for life insurance in your 50s call: (910) 328-0447
or request a confidential quote
Goals:
Income replacement with term: cover mortgage, debt, college with 10, 15 or 20 year term life insurance
Permanent:
Whole Life, Universal Life (UL), Indexed Universal Life (IUL) for cash value accumulation
Guaranteed Universal Life (GUL) for lowest premiums
Chronic Illness, long term care protection with a rider on a life insurance product. Several companies offer these riders at no additional up front charge.
Recommendations: Carriers and Products
Term:
30 year term: Protective Life “Protective Custom Choice 30”
Indexed Universal Life (IUL):
American General “Value+ Protector III” best chronic illness benefit option, age 100 no lapse guarantee option
Securian “Eclipse Protector II Indexed Universal Life”
Universal Life (UL): John Hancock
Guaranteed Universal Life (GUL): as called Secondary Guarantee Universal Life (ULSG)
age 90 Guarantee Universal Life: Pacific Life “PL Promise GUL”, Protective Life “Protective Lifetime Assurance UL”
age 100: Guaranteed Universal Life: Protective Life “Protective Lifetime Assurance UL”
age 120+ Guarantee Universal Life (GUL): lifetime no-lapse guaranteed refer to your specific age: 55 years old, 56 years old, 57 years old, 58 years old, 59 years old
Guaranteed Universal Life with Return of Premium option:
American National guaranteed cash out rider, 50% year 15; 100% years 20 and 25, subject to a maximum of the death benefit
United of Omaha guaranteed refund option: 50% year 15; 100% years 20, 21, 22, 23, 24, 25, subject to a cap of the death benefit, “Income Advantage IUL” note: has minimum funding requirements
American General return of premium option: 20 year 50% of premium paid, 25 year up to 100% of premium paid, subject to a cap of the death benefit
Whole Life: Penn Mutual “Guaranteed Whole Life II”
Survivorship (second-to-die):
Nationwide for its Long Term Care Rider, one or both insured can go on claim for LTC; most carriers it’s a last survivor only
carrier recommendation Survivorship Universal Life for lowest premium varies by age and health
Whole Life: Simplified issue, no blood test, inexpensive, limited health questions
$2,000 – $40,000 United of Omaha
Guaranteed Issue Whole Life: no health questions: Gerber Life
Nicotine Users:
Universal Life: John Hancock
Whole Life: Penn Mutual
Chewing tobacco, cigars, electronic cigarettes: Prudential
Contact me for a free and confidential quote
Sean Drummey
Phone: (910) 328-0447
Email: spdrummey@gmail.com
national producer #5543408
Case study (12/23): Female, age 52, standard non-tobacco
$164.32 monthly $100,000 increasing benefit Index Universal Life, $100,000 increasing accelerated benefit chronic illness, American General “Value+ Plus Protector III IUL”, Accelerated Access Solution: Monthly IRS Maximum Benefit
$203.41 monthly $100,000 increasing benefit participating whole life, Penn Mutual
American General Quote:
The 2023 IRS maximum per diem is $420 per day. ($12,775/month)
Accelerated Benefit: 100% of Specified Amount:
$164.32 monthly, $100,000 amount, per diem monthly benefit: $8,333.33
$280.97 monthly, $150,000 amount, per diem monthly benefit: $12,500
$290.28 monthly, $155,000 amount, per diem monthly benefit: $12,775
Carriers Recommended:
American General Life Insurance Company
Gerber Life Insurance Company
John Hancock Life Insurance Company
Nationwide Life Insurance Company
Protective Life Insurance Company
Prudential Life Insurance Company and Pruco Life Insurance Company
The Penn Mutual Life Insurance Company
United of Omaha Life Insurance Company a Mutual of Omaha Company
last revised: 12/15/2023