lincoln term life insurance - 4 September 2013 - insurance

term life insurance rate table

Lincoln Blows Away the Competition for High Risk Life Insurance

by Chris Huntley

I recently had a client come to me who had 3 vessel bypass surgery 18 years ago when he was in his 40s.  Since then, his health has been excellent, but life insurance underwriters are not too kind to individuals with heart disease prior to age 50.  He needed 20 year term, but every company was coming back with substandard trial offers between table 2 to 4.  So we decided to apply with Lincoln National and utilize their table shave program.  Say they rate him at table 4.  With favorable credits and their automatic table shave, he will likely end up being offered the Standard Non Tobacco class, which means standard rates.  However, in order to qualify for their table shave program, you have to apply to one of their permanent products.  In this case, we are applying to their Duration Guarantee UL, and structuring to look and act like a 20 year term policy for the first 20 years.  This strategy will ultimately save my client about $400 per month.

If you have been approved between table 2 to 4 for a 20 year term policy in the past 10 years, this could save you a lot of money, and is worth your time to look at quotes at least.  Or if you have any But here the catch.  Lincoln is unveiling its 2011 product line later this month, so if you want to jump on this opportunity, you need to have your application in by Aug. 19th.  That means you need to call our office to get the process started by the 15th, approximately.

Ive copied the email I sent to him with his quotes below:

Hello ,

As discussed, every insurance carrier I spoke to would rate you in the table 2 to 4 (substandard) classes.  Even at a table 2, the best premium I found was $960 per month for a 20 year term, $400,000 policy.

So in our conversation, I suggested we apply to Lincoln National, where if you apply to one of their universal life policies, you can get a table rated case shaved automatically down to their Standard rating, which will save you money.  We can also make their policy look like a 20 year term, by illustrating the premium and death benefit to stay fixed for 20 years.

If we can qualify for this Standard rate with Lincoln youll have the choice of paying the 64 year old premium or 65 year old premium, which are:

1. $586.43 per month guaranteed level for 20 years

Lincoln National Life Insurance Company

Lincoln Duration Guarantee UL 20 Years Standard Non Tobacco

**Above is the premium if we backdate to save age 64.

1. $635.57 per month guaranteed level for 20 years

Lincoln National Life Insurance Company

Lincoln Duration Guarantee UL 20 Years Standard Non Tobacco

** Above is the premium with current dating.

More on Backdating

Lincoln, as well as most other insurance companies, use nearest age rather than your actual age when calculating your premiums.  So for insurance purposes, you actually turned 65 on May 12th, 6 months after your birthday.  You do have the option to date your policy back to May 11th, so youre still 64, and pay the lower premium over the next 20 years, but you will need to pay premiumsfrom that date .  What this means is you will need to pay 3 to 4 months premiums to put your policy in force, and then pay the $586 per month rate from then on.

Illustrations Attached

Ive attached both illustrations.  On page 2, youll find weve selected the 20 year CPG Term Option, and you can read about the CPG Term Option on page 2 as well.  Youll see on page 3 of each illustration the end of year values showing zero cash or surrender value, but that the $400,000 death benefit is still guaranteed.  On the following pages, 4 to 5, it illustrates the premiums you would have to pay after the 20 year level premiums period, to keep the policy in force for life.

For more information about Lincoln National solutions for your life insurance needs, call us at 877-443-9467 .  Thank you.

*Written by Chris Huntley. Huntley Wealth Insurance and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser.

lincoln term life insurance

Article Source: http://www.insuranceblogbychris.com/lincoln-blows-away-the-competition-for-high-risk-life-insurance/

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