Term life

598

Well-Known Member
Established Member
Joined
Apr 13, 2008
Messages
1,169
Location
Frankfort IL
Anyone in here know their way around term life? I thought I did, but getting a curveball on a new policy.
 

Ohio Snake

Well-Known Member
Established Member
Joined
Dec 15, 2013
Messages
946
Location
Galena, Ohio
private message me. I know term life very well. i’m an Advisor and Agent.


Sent from my iPad using Tapatalk
 

CobraBob

Authorized Vendor
Established Member
Premium Member
Single Barrel Sirs
Joined
Nov 17, 2002
Messages
98,620
Location
Cheshire, CT
No.....the thread title would have said.....termi-life. LOL!
 

VENOM1

6.0MAN
Established Member
Joined
Nov 19, 2004
Messages
592
Location
Denver, CO
This is an area of expertise for me given I’m an agency owner. There are two ways to purchase term life products, straight term life or term life with living benefits. Straight term life is truly just death insurance meaning you cannot access the funds until the insured parishes. Term life with living benefits offers the same type of coverage as straight term life does but also allows the insured to access part of the death benefit (20-30% typically) prior to death for major medical reasons, long term care, home health care, etc.

Additionally, most major carriers will also allow the insured to use this money to offset income once they have been diagnosed or under the care of a medical professional. Lastly, if you do pull from the policy the amount is subtracted from the death benefit. As an example, $500,000 death benefit policy with 20% living benefit rider, allows the insured to pull $100k out but lowers the death benefit to $400k

I always encourage my clients to have term with living benefits considering the strong statistical data outline how many will need some sort of medical care prior to the age of 65 years old. I would always rather have someone pull from a policy like mentioned above opposed to an asset or appreciating policy of some sort.

I’m happy to answer any specific questions you may have. Just let me know.
 

598

Well-Known Member
Established Member
Joined
Apr 13, 2008
Messages
1,169
Location
Frankfort IL
To clarify, I got a quote for a new term policy that had a $10 per 1000 front end first year fee. I had successful prostate removal surgery 1 year ago, and that is why there is a supposed extra one time fee. Seemed more like a load you might get charged in equities by a salesman looking to make more money, so I'm just trying to find out if this is a common practice if you ever had a cancer diagnosis. BYW, surgery was uneventfull and 0 on PSA post surgery.
 

JPKII

Well-Known Member
Established Member
Joined
Nov 11, 2003
Messages
633
Location
Joliet, IL
To clarify, I got a quote for a new term policy that had a $10 per 1000 front end first year fee. I had successful prostate removal surgery 1 year ago, and that is why there is a supposed extra one time fee. Seemed more like a load you might get charged in equities by a salesman looking to make more money, so I'm just trying to find out if this is a common practice if you ever had a cancer diagnosis. BYW, surgery was uneventfull and 0 on PSA post surgery.

Sorry for the side topic, and also apologize if this is TMI, but prior to prostate diagnosis, did you have a vasectomy?
 

598

Well-Known Member
Established Member
Joined
Apr 13, 2008
Messages
1,169
Location
Frankfort IL
First response dissapeared so if this reposts, sorry. Vasectomy 16 years ago. Of 5 family males, all 3 that got vasectomies later got prostate cancer. 2 that didnt get snipped are still cancer free.
 

598

Well-Known Member
Established Member
Joined
Apr 13, 2008
Messages
1,169
Location
Frankfort IL
I'd actually like to have a few side medical polls going. Public studies are inconclusive as to corralation between vasectomy and prostate cancer later in life. Wonder what is is in our group. The other thing bugging me is weather guys that got covid with nasty results had any immediate treatments, like doxy, ivermevctin, vitamin c, d3, and zinc. In my group, quick ivermectin and the symptoms were gone in a day. No intervention but home rest and results a week to three of misery. I'm wondering how many that had quick intervention still had a nasty result
 

Ohio Snake

Well-Known Member
Established Member
Joined
Dec 15, 2013
Messages
946
Location
Galena, Ohio
Every carrier has their own underwriting guidelines. Did you get an official letter on the reason for the temporary flat extra?

Typically when you see that, there is a temporary condition the carrier is uncomfortable with. It could be one issue or a multitude of issues at one time.

You had a vasectomy??, your prostate was removed and you have a family history related to your procedures. I don’t think the vasectomy would be a problem by itself, but the history, attending physicians statement info and removal of the prostate could have an impact.

I would have your agent shop other carriers and discuss the known medical issues or procedures with underwriters to see if the rating is consistent, then decide if that rating is best.


Sent from my iPad using Tapatalk
 

Ohio Snake

Well-Known Member
Established Member
Joined
Dec 15, 2013
Messages
946
Location
Galena, Ohio
To clarify, I got a quote for a new term policy that had a $10 per 1000 front end first year fee. I had successful prostate removal surgery 1 year ago, and that is why there is a supposed extra one time fee. Seemed more like a load you might get charged in equities by a salesman looking to make more money, so I'm just trying to find out if this is a common practice if you ever had a cancer diagnosis. BYW, surgery was uneventfull and 0 on PSA post surgery.

Rating classifications are not influenced by an agent or salesman. It’s the underwriter of the product and/guidelines the carrier has established. Just because one carrier has a flat extra fee does not necessarily mean all carriers will follow suit. Shop around on the underwriting.


Sent from my iPad using Tapatalk
 

MFE

Well-Known Member
Established Member
Joined
Oct 29, 2005
Messages
2,090
Location
Phoenix
I'd actually like to have a few side medical polls going. Public studies are inconclusive as to corralation between vasectomy and prostate cancer later in life. Wonder what is is in our group. The other thing bugging me is weather guys that got covid with nasty results had any immediate treatments, like doxy, ivermevctin, vitamin c, d3, and zinc. In my group, quick ivermectin and the symptoms were gone in a day. No intervention but home rest and results a week to three of misery. I'm wondering how many that had quick intervention still had a nasty result

My uncle survived prostate cancer, as most prostate cancer patients do. His doctor told him "There's only two kinds of men: Those that have had prostate cancer, and those who will get prostate cancer if they don't die from something else first."
 

VegasMichael

Well-Known Member
Established Member
Joined
May 31, 2010
Messages
4,045
Location
Mojave Desert
Yes, there times where these products may be better utilized than term and for various reasons.


Sent from my iPad using Tapatalk
I'm a single guy with no dependents and no debt save for a mortgage. I was looking at cash value whole/universal policy from more of an investment standpoint and as something to leave my sisters(I'm the oldest). Would it make sense for me in any way?
 

JPKII

Well-Known Member
Established Member
Joined
Nov 11, 2003
Messages
633
Location
Joliet, IL
I'd actually like to have a few side medical polls going. Public studies are inconclusive as to corralation between vasectomy and prostate cancer later in life. Wonder what is is in our group. The other thing bugging me is weather guys that got covid with nasty results had any immediate treatments, like doxy, ivermevctin, vitamin c, d3, and zinc. In my group, quick ivermectin and the symptoms were gone in a day. No intervention but home rest and results a week to three of misery. I'm wondering how many that had quick intervention still had a nasty result

Good idea. I think, in this male dominated forum, a thread about vasectomies would be very useful. I 100% regret getting mine 11 years ago, am fearful of prostate cancer and potential side effects from that procedure, and would gladly share my experiences even if it only changed one person's mind about getting one or not.
 

598

Well-Known Member
Established Member
Joined
Apr 13, 2008
Messages
1,169
Location
Frankfort IL
I was glad to have minedone as I surely didnt need any more kids, and still there is no conclusive evidence that getting snipped and prostate cancer run together. Studies have shown both results. I'm just saying in my family that my small study of 5 people shows direct corrolation.
 

DiB14-SAFD

Active Member
Established Member
Joined
Apr 15, 2016
Messages
296
Location
San Antonio, TX
I was glad to have minedone as I surely didnt need any more kids, and still there is no conclusive evidence that getting snipped and prostate cancer run together. Studies have shown both results. I'm just saying in my family that my small study of 5 people shows direct corrolation.

I am planning on having mine done before the end of the year since the wife and I have decided we are done. This thread definitely has me doing some research now.
 

Users who are viewing this thread



Top