amount of premiums for single premium whole life insurance

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PostPosted: Thu Apr 16, 2009 7:48 pm   Post subject: amount of premiums for single premium whole life insurance  

I am a senior. What would my monthly premiums be for $250K, $300K

ermamb2
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PostPosted: Thu Apr 16, 2009 8:13 pm   Post subject:   

1st off, you posted this in the wrong section, this is the auto insurance section.

Secondly, it would depend on your exact age and your health. A third factor of course would be the company you go with. If you don't mind my asking, what state are you in?



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PostPosted: Fri Apr 17, 2009 5:53 am   Post subject:   

I’d second Todd, the premium amount would depend upon several factors, including the age, health, coverage amount and such. However, life insurance is always expensive for seniors.



Todd, would you suggest a senior to invest in the whole life plan?

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PostPosted: Fri Apr 17, 2009 6:40 am   Post subject: insurance  

Are you in 'good' health, OP? I mean, no MAJOR problems? As some of you know, I work with the Elderly. A few of them are in pretty good health ( no MAJOR health risks..just things expected because of their age, which is 70-80). ONE of my 'Clients' wanted to get more Health Insurance for herself. I know her family had called around to different Insurance companies.........they are really having a difficult time finding anything for her.

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PostPosted: Fri Apr 17, 2009 9:34 am   Post subject:   

Single premium WL doesn't have monthly premiums. As a senior, you are probably better of with guaranteed universal life.

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PostPosted: Fri Apr 17, 2009 12:17 pm   Post subject:   

Quote:
Are you in 'good' health, OP? I mean, no MAJOR problems? As some of you know, I work with the Elderly. A few of them are in pretty good health ( no MAJOR health risks..just things expected because of their age, which is 70-80). ONE of my 'Clients' wanted to get more Health Insurance for herself. I know her family had called around to different Insurance companies.........they are really having a difficult time finding anything for her.




Do you mean get more life insurance for herself? Maybe you should have her contact an independent agent who actually knows what he's doing. Having an old lady calling up different insurance companies to try to find coverage is usually a bad move.



To the guy who posted this - you'd probably be better off with a single premium guaranteed universal life policy (i.e. guaranteed until age 121). It will likely be far less expensive than the whole life for the same death benefit, but there are still several factors that should be taken into consideration. What state are you in? Are you taking any prescriptions, being treated for any conditions, have any family history of heart disease or cancer before age 60? What is your height/weight? What is your age?
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PostPosted: Fri Apr 17, 2009 12:29 pm   Post subject:   

Hi ermamb2,



It you visit to your nearer insurance center , the insurance agent will be able to clarify all your doubts, because your question requires lots of parameters to be concerned, like your location, age, you policy opted company etc all these matters. So your near by inmsurance agent can help you thoroughly.



Regards

Bhartiaxa

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PostPosted: Fri Apr 17, 2009 3:02 pm   Post subject:   

Quote:
Todd, would you suggest a senior to invest in the whole life plan?




Jgeorge, to answer you question, yes, but iit has to be the right circumstances. Many different variables to consider.


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PostPosted: Fri Apr 17, 2009 4:59 pm   Post subject:   

Todd, can you give some specific examples where a senior would be better off using a Whole Life plan instead of a Guaranteed Universal Life policy?

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PostPosted: Sat Apr 18, 2009 1:43 am   Post subject:   

well, you have to consider underwriting, the NAR and all. I'm not saying they wouldn't be better off with the GUL, just that if the situation arises that I would have to do a SPWL vs SPGUL I would.



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PostPosted: Sat Apr 18, 2009 10:57 am   Post subject:   

Todd,



The underwriting isn't going to be different for the two products. Can you give an example in which an old person would be better off in a WL product than a GUL? I'm asking because I can't think of any fact pattern that would cause WL to be better than GUL for someone old. I'm assuming that you can since you said "yes" to Jgeorge. Please enlighten us. Thanks.

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PostPosted: Sat Apr 18, 2009 9:07 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.



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PostPosted: Sun Apr 19, 2009 1:45 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.

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PostPosted: Sun Apr 19, 2009 2:07 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.



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PostPosted: Sun Apr 19, 2009 3:39 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.

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