Comments on: Who Should Buy Guaranteed Issue Life Insurance – A Surprising Answer http://wealthpilgrim.com/who-should-buy-guaranteed-issue-life-insurance-a-surprising-answer/ WealthPilgrim.com -No Money Worries. No Matter What. Tue, 15 May 2012 03:52:59 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Medlife Insurance http://wealthpilgrim.com/who-should-buy-guaranteed-issue-life-insurance-a-surprising-answer/#comment-38477 Medlife Insurance Mon, 07 May 2012 19:26:59 +0000 http://wealthpilgrim.com/?p=14637#comment-38477 Thanks for taking the time to lay this all out Neal. Like Kimmel said, every day an ill person spends searching around for an insurance policy, the higher their risk that they not find it in time. It is posts like these that may help someone considering guaranteed issue insurance save valuable time by helping them to realize their time is better spent searching for a different type of policy. Thanks for taking the time to lay this all out Neal. Like Kimmel said, every day an ill person spends searching around for an insurance policy, the higher their risk that they not find it in time. It is posts like these that may help someone considering guaranteed issue insurance save valuable time by helping them to realize their time is better spent searching for a different type of policy.

]]> By: Jeff the Investor http://wealthpilgrim.com/who-should-buy-guaranteed-issue-life-insurance-a-surprising-answer/#comment-38180 Jeff the Investor Wed, 11 Apr 2012 13:35:26 +0000 http://wealthpilgrim.com/?p=14637#comment-38180 Thanks Neal. It is always good to show the other side of the coin. For people with grave sickness, getting an insurance is next to impossible. And guaranteed life insurance is a good option. Your points are good things to consider before anyone ever buys a guaranteed issue life insurance. Thanks Neal.

It is always good to show the other side of the coin.
For people with grave sickness, getting an insurance is next to impossible. And guaranteed life insurance is a good option.
Your points are good things to consider before anyone ever buys a guaranteed issue life insurance.

]]> By: Kimmel M. Craig http://wealthpilgrim.com/who-should-buy-guaranteed-issue-life-insurance-a-surprising-answer/#comment-32993 Kimmel M. Craig Mon, 23 Jan 2012 17:28:00 +0000 http://wealthpilgrim.com/?p=14637#comment-32993 Hey, Neal, I have always favored term over WL or UL products until I began researching the Final Expense market and because "term" means exactly that, "term" it can only be written up to certain ages, will end at the end of the "term" of years, with the only option for the client being to convert it to permanent (WL)insurance at whatever their age cutoff is or term expires. I'm sorry, but I couldn't in good conscience, sell term life insurance to anyone over age 50 for their Final Expense needs, because if they convert to WL at age 75 or 80, it will be exhorbitantly expensive without substantially lowering the death benefit amount. These people need Permanent Insurance that will ALWAYS be there as long as they pay their premiums with no increases or cancellation due to changes in their age or health as long as they pay their premiums. These type policies don't always have to be guaranteed issue, and have generally liberal underwriting guidelines so if a client only qualifies for Modified or Guaranteed Issue with one company, they'll more than likely only qualify for these type plans with any company, as a result. For example, if a proposed insured has had an organ transplant and is required to take anti-rejection drugs for the rest of their life, who do you know that will issue that person standard? I don't know of any! What about a diabetic that is being treated for it by oral medication, plus circulatory medication, and has high blood pressure? Who's going to insure them standard? No company I know of! Anyway, there are plenty of clients out there that can get preferred or standard rates for WL plans for Final Expense at reasonable rates as long as they don't wait until they're over age 70 to get it. Also, advising people to "shop around" if they have nothing in place means every day they're "shopping" or "thinking about it" puts them at risk of dying without coverage and possibly entering a new age category that will make the premiums higher at time of purchase. Even those who can only qualify for Guaranteed Issue have to go through a 2-3 year waiting period for full death benefits coverage to kick in, unless death is due to an accident, so every day they wait to apply and get issued increases their risk that they may not make it through the waiting period and higher rates due to age. Anyway, these plans DO have their place in the market and I wanted to put in my two cents worth. Hey, Neal, I have always favored term over WL or UL products until I began researching the Final Expense market and because “term” means exactly that, “term” it can only be written up to certain ages, will end at the end of the “term” of years, with the only option for the client being to convert it to permanent (WL)insurance at whatever their age cutoff is or term expires. I’m sorry, but I couldn’t in good conscience, sell term life insurance to anyone over age 50 for their Final Expense needs, because if they convert to WL at age 75 or 80, it will be exhorbitantly expensive without substantially lowering the death benefit amount. These people need Permanent Insurance that will ALWAYS be there as long as they pay their premiums with no increases or cancellation due to changes in their age or health as long as they pay their premiums. These type policies don’t always have to be guaranteed issue, and have generally liberal underwriting guidelines so if a client only qualifies for Modified or Guaranteed Issue with one company, they’ll more than likely only qualify for these type plans with any company, as a result. For example, if a proposed insured has had an organ transplant and is required to take anti-rejection drugs for the rest of their life, who do you know that will issue that person standard? I don’t know of any! What about a diabetic that is being treated for it by oral medication, plus circulatory medication, and has high blood pressure? Who’s going to insure them standard? No company I know of! Anyway, there are plenty of clients out there that can get preferred or standard rates for WL plans for Final Expense at reasonable rates as long as they don’t wait until they’re over age 70 to get it. Also, advising people to “shop around” if they have nothing in place means every day they’re “shopping” or “thinking about it” puts them at risk of dying without coverage and possibly entering a new age category that will make the premiums higher at time of purchase. Even those who can only qualify for Guaranteed Issue have to go through a 2-3 year waiting period for full death benefits coverage to kick in, unless death is due to an accident, so every day they wait to apply and get issued increases their risk that they may not make it through the waiting period and higher rates due to age. Anyway, these plans DO have their place in the market and I wanted to put in my two cents worth.

]]> By: Missy http://wealthpilgrim.com/who-should-buy-guaranteed-issue-life-insurance-a-surprising-answer/#comment-5239 Missy Wed, 02 Jun 2010 01:59:57 +0000 http://wealthpilgrim.com/?p=14637#comment-5239 Hey, Neal: Look forward to it, thanks! Hey, Neal:

Look forward to it, thanks!

]]> By: Neal http://wealthpilgrim.com/who-should-buy-guaranteed-issue-life-insurance-a-surprising-answer/#comment-5235 Neal Tue, 01 Jun 2010 17:26:50 +0000 http://wealthpilgrim.com/?p=14637#comment-5235 Missy, Sorry about that. I am a huge fan of term life. I w/write a post on how to select a provider soon. It's more than I can fit in a reply... :) Missy,

Sorry about that. I am a huge fan of term life. I w/write a post on how to select a provider soon. It’s more than I can fit in a reply…
:)

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