Underage GI plans!!!

[rousemark]

I keep running into under 40 or 50 SICK people! My goodness!
I have had several gi plans thru the years. They all seem to be one night wonders.
Ideas?

National Security is not GI but is close and issues down to age 18. They are in TN. National Security Group, Inc. - Insuring your world.

 

[DonP]

Well there goes Nationwide almost Gi ages 0-80. Discontinued . Senior life's double the cost paying 30% commish so safe .The Young client 10000 times better to pre paid funeral at funeral home that buying seniors gi

 

[goillini52]

Well there goes Nationwide almost Gi ages 0-80. Discontinued . Senior life's double the cost paying 30% commish so safe .The Young client 10000 times better to pre paid funeral at funeral home that buying seniors gi

They did say "until further notice".

 

[Allen Trent]

Well there goes Nationwide almost Gi ages 0-80. Discontinued . Senior life's double the cost paying 30% commish so safe .The Young client 10000 times better to pre paid funeral at funeral home that buying seniors gi

Appears their pricing must have been insufficient, etc. Insurance Dept shouldnt have approved something not sustainable for unhealthy people buying coverage so cheap. At the rates you gave for a 35 year old, nationwide would have to collect 26 years of premiums to cover the $10k death benefit & commissions/overrides/cost to issue. Anyone healthy enough to have a 26 year life expectancy might be able to get some other rated traditional coverage

 

[Baseball7]

Gtl's new home secure is a mod plan age 18-80, sons Of Norway is not currently contracting, and if it's age 40 or above I would lean on Great western.

 

[Todd King]

Gtl's new home secure is a mod plan age 18-80, sons Of Norway is not currently contracting, and if it's age 40 or above I would lean on Great western.

SoNs is contracting if you have new business to go with it. At least that's how they are having us do it.

 

[rousemark]

Appears their pricing must have been insufficient, etc. Insurance Dept shouldnt have approved something not sustainable for unhealthy people buying coverage so cheap. At the rates you gave for a 35 year old, nationwide would have to collect 26 years of premiums to cover the $10k death benefit & commissions/overrides/cost to issue. Anyone healthy enough to have a 26 year life expectancy might be able to get some other rated traditional coverage

Lot more to it than just premiums paid. Two items that come to mind are Investment income, lapses, especially in early years where there is little to no cash value.

 

[KandKsmommy]

Appears their pricing must have been insufficient, etc. Insurance Dept shouldnt have approved something not sustainable for unhealthy people buying coverage so cheap. At the rates you gave for a 35 year old, nationwide would have to collect 26 years of premiums to cover the $10k death benefit & commissions/overrides/cost to issue. Anyone healthy enough to have a 26 year life expectancy might be able to get some other rated traditional coverage

Unfortunately, not all of us are so lucky. I have been diagnosed with Cardiomyopathy since age 16, CHF at 24, plus rare conditions like Ehlers Danlos Syndrome and Chiari Malformation, not to mention comorbidities and mental health issues. I'm 36 and stable on medications now so it is possible for me to live 30-40 more years with consistent medical treatment and medication management (my mom just turned 64 and has many of the same health issues, yay genetics :( )

I am lucky that my employer pays for a life policy for me but to try GI is outrageous and I am too young for anything in my state ME. For my husband his bipolar and schizophrenia knock him out and at 50 when he can apply his rates will be high and it makes more sense to tuck it in an IRA.

 

[DonP]

I was looking at my Gerber, Aig and great western Gi books of business yesterday . Haven't written Gerber or Aig in over 3 yrs . I wrote all Gi with great western now .I bet last 8 years I've had 20-25 death claims from gi. But I noticed a ton of lapses as Gerber and Aig have the worst billing . Curiously haven't had many issues with GW billing .

 

[KandKsmommy]

I was looking at my Gerber, Aig and great western Gi books of business yesterday . Haven't written Gerber or Aig in over 3 yrs . I wrote all Gi with great western now .I bet last 8 years I've had 20-25 death claims from gi. But I noticed a ton of lapses as Gerber and Aig have the worst billing . Curiously haven't had many issues with GW billing .

How are GW rates compared to Gerber? I see they are up here in Maine and might be worth having in my portfolio if they are decent.