Michael is a seventy-seven year old semi-retired physician. Michael currently does not practice medicine but still lectures and consults in his field, which specializes in kidney function and care. His earned annual income is approximately half million dollars. He is married and resides comfortably in southern California with his wife, Nancy.
Michael is in overall good health. He is 5’7” and weighs 190 pounds. He is a non-smoker. Michael does have mild hypertension that he chooses to treat with medication. He has some mild osteoarthritis that is non-inflammatory and common in his age bracket. Michael did have a single basal carcinoma removed five years prior. Medical records did indicate mild kidney disease, but he has never required treatment. Michael was interested in a ten- year term with $500,000 coverage.
Many carriers do not offer new policies to clients over the age of 75, so our options were limited from the start. We decided to do an informal survey of the marketplace and found that John Hancock and Lincoln were willing to review his file. Protective would not typically do an informal review for someone Michael’s age, if the coverage amount was under one million dollars. Our dedicated, professional relationship with our underwriting team and carriers, along with Michael’s good health and ability to pay a higher premium led Protective to make an exception and do an informal review, despite his age and coverage amount of $500,000. After receiving feedback from the informal review and conversations with Michael, we asked our underwriters to run the numbers for Universal Life guaranteed to ages 87-90, as well as Term. Protective approved Michael at a Standard risk class for Universal Life to age 90 at a premium of $18,707 annually. John Hancock approved Michael at a Standard risk class for Universal Life to age 89 at a premium of $25,728. Neither John Hancock nor Protective were willing to offer Michael term coverage. Lincoln was the only carrier to approve him for term life. After reviewing his full medical file, Lincoln approved Michael at a Standard risk class for the term he was looking for, a $500,000 ten-year term policy at $19,250 annually.
While he originally wanted term life insurance, we recommended that Michael seriously consider Universal Life with Protective. Not only would this coverage cost almost $1,000 less a month than term life insurance through Lincoln, but it also would guarantee three additional years of coverage, for a total of thirteen years. Michael now pays an annual premium of $18,707. He was thrilled with our dedicated efforts in finding him the most cost-effective coverage with the most value.
Retired Executive Life 