- Thread starter
- #111
Can you give me an accurate estimate of an expected monthly premium for $10k FE on a 65-70 year old male? I'm always here to learn more info.
Why Do So Many Agents Want to Sell Final Expense?
- Thread starter dgoldenz
- Start date
Can you give me an accurate estimate of an expected monthly premium for $10k FE on a 65-70 year old male? I'm always here to learn more info.
- Thread starter
- #113
I show $55/month for $25k no-lapse UL at preferred rates, $66/month at standard rates on a 65 year old male. At age 70, the rates are $71/month for preferred and $86/month for standard. I guess we will agree to disagree.
Ok, I guess we'll have to agree to disagree. I just gave you the rate, you come back with a higher rate and somehow we have to agree to disagree?
Ok, let me spell it out for you...
65 YO male, non-smoker 10K....$51.23/month
70 YO male, non-smoker 10K....$65.39/month
I think even as much as you're wanting to defend the UL for a senior we'll have to agree that I've just quoted lower prices. If you can't see that brother I don't know what else to say to you!
- 227
Well said and I want to add that I thought I had made it clear that a no-lapse UL isn't necessarily no lapse... What is the excuse you give to the client when their policy ends before it was supposed to because of lost interest?
Let's be honest here, whether it be brutal or not, we know for a fact there is a reason why people with no financial reserves are in the position they are in at 70+ years old... they suck at paying their bills and saving. It does not make sense to stick them in a UL.
I have yet to see anyone come in and defend the lost interest in a UL for someone who a few times a year doesn't pay their policy on time.
You sell a no-lapse UL that supposedly goes to 120... now if they lose interest it could go down 100 or even lower and then if they outlive their policy; you already know they have no cash to "make up". What's the plan then?
What are the benefits of selling a UL over an FE for someone who is impoverished and needs funeral expenses covered? If you are going to present your case for UL, come with the facts.
I seriously want to know your thought process on this.
- Thread starter
- #116
But that is for $25k coverage versus $10k. You're getting 2.5x the death benefit for another $4/month. If you can't afford $4/month, well...dunno what to say to that.
As far as the interest lost goes, the idea is to continue paying the premium, not stop paying the premium, pay it when you feel like it, or take loans against the policy's cash value. Insurance is for death benefits, not investment purposes.
Kjo
New Member
- 11
The FE that I sell has an awesome advance; usually make between $500-$700 advance on each written app! Besides that, it is a great product for seniors to think about. Family members will not have to dip into their funds to pay for a burial and it is WL, so that is an advantage, as well.
JeffTranMM
New Member
- 5
can we just all agree that its a combination of factors why agents sell FE...
yes some agents sell FE because (either, or, combination of the below)
1) they are looking out for themselves
2) there is not a need for a larger face amount
3) other LI tools cost more and the clients cannot afford it. (due to health or lack of funds)
4) do not want to leave anymore money behind except to cover burial
im fairly new in the business and i do no sell FE; although, ive been turned down by a few clients because they cannot afford 50k of term because of poor health and were not looking for anything more than 25k for cremation/burial. their reason and need was to not leave anything behind because they do not have anything and not to burden their children with bills.
i still do keep in touch with these people and they pay less than $50 a month of FE which is all they can afford.
yes some agents sell FE because (either, or, combination of the below)
1) they are looking out for themselves
2) there is not a need for a larger face amount
3) other LI tools cost more and the clients cannot afford it. (due to health or lack of funds)
4) do not want to leave anymore money behind except to cover burial
im fairly new in the business and i do no sell FE; although, ive been turned down by a few clients because they cannot afford 50k of term because of poor health and were not looking for anything more than 25k for cremation/burial. their reason and need was to not leave anything behind because they do not have anything and not to burden their children with bills.
i still do keep in touch with these people and they pay less than $50 a month of FE which is all they can afford.
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I have to say, I messed up. You started out by asking how much 10K was and I guess I didn't pay attention that you came back with rates for 25K. My bad on that one.
Now, I would like to know just one more thing though. What company is it that you are quoting a 25K UL policy with? Many of them only do 50K minimum.
- 1,926
Genworth will do 25k
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