by Guest » Wed Aug 24, 2011 12:30 pm
A client of mine is looking to buy a term life insurance policy.
It must have the following three features:
1) Ability to convert to permanent insurance with no evidence of insurability
2) Waiver of Premium
3) No restrictions on the ability to convert while on waiver.
Any help?
It must have the following three features:
1) Ability to convert to permanent insurance with no evidence of insurability
2) Waiver of Premium
3) No restrictions on the ability to convert while on waiver.
Any help?
Posted: Mon Sep 05, 2011 09:41 pm Post Subject: Waiver of premium
Fdsa, Am I'm missing something. You mention none of the policies mentioned would do any of the things the OP asked.
Are you saying none of the policies offer waiver of premium. None of the policies offer conversion without evidence of insurability or no restrictions on conversions?
I must be missing something about his question.
Posted: Tue Sep 06, 2011 12:50 pm Post Subject:
I am saying that none of the policies mentioned will allow a disabled person to convert to a permanent policy of their choosing.
Posted: Tue Sep 06, 2011 01:02 pm Post Subject:
I am saying that none of the policies mentioned will allow a disabled person to convert to a permanent policy of their choosing.
Which makes the original question unanswerable.
Posted: Tue Sep 06, 2011 02:25 pm Post Subject:
Max, sorry, but just because you don't know of one doesn't make it unanswerable.
Posted: Tue Sep 06, 2011 07:11 pm Post Subject: Waiver Of Premium
The OP doesn't ask about a policy/carrier that allow conversion to a policy of their choice while on waiver.
Posted: Tue Sep 06, 2011 07:43 pm Post Subject:
Sure he is. Otherwise, there is a restriction.
For instance, Company XYZ allows a waiver on their term insurance. They also allow the policy to be converted to any permanent product that they have with no evidence of insurability. However, if disabled, they only allow it to be converted to their least expensive permanent product.
In other words, if one can't do the same things healthy as unhealthy, there is a restriction.
Posted: Wed Sep 07, 2011 05:51 pm Post Subject:
OK I see what your saying but the way I saw it was the goal was to make a conversion to a permanent product period if on waiver.
Posted: Wed Sep 07, 2011 06:03 pm Post Subject:
I saw it was the goal was to make a conversion to a permanent product period if on waiver
And if "on waiver" that means the insured is disabled. Disabled = impaired = unhealthy = unlikely to be allowed to convert.
Posted: Wed Sep 07, 2011 09:53 pm Post Subject:
Max, it is quite obvious that you spend most of your time teaching and/or being a "back office" guy. Maybe, for once, you can admit to your lack of knowledge.
A large number of companies allow conversions while one is disabled.
Disabled =impaired=unhealthy which is why the importance of a policy being covertible is the ability to covert with no evidence of insurability.
The question is one of whether companies put a restriction on which permanent product can be used.
Ex. Jim has term with XYZ Company. It is covertible to any permanent product of XYZ Company. However, if he is disabled and has waiver of premium, they only allow conversion to their lowest premium permanent product.
Posted: Tue Sep 13, 2011 10:39 am Post Subject:
Max,
I guess that this is getting ignored because once again, you can't admit that you are wrong.
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