I am a senior. What would my monthly premiums be for $250K, $300K
Total Comments: 16
Posted: Sat Apr 18, 2009 09:07 pm Post Subject:
Ok, let's get this all straight. First off Jgeorge didn't ask specifically about SPWL, he just asked about WL. I assumed that's exactly what he meant.
Now, on to your question. If you don't think the underwriting is different, just look at the difference on the health questions asked for each. When you are talking about a senior, sometimes you just have to go with the one that has the easiest underwriting in order to get them through. That would be your SPWL designed with the senior in mind. Seniors tend to have health problems and you rarely find the squeaky clean one.
However, if they can qualify, yes, go with the SPGUL. If not, now what do you do? Next step...SPWL.
Posted: Sun Apr 19, 2009 01:45 pm Post Subject:
Thanks for the response, Todd. I was thinking about this a little differently. The underwriting for Company A between their whole life and UL would be identical. However, the underwriting between Company A's whole life and Company B's GUL could be very different. It seems like you were talking about the latter.
Posted: Sun Apr 19, 2009 02:07 pm Post Subject:
i have got updates about underwriting from this forum only, and what i have grabbed about it is, although there are so many insurance company offer different quotes for different policies ultimately all the risk pertaining to one locality is shared by all the insurance companies.
Thus any single company won't get affected if claim arises in a large number.It may be a little bit of diversion from the topic, but i wanted to relate it because change in premiums for two different policies (having all the similar features) from two different insurer will not be a big difference.
Posted: Sun Apr 19, 2009 03:39 pm Post Subject:
Amit, the premium difference between two different companies can be very large. It is quite possible for one insurance company can to give an insured a substandard rating while another one gives a preferred rating.
Posted: Sat May 22, 2010 12:37 am Post Subject: Single Premium Whole Life Insurance
Are insurance proceeds upon death tax-free (state and federal) to beneficiaries?
Posted: Wed May 26, 2010 02:37 am Post Subject:
Yes, income and capital gain tax free.
Not estate tax free, most of the time this isn't an issue, but be aware. It could be more of an issue at the state level than the federal level, especially now that there is currently no federal estate tax for 2010.
Posted: Sat Apr 18, 2009 09:07 pm Post Subject:
Ok, let's get this all straight. First off Jgeorge didn't ask specifically about SPWL, he just asked about WL. I assumed that's exactly what he meant.
Now, on to your question. If you don't think the underwriting is different, just look at the difference on the health questions asked for each. When you are talking about a senior, sometimes you just have to go with the one that has the easiest underwriting in order to get them through. That would be your SPWL designed with the senior in mind. Seniors tend to have health problems and you rarely find the squeaky clean one.
However, if they can qualify, yes, go with the SPGUL. If not, now what do you do? Next step...SPWL.
Posted: Sun Apr 19, 2009 01:45 pm Post Subject:
Thanks for the response, Todd. I was thinking about this a little differently. The underwriting for Company A between their whole life and UL would be identical. However, the underwriting between Company A's whole life and Company B's GUL could be very different. It seems like you were talking about the latter.
Posted: Sun Apr 19, 2009 02:07 pm Post Subject:
i have got updates about underwriting from this forum only, and what i have grabbed about it is, although there are so many insurance company offer different quotes for different policies ultimately all the risk pertaining to one locality is shared by all the insurance companies.
Thus any single company won't get affected if claim arises in a large number.It may be a little bit of diversion from the topic, but i wanted to relate it because change in premiums for two different policies (having all the similar features) from two different insurer will not be a big difference.
Posted: Sun Apr 19, 2009 03:39 pm Post Subject:
Amit, the premium difference between two different companies can be very large. It is quite possible for one insurance company can to give an insured a substandard rating while another one gives a preferred rating.
Posted: Sat May 22, 2010 12:37 am Post Subject: Single Premium Whole Life Insurance
Are insurance proceeds upon death tax-free (state and federal) to beneficiaries?
Posted: Wed May 26, 2010 02:37 am Post Subject:
Yes, income and capital gain tax free.
Not estate tax free, most of the time this isn't an issue, but be aware. It could be more of an issue at the state level than the federal level, especially now that there is currently no federal estate tax for 2010.
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