Wish List

[jdeasy]

Here's something I wish I had avaialbe;

A simplified issue term to 100 policy. Face amounts down to $10,000.

That would be ideal for the medicaid folks. Also take the DE for monthly payments and also allow direct monthly bill.

It would be nice if they also had a 2 yr ROP that was a true GI to go along with it.

Probably never see a product like that but I sure it was available.

 

[senior-advisor-indiana]

I wish I had unlimited wishes...

 

[goillini52]

Here's something I wish I had avaialbe;

A simplified issue term to 100 policy. Face amounts down to $10,000.

That would be ideal for the medicaid folks. Also take the DE for monthly payments and also allow direct monthly bill.

It would be nice if they also had a 2 yr ROP that was a true GI to go along with it.

Probably never see a product like that but I sure it was available.

Would this policy pay 140% FYC with 15% lifetime renewals?

 

[VolAgent]

A simplified issue term to 100 policy. Face amounts down to $10,000.

That is your problem. If you do a FE style app, you are basically still getting all the claims you are going to get on a SIWL product. Let's face it, the average person isn't going to see age 101, much less a FE prospect. So, getting rid of the cash value really isn't going to move the premium.

Now, I know you want it to avoid the cash value problem and aren't so concerned about the premium. But is that really going to be a big enough market to justify the expense of putting the product out there?

 

[HoosierDaddy]

Here's something I wish I had avaialbe; A simplified issue term to 100 policy. Face amounts down to $10,000. That would be ideal for the medicaid folks. Also take the DE for monthly payments and also allow direct monthly bill. It would be nice if they also had a 2 yr ROP that was a true GI to go along with it. Probably never see a product like that but I sure it was available.

You're right JD... Cash Value as a "fundamental" benefit to a whole life policy, always seems to be a real life concern for most of our FE prospects. Instead of a benefit it is a objection.

 

[rousemark]

That would be ideal for the medicaid folks. Also take the DE for monthly payments and also allow direct monthly bill.

If that is your primary purpose, Settlers can meet two of three of those requirements if you use their trust. I don't think they take the DE.

I am not an actuary but I would guess to guarantee the coverage to age 100 on 65+ folks, the premium would be so high as to require cash values.

 

[goillini52]

If that is your primary purpose, Settlers can meet two of three of those requirements if you use their trust. I don't think they take the DE.

I am not an actuary but I would guess to guarantee the coverage to age 100 on 65+ folks, the premium would be so high as to require cash values.

You're right, they don't. They won't take a credit card for the initial payment either.

 

[jdeasy]

That is your problem. If you do a FE style app, you are basically still getting all the claims you are going to get on a SIWL product. Let's face it, the average person isn't going to see age 101, much less a FE prospect. So, getting rid of the cash value really isn't going to move the premium.

Now, I know you want it to avoid the cash value problem and aren't so concerned about the premium. But is that really going to be a big enough market to justify the expense of putting the product out there?

I don't see how it's a "problem". It's a wish list. I suppose if I wished for a unicorn the problem would be that they don't exist? I guess that's why it's a wish.

As for demand, I could write a couple of these a week if available. So that's 100 apps a year.

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If that is your primary purpose, Settlers can meet two of three of those requirements if you use their trust. I don't think they take the DE.

I am not an actuary but I would guess to guarantee the coverage to age 100 on 65+ folks, the premium would be so high as to require cash values.

I would certainly amend my wish for it to be a company easier to work with than Settlers and also less restrictive underwriting than Settlers. And I wouldn't wan't part of the wish.

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If that is your primary purpose, Settlers can meet two of three of those requirements if you use their trust. I don't think they take the DE.

I am not an actuary but I would guess to guarantee the coverage to age 100 on 65+ folks, the premium would be so high as to require cash values.

Why would it "require" cash values? Wouldn't the COI be the same for term, UL or whole life? Isn't all life insurance basically ART with costs spread on the front end for UL and WL?

 

[rousemark]

I don't see how it's a "problem". It's a wish list. I suppose if I wished for a unicorn the problem would be that they don't exist? I guess that's why it's a wish.

As for demand, I could write a couple of these a week if available. So that's 100 apps a year.

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I would certainly amend my wish for it to be a company easier to work with than Settlers and also less restrictive underwriting than Settlers. And I wouldn't wan't part of the wish.

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Why would it "require" cash values? Wouldn't the COI be the same for term, UL or whole life? Isn't all life insurance basically ART with costs spread on the front end for UL and WL?

The COI would be the same but the only way to keep premiums level in the later years is to overcharge in the early years, especially when you get past 65 and the COI jumps more dramatically with each passing year. Even GULs will end up accumulating cash values along the way when you try to run them to 100+

 

[Newby]

You're right JD... Cash Value as a "fundamental" benefit to a whole life policy, always seems to be a real life concern for most of our FE prospects. Instead of a benefit it is a objection.

Man, do I have to do all the thinking around here?

When the policy builds cash value you pull it out and buy firecrackers, booze, cigarettes and lottery tickets. All the essentials.

No more of that nasty cash value.