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 Posted: Wed Aug 24, 2011 12:30 pm Post subject: Waiver of Premium |
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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?
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| Posted: Thu Aug 25, 2011 12:13 pm Post subject: |
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Usually a convertible term insurance policy comes with an added waiver, which allows the insured to convert the policy into a permanent insurance on the event of a disability.
Thus, the waiver of premium benefit would continue during the continuation of the disability.
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Mona Wayne
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| Posted: Thu Aug 25, 2011 3:33 pm Post subject: |
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I'm asking about a policy with no restrictions. If somebody can name a specific policy, it would be appreciated.
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| Posted: Thu Sep 01, 2011 1:07 am Post subject: |
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The all knowing Max Herr should be around shortly to answer the question.
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fjdkvmak
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| Posted: Thu Sep 01, 2011 4:19 am Post subject: |
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Nope. Looked at it and passed. As far as I'm concerned, it is not answerable. You have all the non-answers, so post one.
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MaxHerr
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| Posted: Thu Sep 01, 2011 9:39 am Post subject: |
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I don't have the answer. I assume that "non answerable" to you means "I don't know the answer, but I'm not capable of admitting that."
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fjakfj
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| Posted: Thu Sep 01, 2011 4:25 pm Post subject: |
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non-answerable = I don't have the answer (and I doubt that anyone else does either)
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MaxHerr
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| Posted: Thu Sep 01, 2011 5:35 pm Post subject: |
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| Quote: | | If somebody can name a specific policy, it would be appreciated. |
Prudential, Transamerica, and AXA Equitable are companies, not policies.
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MaxHerr
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| Posted: Fri Sep 02, 2011 7:59 pm Post subject: Waiver |
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I would think the OP would understand those are companies and would ask about their specific term policy features.
AXA: Term Series 151X
Prudential: Term Essential
Transamerica: Trendsetter Super Series
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Your Answer
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| Posted: Sat Sep 03, 2011 10:47 am Post subject: |
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Max, yes, of course, if you don't know the answer, it must be unanswerable.
None of the three companies policies do what the OP is asking. It is important with detailed contractual questions to ignore everything that is told to you and all company literature. Only go by what the contract says.
Need Info, what you are asking for does exist. Post back if you are still reading this.
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fdsa
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| Posted: Sun Sep 04, 2011 11:43 pm Post subject: |
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| Try the Genworth Colony Term UL. I sell a lot of these policies. Very flexible. Waiver of premium, convertibility, and what I like is the the face value can be adjusted easily up or down. For example, If the owner no longer wants to pay a 50.00 per month premium, they start paying 25.00 per month. The face amount is adjusted for the new premium. Very flexible product. I am not sure if this answers your question, but I would say it is a starting place. |
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mikematosinsurance
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| Posted: Mon Sep 05, 2011 9:41 pm Post subject: Waiver of premium |
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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.
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anonymous123
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| Posted: Tue Sep 06, 2011 12:50 pm Post subject: |
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I am saying that none of the policies mentioned will allow a disabled person to convert to a permanent policy of their choosing.
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fdsa
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| Posted: Tue Sep 06, 2011 1:02 pm Post subject: |
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| Quote: | | 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.
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MaxHerr
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| Posted: Tue Sep 06, 2011 2:25 pm Post subject: |
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Max, sorry, but just because you don't know of one doesn't make it unanswerable.
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fdsa
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