Apr 27, 2007
Who will offer a UL policy for an 87 year old male?
Check with a special risk underwriter. They may have someone or can refer you to a surplus lines carrier that can come up with something.
If your client has the money, he/she can find someone to insured them.
I will personally carry this contract. $100K death benefit, annual premium $150K, must be paid in advance for the year, no refunds of unearned premiums.
Okay, send the DOI inspectors back, I'm just kidding
If you find someone who takes this, let me know. I've had this come up from time to time. I have never spent the time looking for a carrier though, seemed a little late to be worrying about life insurance.
Question: why are they suddenly looking for life insurance? I'm assuming its not for the death benefit itself, but to move money to the heirs tax free? Just curious.....
Estate issues are the obvious answer. Liquidity. Taxes. Wealth transfer.
There are lot's of reasons why an 87 yr old is in need of life insurance. Perhaps standing tall will provide some insight in this situation.
He wants to leave money behind. Have been talking with him for a while, now that it looks like we are going to move forward, I am sitting behind the 8 ball. I didnt realize that insuring someone that age would be a huge issue. It also has to be relatively cost effective. (whatever that means at his age.
Almost anything will be less expensive than cash and running it through the estate (if the estate is large enough to generate a tax).
You might want to look at SPWL as well.
I love SPWL.
going back to the origional question, does anyone know of any good carriers?
All I have been able to come up with was Transamerica, AIG, and Prudential. If that i all that is out there, than I will have to make my decision based on one of the 3.
Don't you have a marketing organization to tell you these things? I'm not being rude, really. But al I do is call up my marketer and give him the age, cash rollover if any and health conditions and they will find me the best plan.... Look at www.ibteam.com , they have a quote engine on there that you don't have to wait for a call or email. Or call them, I like them.
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