Sandyg has shared her concern through an email-
My husband is 59 years old, a smoker, with health concerns including heart problems. He has an old universal policy that I guess did what it was supposed to up untill recent years. The interest was paying the rest of the premium and we still had cash accumulation until this year. Since interest rates have dropped drastically It is now using the cash accumulation to fund the premium. Since the premium will rise each year we feel that we need to do something now. I was diagnosed with stage 4 cancer in 2001 and we concentrated on my treatments and took our eye off his policy. We also feel that our ins agent took his eye off this policy . So he came over and we expresed our concerns and he is working with my husband to try and get something else that will meet our needs, if that is even possible without costing a fortune. Term rates have come back really high so any suggestions? I prefer to stick with an agent and not do online ins buying.
I have been reading your web site and others and am really confused.
personally i prefer WL over Term. If possible would a WL smaller policy which premiums stay consistent and the cash value is used to buy up add ins be a way to go?? I do not want to get in the same situation with Term as we are now. I would like to concentrate on my health and take care of this. I trust my agent,but I want to know options in case he does not have any....
Your opinions will be greatly appreciated.
The 49%,50%, 1% quote that one of your experts stated really hits home and I am hoping to get additional advise and options from the hopefully 1% of your ins experts...
Sandyg
Regards,
Lakemen
Posted: Thu Aug 27, 2009 12:58 pm Post Subject:
The term rates are higher because her husband is both a smoker and has heart problems. I don't know if he's had a heart attack already or not, but if he has and continues smoking, the insurance companies will not look at that very favorably. That will lead to high premiums for both term and permanent insurance and many carriers would decline him right off the bat. If anything, he would be lucky to get an offer in the Table 4 - Table 10 smoker range of rates.
What Sandy needs is an agent who can shop the case with 10-15 different companies to try and find the best offer, then compare that to what the current policy would cost to keep in force for a longer period of time. Another option may be a life settlement, but he is a little on the young side to be considered for that unless his original policy was issued with a standard or better risk classification. I don't know how to contact Sandyg, but if she wants to send me an email, I'd be happy to try to help if there is anything that can be done. My email address is dgold[at]goldfinancialgrp.com
Posted: Mon Sep 07, 2009 01:11 pm Post Subject:
I have this kind of experience, my friend was ill so he decide to buy health insurance. In fact it is not high for regualr one, but when they were ill they can not give the regular insurance to him. At last he pay more premium buy another kind of insurance.
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