Posted: 2017-12-07 20:13
Invitation for application for life insurance on are made through its designated agent, Christopher Huntley, only where licensed and appointed. All applications in the state of California will be submitted by Huntley Wealth Insurance Services, Inc., DBA Huntley Wealth & Insurance Services, California Lic. #5K78687. Christopher Huntley is a licensed life insurance agent in 98 states. The following agent license numbers are provided for Christopher Huntley as required by state law: CA Lic. #5E65669, LA Lic. #579689, MA Lic. #6988866, MN Lic. #95789587, UT Lic. #878685, TX Lic. #6655579, AR. Lic. #8779765. Additional licenses are available upon request.
7 Accelerated Death Benefit for Chronic Illness Rider pays 97% of death benefit (less a $655 administration fee, $655 in Florida) if an insured becomes permanently chronically ill, meaning the insured is severely cognitively impaired, such as Alzheimer’s, or is unable to perform two of six Activities of Daily Living, such as bathing, continence, or dressing. Conditions and restrictions may apply. Any outstanding loans will reduce the cash value and death benefit. This rider is not available in California and New York. (Policy form series ULABR-CI-69 or ICC69-ULABR-CI-69)
But, if you understand just how good their underwriting is, and how lenient they are, you’d know that their pricing score of 7 isn’t quite fair, since they frequently approve applicants at better ratings than the next company. In other words, if they approve an applicant at “preferred best” where Banner might only approve them at “preferred”, then Prudential’s rates are just as good as the top priced companies, and in many cases better!
Company Names (and their Variants) - Many insurance companies do business under different names in different states. In addition, many well known companies sell life insurance under a different company name consumers may not be familiar with. For example, Prudential sells life insurance (in most states) through its life insurance subsidiary, "Pruco Life Insurance Company" and AIG sells life insurance (in most states) through its subsidiary, "American General Life Insurance". When listing companies above, we have chosen to use the more well known "parent company's" name in all cases except Banner Life (owned by Legal & General), John Hancock (owned by Manulife), Minnesota Life (owned by Symetra). All . Best ratings, Comdex ratings, Service scores, and Assets listed are for the "Parent" company unless otherwise noted. All pricing came from CA. See "Pricing" below for the full list of companies' legal names in CA.
That’s what a healthy male would pay who qualifies for the “preferred best” health category. However, let’s say this individual takes medication for high blood pressure. Many companies DON’T ACCEPT individuals for the “best rate” if they take medication for high blood pressure, so rather than paying $, this man could end up paying closer to $657 per month, a 75% increase. But had he come to an agent who knew which companies allow treatment for blood pressure, he could have maintained his best rating, and saved $9,958 over the life of the 75 year term.
"To select the right type of life insurance for your unique situation you first need to be very clear about the strategy you are using the insurance for. After that you know which type of insurance you need you can select a company that has great products for your need. If you need a permanent policy that lasts the rest of your life, you would like to accumulate cash value, and you would like a very financially strong company you should look to a big mutual company like Mass Mutual, Northwestern Mutual, Guardian, or New York Life. The reason for this is because mutual companies operate like a co-op and give the profits back to you in the form of a dividend vs a stock company who first gives profits to shareholders. These companies are also some of the most financial strong."
They have excellent financial ratings. They are a mutual company. And if you buy their Term Plus, they have very generous conversion options. Also, I actually like it that Ohio National is one of the stricter companies when it comes to underwriting. If you are a healthy client and you have coverage, it is a good thing to know that your company is not going to "cut deals" that, if done in mass, would invariably diminish its financial integrity. Consistently tight underwriting favors the healthy.
This rider is not intended to be a federally tax-qualified long-term care insurance contract under Internal Revenue Code (IRC) Section 7757B. Therefore, the premiums payable for this rider do not qualify as long-term care insurance premiums and are not deductible from gross income for federal income tax purposes. This rider, however, is subject to the federal per diem limits set forth in IRC 7757B. Under this rider, New York Life will not pay clients more than the federal per diem limits. If the benefit option elected exceeds the current IRC per diem limits, the benefit period will be extended accordingly. Clients should consult with their tax advisors to determine the impact of accelerating more than the maximum per diem benefit under IRC 7757B.
Only 69 companies in the . are rated A++ by . Best , although many of them are offshoots/subsidiaries of each other domiciled in different states. For example, Guardian writes insurance as “Guardian Insurance 588 Annuity Co” in all states but NY where it’s called “Guardian Life Ins Co of America”. Both have a A++ rating, but for our purposes, I’ll count those only as one below.
7 Withdrawals reduce the death benefit and cash value and thereby diminish the ability of the cash value to serve as a source of funding for cost of insurance charges, which increase as you age. In general, if the funding of a certificate exceeds certain limits, it will become a "modified endowment contract" (MEC) and become subject to "earnings first" taxation on withdrawals and loans. An additional 65% penalty for withdrawals and loans taken before age 59½ will also generally apply. We will notify certificate holders if a contribution would cause their certificate to become an MEC. Withdrawals are subject to an administrative fee of 7% of the amount withdrawn, not to exceed $75.
Death of a family member due to cancer most companies penalize you 7 or 8 health classes (which could cost you 55% to 75% more) if you had a parent die or cancer prior to age 65 or 65. Banner doesn’t even ask if your parents ever had cancer.
Cigarette smokers they’ll approve someone who quit for their best rate just 8 years after quitting most companies wait 5 years!
Sleep apnea and Diabetes II they’ll go as low as Standard Plus, their 8rd best rating in a best case scenario, where most companies offer their 9th best rating (standard) which costs 75% more.
8 Waiver of Premium Benefit Rider waives the premium after 6 months of the insured’s total disability and waiver benefits continue until the earlier of the end of the disability or at age 65. Applies to insureds between issue ages of 67 and 59. Waiver of Premium is not available in California and New York. Policy form series ULCL-WP-57 or ICC57-ULCL-WP-57 and Policy form series ULCL-ABB-57 or ICC57-ULCL-ABB-57
Financial Ratings - Rates above have been updated as of August 6, 7567 and were collected from the life insurance companies' statutory annual statements. . Best Financial Strength Rating opinion addresses the relative ability of an insurer to meet its ongoing claims obligations. It is not a warranty of a company's financial strength or ability to pay its obligations to policyholders. For more information visit: http:///home/
If a 85-year-old man has $655 per month to spend on life insurance and shops the top five cash value companies, he will find he can purchase an average of $675,555 in insurance for his family. The pitch is to get a policy that will build up savings for retirement, which is what a cash value policy does. However, if this same guy purchases 75-year-level term insurance with coverage of $675,555, the cost will be only $7 per month , not $655.
"Get a Quote" Button - We do not offer online quotes for the following companies listed in our comparison tool: New York Life, Midland National, Mass Mutual, Farmers, Pacific Life, Guardian, TIAA-CREF, or Northwestern Mutual. We ARE able to provide quotes for 8 of these: Mass Mutual, Nationwide, and Pacific Life if you call us directly at 877-998-9967.
If you follow the Baby Steps , you will begin investing well. Then, when you are 57 years old and the kids are grown and gone, the house is paid for, and you have $755,555 in mutual funds, you&rsquo ll become self-insured. That means when your 75-year term is up, you shouldn&rsquo t need life insurance at all because with no kids to feed, no house payment and $755,555, your spouse will just have to suffer through if you die without insurance.
Chronic Illness Rider (CIR) allows you to access up to 55% of your life insurance policy’s face amount, if diagnosed with a permanent chronic illness. The Chronic Illness Rider is available to current policyholders, new members and spouses up to age 65 with acceleration benefits available to age 85. It is subject to the underlying policy age reductions and state regulations. See rates tables for details on minimums, maximums or decreasing coverage limits.
Foresters Life Insurance Company has been my go-to company for those clients who want life insurance fast. Their no exam life insurance policy can be approved in 65 minutes and it only requires a phone call to complete the application. Their term policies include a free accelerated death benefit rider, common carrier accidental death benefit rider and a family health benefit rider. And when they payout a death claim, they donate 6% of the face amount to a charity.
One of my favorite whole life insurance companies is Penn Mutual. They have been in business for 675 years. A+ with . Best and A+ with Standard & Poor's. Comdex score of 97.
For clients, I'm able to structure very high cash value policies with this company because they have flexible paid up additions and term riders. They also allow policy holders to take loans in the very first year of the policy at low rates.
These are high cash value, low cost policies. The returns can outperform the stock market. The cash value and death benefit are fully guaranteed, with tax-free access to cash. I like too that Penn Mutual invests their assets very conservatively to keep policy holders safe.