Are whole life policies dead?

[Newby]

What about people who have group term from their employer whether they pay for it or not? That must amount to quite a few. Maybe you are talking only about funerals for the elderly?

Yes, you're right. Many people do have group insurance through former employers BUT it is usually reduced to very minimal amounts after they retire and most expires completely if they live past ae 80.

No, the policies I help them them with are not for funerals. The funerals are always paid before service at our funeral home. The policies I'm working with are al their other insurance.

 

[Atlas]

Guys,

Whole Life is far from dead. WL is still being sold and many folks are still buying it. WL beats UL with a paid up insurance option. many years later with the WL you can stop paying premiums. With the UL you pay till you die or till it lapses.



Atlas

 

[James]

Guys,

Whole Life is far from dead. WL is still being sold and many folks are still buying it. WL beats UL with a paid up insurance option. many years later with the WL you can stop paying premiums. With the UL you pay till you die or till it lapses.



Atlas

What I'm starting to find is that agents don't tell their clients or just lie to them about the CV within SGUL or the NLPG. So the clients decide they want some cash out of the policy and have no idea of the pain they are about to unleash on themselves! Clients simply do not educate themselves on these policies, unfortunely most agents do not educate themselves either! I'm just wondering how many of these policies could be sold if the agents were more upfront?

1. You have no access to CV.
2. You can not skip a payment, ever and don't ever be late on a payment! Okay some better policies will give you a 30 day grace period before you surrender the guarantee of premium.

 

[Guest]

What I'm starting to find is that agents don't tell their clients or just lie to them about the CV within SGUL or the NLPG.

What is NLPG and SGUL?

How (where?) do agents 'educate' themselves on the potential downside of UL?

Al

 

[James]

What is NLPG and SGUL?

How (where?) do agents 'educate' themselves on the potential downside of UL?

Al

Secondary Guarantee and No Lapse Premium Guarantee, both products developed to assure people that past UL abuses will not occur again. What carriers are you writing or may want to write UL's or WL with? These issues are heavily Carrier specific. Basically, this is what Specimen Contracts are made for, read them and all contracts you sell!