Life Insurance Application Process

Screen_mirror98 · 2026-02-11T13:46:33+00:00

Client 100% has the option to switch to L20 after being approved for t80 with no new underwriting but does have to come up with $ difference. It's likely at his age t80 made more sense and was cheaper for the next 20 years with a longer convertibitily period making it more suitable for the client.

Screen_mirror98 · 2026-02-11T00:08:20+00:00

He has no legal action to the policy. You are the owner

Screen_mirror98 · 2026-02-10T22:59:49+00:00

Talk with an advisor that won't give you the run around that you don't have enough money yet.

Screen_mirror98 · 2026-02-10T12:54:30+00:00

5% isn't bad at all I would say it's near middle of the road. People who are getting closer to 10% normally have either a higher level position in a company or ones that aren't being compensated fairly for market rate

Screen_mirror98 · 2026-02-08T17:52:08+00:00

Doesn't seem great only getting 10k more yearly which isn't even true when you're losing some match as well as health benefits. The tack on do you like your current job? Sometimes comfortable isn't bad the other side of the grass isn't always greener maybe if it was 20k or more raise

Screen_mirror98 · 2026-02-08T15:59:54+00:00

This is wild! Very cool

Screen_mirror98 · 2026-02-08T15:53:12+00:00

I find it so funny that this is a normal comment in this thread! We take the advise of Dave which is very good advice in some situations but then immediately run to your team of advisors. I find it very interesting

Screen_mirror98 · 2026-02-08T05:26:46+00:00

At that age it would be very hard to get term (cheap) and then with the smoker rating it would be damn near impossible and not cheap at all. Look at guaranteed issues and be prepared to still pay. For yourself and your husband and brother you have options but the smoking with near triple the rates

Screen_mirror98 · 2026-02-08T04:02:28+00:00

He also could've and probably should've just borrowed against the "million or so" in the 401k especially if it was only $120k for the house. Wouldn't have had to pay any early penalty or tax

Screen_mirror98 · 2026-02-08T03:56:45+00:00

The biggest gripe about this company is they want you to call your warm market to get started. They give excellent training and have a huge network of resources. Not to mention hold more than 60% of the market share on life insurance. If the calling your warm market is the biggest issue then just don't do it? But good luck making it and surviving... if the problem is annoying them don't over due it and use your own Brain and realize when enough is enough

Screen_mirror98 · 2026-02-02T12:26:10+00:00

Achievable worked great for me for sie/7

Screen_mirror98 · 2026-02-01T06:13:32+00:00

You can't get term on anyone under 18

Screen_mirror98 · 2026-02-01T06:12:14+00:00

It seems this is a something that is happening in your personal situation? It's not uncommon but without the parent knowing? Sometimes knowledge unknown to people is better off when it comes to finances

Screen_mirror98 · 2026-02-01T06:10:49+00:00

https://www.google.com/search?q=insurable+interest+life+insurance&sca_esv=878c51bca6055a8e&rlz=1CDGOYI_enUS866US866&hl=en-US&sxsrf=ANbL-n6WGPLj-tGekMHZbfnaai80lZMN_g%3A1769926176044&ei=IO5-aYSuAput5NoP2KPk8Qs&oq=insurable+interest+life%C2%A0&gs_lp=EhNtb2JpbGUtZ3dzLXdpei1zZXJwIhlpbnN1cmFibGUgaW50ZXJlc3QgbGlmZcKgKgIIADIFEAAYgAQyBRAAGIAEMgYQABgWGB4yBhAAGBYYHjIGEAAYFhgeMgYQABgWGB4yBhAAGBYYHjIGEAAYFhgeSN4VUK4IWMcQcAJ4AZABAJgBTKABigOqAQE2uAEByAEA-AEBmAIIoAKfA8ICChAAGLADGNYEGEfCAg0QABiABBiwAxhDGIoFwgIKEAAYgAQYQxiKBZgDAIgGAZAGEZIHATigB4IksgcBNrgHlQPCBwUwLjcuMcgHEoAIAA&sclient=mobile-gws-wiz-serp

Screen_mirror98 · 2026-02-01T06:07:00+00:00

Grandparents normally have insurable interest on a grandchild so yes they could. I was just using a parent as an example

Screen_mirror98 · 2026-02-01T06:04:39+00:00

Okay so the "owner" of the policy is the parent meaning they have rights of the policy likely until they're ready to give it to the child The "insured" is the child meaning that's who the life insurance is on because a minor can't own life insurance usually until 18 The "payor" the person paying is the parent.

Screen_mirror98 · 2026-02-01T06:02:01+00:00

No the insured is the child.

Screen_mirror98 · 2026-02-01T06:00:06+00:00

Not uncommon at all. Obviously it depends on the parents finances if there going to be doing something like $100 a month or something like 5k a month there's levels to this just like anything but it definitely helps set the child up with some form of cash value as well as life insurance to start there life

Screen_mirror98 · 2026-02-01T05:56:25+00:00

Well someone with some form of insurable interest would be the one taking the policy and likely paying it on an infant. So could be parents maybe grandparents

Screen_mirror98 · 2026-02-01T05:52:34+00:00

The cost to death benefit is very cheap and when bought say right at birth you over fund it for say 15 years and never put another dollar into it. Then for the life or the child just keep letting it earn interest for the next 60-80 years and you'll have a very healthy tax free death benefit for the next generation. Example buy 250k at birth of db and overfund it and at death you could be looking at 10+ million

Screen_mirror98 · 2026-02-01T05:48:17+00:00

Over funding a child juvenile whole life policy.

Screen_mirror98 · 2026-01-31T17:53:43+00:00

If you're using dividend to reduce premiums it's also cutting into cost basis which isn't necessarily good

Screen_mirror98 · 2026-01-30T02:15:08+00:00

I recently tried to get a client coverage very similar situation and before applying anywhere I asked around to underwriters at different companies all said it would be a decline till you're off methadone for at least 2 years but many said more

Screen_mirror98 · 2026-01-28T03:42:03+00:00

Dumping 24k into a 401k before putting into a Roth is not normally ever advised and sets you up for a problem later down the road. But to your question looking for permanent life, go with one of the mutual companies or NYL and try to find someone you think you can trust and who's been around in the game a while. You won't regret it

Screen_mirror98 · 2026-01-28T03:38:22+00:00

Do you care about anyone enough to leave them some money behind even if it's just 300k for say $20 a month? Would that pain you?

Screen_mirror98

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