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.
Pretty simple actually.