Wish List

[indiana260]

Look for a simplified issue UL with guaranteed DB to age 100.

In another note, the rates on JD term idea could be the same as whole life. No customer would care. They v would be glad to get coverage, no headaches from case workers, and "I not going to live to a hundred anyway"

 

[jdeasy]

Look for a simplified issue UL with guaranteed DB to age 100.

In another note, the rates on JD term idea could be the same as whole life. No customer would care. They v would be glad to get coverage, no headaches from case workers, and "I not going to live to a hundred anyway"

UL's do build cash value however slowly or little. That has to be reported and it's still "cash value" insurance which many *** case workers tell mediciad people they can't have.

And UL's already exist so no reason to wish for them.

 

[tomoverton0123]

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.

Make the beneficiary irrevocable and most states will exclude the cash value for Medicaid purposes. Double check in your state though.

 

[jdeasy]

Make the beneficiary irrevocable and most states will exclude the cash value for Medicaid purposes. Double check in your state though.

I don't think that's right in any state. It has to do with the owner, not the beneficiary. The owner is the one that the cash value belongs to.

Now, you can make someone else the owner and hope that person doesn't go on, or is on, medicaid. You can use a trust which is limited in most states, {$15000 in Ky, $10,000 in In, for example}.

Changing the beneficiary or making the beneficiary irrevocable will accomplish nothing as to the cash value.

That's why I wish I had this product.

It's just a freakin WISH. Term has no cash value so problem solved. I don't want it running out at age 75 like CUNA or age 80 like AARP/NYL or 5 year premium increases.

It ain't gonna happen because companies, and most agents, do not understand the FE market and it's challenges. Nor do they care to learn.

 

[Indy007]

Make the beneficiary irrevocable and most states will exclude the cash value for Medicaid purposes. Double check in your state though.

This is incorrect. An irrevocable bene does nothing to make the cash value a non issue for Medicaid purposes. The owner/insured would still have access to the cash values.

They could assign ownership to a funeral home to cover final expenses though. That would make it exempt from Medicaid

 

[VolAgent]

This is incorrect. An irrevocable bene does nothing to make the cash value a non issue for Medicaid purposes. The owner/insured would still have access to the cash values.

They could assign ownership to a funeral home to cover final expenses though. That would make it exempt from Medicaid

That would be incorrect. The cash value cannot be accessed if their is an irrevocable beneficiary without the beneficiary's consent.

Now, whether that is acceptable to Medicaid or not, I haven't a clue.

 

[jdeasy]

That would be incorrect. The cash value cannot be accessed if their is an irrevocable beneficiary without the beneficiary's consent.

Now, whether that is acceptable to Medicaid or not, I haven't a clue.

I don't think that's right. The owner could still get the cash. You could be right but I just had an insurance company CSR on the phone and they said the owner would still be the owner of the cash value. That's the question from medicaid, "do you own any cash value life insurance?".

 

[tomoverton0123]

That would be incorrect. The cash value cannot be accessed if their is an irrevocable beneficiary without the beneficiary's consent.

Now, whether that is acceptable to Medicaid or not, I haven't a clue.

Thank you. Most states allow this. This makes the cash value inaccessible.

 

[jdeasy]

Thank you. Most states allow this. This makes the cash value inaccessible.

Even if that's true, and I don't think it is, the question from medicaid is not "is the cv accessable?". It's "do you own...?".

 

[VolAgent]

I don't think that's right. The owner could still get the cash. You could be right but I just had an insurance company CSR on the phone and they said the owner would still be the owner of the cash value. That's the question from medicaid, "do you own any cash value life insurance?".

That is because they aren't asking if they have access to it, they are asking if they own any. And yes, the owner is still the owner even if there is an irrevocable beneficiary.

I make no claim to whether or not an irrevocable beneficiary would be sufficient for Medicaid purposes. I don't know, I merely am stating that the owner would not be able to access it without the beneficiary's consent. It does appear that in your state(s), it is not sufficient.