TERM Plans for Medicaid Recipients

[Medicare.guy]

MedicAID recipients generally wont buy whole life---cash value can reduce their benefits (Another GREAT way the gummint subsidizes intergenerational poverty!)

And yes I KNOW it wont have value for years and then it will be a pittance--but there is no telling THEM that.

Any carriers that offer small TERM plans? Similar in cost to FE?

 

[jdeasy]

MedicAID recipients generally wont buy whole life---cash value can reduce their benefits (Another GREAT way the gummint subsidizes intergenerational poverty!)

And yes I KNOW it wont have value for years and then it will be a pittance--but there is no telling THEM that.

Any carriers that offer small TERM plans? Similar in cost to FE?

I sell whole life to Medicaid people every week.

 

[Medicare.guy]

I don't. They have been conditioned to stay poor

Different state

 

[jdeasy]

I don't. They have been conditioned to stay poor

Different state

Has nothing to do with the state. Every FE agent in every state deals with this regularly.

You are starting from a flawed premise in saying they don't buy whole life. Maybe they don't buy whole life from you?

There's a few companies that sell lower face term. Trinity, KSKJ, 1 star, AmAm. Just to name a few.

But it's not the issue that you making it out to be.

 

[Medicare.guy]

Yes it is. You are welcome to come here and go on some visits and listen to them bleat about how they are terrified of ever having an asset.

May not be the state but it absolutely is a fact. Im not making this stuff up

Im not interested in trying to educate those that cannot be educated

Thanks for answering the question and offering some carriers

 

[jdeasy]

Yes it is. You are welcome to come here and go on some visits and listen to them bleat about how they are terrified of ever having an asset.

May not be the state but it absolutely is a fact. Im not making this stuff up

Im not interested in trying to educate those that cannot be educated

Thanks for answering the question and offering some carriers

They do get misinformed at the SS and welfare offices but it's easily correctable.

Most new agents that get into FE struggle with that very thing. Then after they have been in the FE arena for a while they have no trouble with it.

We do have some service work involved with it. I just faxed a cash value statement to a nursing home for a client this morning.

It is obviously a big deal to you and thus it will be when you meet with people.

 

[rousemark]

You can sell them and assign the policy to a funeral trust, then ven when it has cash value it is not included in their assets.

Years ago, Huff-Cook/ Settlers Life had the perfect solution. They had a WL policy that had no cash value. The only non-forfeiture value was a choice of extended term or reduced paid up insurance. Wonder if anyone has that type of product now?

 

[jdeasy]

You can sell them and assign the policy to a funeral trust, then ven when it has cash value it is not included in their assets.

Years ago, Huff-Cook/ Settlers Life had the perfect solution. They had a WL policy that had no cash value. The only non-forfeiture value was a choice of extended term or reduced paid up insurance. Wonder if anyone has that type of product now?

Funeral trusts are certainly around but rarely needed. 1 star has that term to 100 thing that doesn't build cash.

Seems it costs about as much or more than whole life.

 

[Baseball7]

This issue has come up more times on the message board that I have ever seen in real life.

 

[John Galt]

MedicAID recipients generally wont buy whole life---cash value can reduce their benefits (Another GREAT way the gummint subsidizes intergenerational poverty!)

And yes I KNOW it wont have value for years and then it will be a pittance--but there is no telling THEM that.

Any carriers that offer small TERM plans? Similar in cost to FE?

I sell medicaid people every week. If it comes up I just ignore it and write them the policy...I do mention thats not how it works and briefly explain they didnt understand or they were told incorrectly by an Uncle Sugar employee.

Maintain control and never a problem.