Term Coverage for Seniors 70+

Jun 11, 2019

  1. 1963
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    1963 Super Genius

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    I have a 74 year old client in excellent health. He wants to purchase a $100,000 FV policy. What carriers would most likely accept him as a favorable risk? Thanks in advance for your responses.
     
    1963, Jun 11, 2019
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  2. WinoBlues
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    WinoBlues Guru

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    The last 74 year old I wrote ($500,000) I quoted Std - T2 due to building and a couple of other issues. Banner came back @ Std+. One caution on Term, You may be restricted to a 15 or 10 yr term.

    A workaround would be to dial down a GUL to the period he needs/wants. You may get pretty close to the full premium anyway.
    Another option is to go with Protective Custom Choice UL and show him the decreasing face amounts after the level period.
     
  3. WinoBlues
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    WinoBlues Guru

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    On the Custom Choice - it may wind up a larger face amount sale if you target the Decreased amount. In other words, in 10 years he wants age 84 face to be 100,000 DT, then the original face needs to be higher. Worth showing the options.
     
  4. 1963
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    1963 Super Genius

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    Thanks Wino; I thought about the GUL option when I first illustrated the term coverage. Didn't think of the decreasing FV option. Will definitely be illustrating that option.
     
    1963, Jun 18, 2019
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  5. Rob Lion
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    Rob Lion Guru

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    Make sure you do a lottttttttt of field underwriting really banging the questions, had a 71 year old get declined through protective because he hadn't any "age appropriate health care done" He had no history of any preexisting conditions or medications besides antibiotics.
     
    Last edited: Jun 18, 2019
    Rob Lion, Jun 18, 2019
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  6. WinoBlues
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    WinoBlues Guru

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    Just quoted a 74 yo Female a GUL and her 74 yo husband. He has Parkinson's. There is money in those 70-year-olds.
     
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