Did you know that if you are over 70, and need life insurance, you may be asked to perform a memory test?  Or if you prefer to use fancy life insurance company wording, a cognitive impairment test.

This sort of testing has not been around that long, in fact, it's a relatively new kink in the life insurance underwriting rope.  Keep reading and we're going to share a real-life example with you that will elicit a raised eyebrow at the very least.

Just recently, I had a new client I was working with that needed a permanent life insurance solution for reasons that are laid out in the proceeding paragraphs.

For sake of protecting the privacy of the innocent, let’s call him–Mr. Smith.

Mr. Smith is in his early 70's, 73 to be exact. He has a pension from working in a federal government position and had chosen (years before I ever met him) at his retirement to receive a “life only” pension payout settlement option.

Choosing the single-life option is very common among civil service employees, retired teachers, and union employees to name a few.

Why?

Pretty simple actually.

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If you are searching for the right life insurance policy to generated cash value quickly or even immediately, you will have a couple of different options. But you should be aware that more important than the type of policy—whole life insurance or universal life insurance are going to be the two types—you need to know that policy design and funding will have the greatest impact.

You can purchase the right type of policy and not achieve the desired outcome of growing cash value immediately. The details very much matter when setting up your life insurance policy for the purpose of rapidly building cash value.

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