel his current policy before the good folks at Ethos will issue the policy. My concern is that he has continous coverage, maybe what he says is 100% accurate but right now, I'm skeptical.

Ethos uses Banner but has different pricing/rules than if you bought one of their products off the shelf.

The second part is just weird but I'm wondering if that's because he indicated replacement and they require that to take place prior to issuing? I still don't see why they'd need that assurance unless he wouldn't otherwise qualify for 300k financially.

Would he send you the offer so you can at least verify he's getting what he claims?

 

[jcorr]

Would he send you the offer so you can at least verify he's getting what he claims?

Probably. Even if he was just making minimum wage he wouldn't be exceeding the income replacement requirements.