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David Gordon

GUL - AIG vs Symetra vs MOO- female 70 - 500k

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Question:

I have a client who stopped smoking a year ago, she is 70 years old (just turned a few months ago) who is looking for 500K coverage in California.  I want to show her Guaranteed Universal Life products.

I have run quotes with AIG's GUL3 and Mutual of Omaha's GUL product.
 
She has excellent height and weight, stopped smoking a year ago, and no other issues that I am aware of.
 
I have an appt with her on Monday of next week, can you ask your underwriter to find another GUL product (not an IUL or another UL) to find the best rates.  I believe AIG gave the best rates so far but I wanted to see if you have any other carriers that may have better rates.
 
She may be able to spend $1000-$1300/month, but I will be competing with another agent, so I want to get it as cheap as possible.
 
And her mother is still living until 97, so I want a product that will be guaranteed to age 100 or 105 at the minimum.

 

Answer:

AIG will not offer preferred on a client that only quit smoking a year ago.  She would have had to quit at least three years ago to qualify for preferred.  Attached please find the AIG field underwriting guide.  However, AIG will offer standard non-tobacco.  Those rates are attached and are $14,640.30 to age 105.  A slightly better option could be Symetra.  They will go standard plus non-tobacco after 12 months.  That field underwriting guide is also attached.  The Symetra STD Plus rates to 105, also attached, are $14,046.46.  Finally, I ran MOO as well.  STD: $17,416, STD Plus: $16,800, and PFD: $14,217.  However, MOO won’t offer preferred on this client, see attached underwriting guidelines, so they are out.

 AIG: good carrier, we write a lot of business with them.  They also have a couple of ROP options.  I am sure you are aware of this as you ran the illustration.  However, they have been a little tougher on seniors as of late and have also been on the slower side of town.  That being said, nothing wrong with AIG.

 Symetra: also a good carrier, we write a lot of business with them also.  They have a good built in chronic illness rider and the client can pay additional premiums for a fantastic rider.  In addition, they are good with seniors.

I will send the complete illustrations for both carriers in a separate e-mail.  Please let us know if you have any questions or concerns.

Attached please find the complete illustrations for both Symetra at STD Plus and AIG at STD.  The pricing is similar, however AIG is a tad more expensive.  As you can see, if she spends $14,046.45 with both carriers, Symetra goes to age 105 and AIG lapses as age 99.  In order to get to 105 with AIG, she would need to spend $14,640.30 annually. 

AIG: offers ROP at 90 and 95

Symetra: has a good built in chronic illness rider vs AIG’s terminal illness rider.

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