Writing term on parents

[fed up]

Depending on the age of the parent this makes little sense. If a twenty something buys term on a forty something chances are the term will run out before the parent dies. If a forty something buys term on a sixty something the premium for a large DB will be criminally high and subject to underwriting or parents agreeing to release medical data

 

[WinoBlues]

If a forty something buys term on a sixty something the premium for a large DB will be criminally high and subject to underwriting or parents agreeing to release medical data

What is criminally high?

Subject to underwriting? So what?

I wrote a 74 year old a 10 year term last year. I quoted him Std. He came in a little better so I explained that for just a few dollars more we can move the coverage to age 89. He agreed and paid the three months needed to save age. Took a couple months + to get it through underwriting. His wife died two months ago from Cancer. Her ONL $500,000 term policy paid off quickly. He is still paying the $800mo premium on his term policy.

BTW, the 15 ONL term I sold him had just termed out. The $350mo premium went to $7,200mo ART. Being that he was at least Std, for a big guy, that premium was maybe criminal, however, had he had Pancreatic Cancer or on dialysis and heart meds that would have been a good premium for $750,000.

I recently replaced a $25,000 FE policy on a late 20s single mother. That policy and premium was criminal in my opinion.

We can not argue premium without knowing the problem and product used to solve the problem.

Premium is not the problem.

 

[Tahoe Ray]

What is criminally high?

Subject to underwriting? So what?

I wrote a 74 year old a 10 year term last year. I quoted him Std. He came in a little better so I explained that for just a few dollars more we can move the coverage to age 89. He agreed and paid the three months needed to save age. Took a couple months + to get it through underwriting. His wife died two months ago from Cancer. Her ONL $500,000 term policy paid off quickly. He is still paying the $800mo premium on his term policy.

BTW, the 15 ONL term I sold him had just termed out. The $350mo premium went to $7,200mo ART. Being that he was at least Std, for a big guy, that premium was maybe criminal, however, had he had Pancreatic Cancer or on dialysis and heart meds that would have been a good premium for $750,000.

I recently replaced a $25,000 FE policy on a late 20s single mother. That policy and premium was criminal in my opinion.

We can not argue premium without knowing the problem and product used to solve the problem.

Premium is not the problem.

Hey, Lee. Are you still writing ONL?

 

[WinoBlues]

Hey, Lee. Are you still writing ONL?

For maybe a week. Got a Vmail that I am on the chopping block for non production. Not sure if I am going to try to keep it or not.

I may have a conversion opportunity or two in that book.

Are you writing them?

 

[Tahoe Ray]

For maybe a week. Got a Vmail that I am on the chopping block for non production. Not sure if I am going to try to keep it or not.

I may have a conversion opportunity or two in that book.

Are you writing them?

They're on the bench at this point. Underwriting is tight and with the recent ratings/comp issues, I only write them if I have to.

 

[myinsurebiz]

Hey I’m a new life agent. Wondering if anyone is successfully selling life Ins. To younger people on there parents.

Buy Term & Invest The Difference. [ but, nobody does ]

Or at least ROP Term if age qualified.

 

[Tahoe Ray]

Buy Term & Invest The Difference. [ but, nobody does ]

People do...I do.

But I get your point. If you're paying premiums from bank money, ROP is still a great deal (with good companies that have competitive pricing like Cincy and Assurity).

If you're investing the difference between ROP and traditional term, then you can do better elsewhere.

 

[myinsurebiz]

People do...I do.

But I get your point. If you're paying premiums from bank money, ROP is still a great deal (with good companies that have competitive pricing like Cincy and Assurity).

If you're investing the difference between ROP and traditional term, then you can do better elsewhere.

I like Assurity's ROP.

AmAm has a decent SI ROP - especially for Male / Tobacco.

Agree on investing elsewhere. Most peeps don't have the discipline to do it consistently.

 

[myinsurebiz]

Spam Samwich Harris . . .

 

[Tahoe Ray]

Spam Samwich Harris . . .

He will be gone in the morning.