Basic Questions Regarding Whole Life

[jessica010]

Hi Friend

Especially the whole life plans are designed to provide cover in 3 types of plans. They provide death benefits to the insured according to the plans taken

1) The Continuous-Premium Whole Life plan
This premium provide more when you will usually wind up paying as a whole since you will be paying premium for coverage for a longer period of time

2) The Single-Premium Whole Life plan
Here the amount of coverage usually is minimum and allowed under the IRS’s rules.

3) The Limited-Payment Whole Life plan
Such types of policies are designed to stop paying the premium after a certain period of time to insured.
If you wanna check some more details you can check it @ india-insurance.com/life-insurance-corporation/whole-life-plans/the-whole-life-policy-limited-payment.html


Thanks&Regard
Jessica Rivera

 

[insurehound]

To Health Guy and Death Cab for Tootie...none of your old metal can compare to the wonders of Dream Theater. They make Iron Maiden and others look like rookies I know I am in trouble now (hahahaha)

There is no better guitarist than John Petrucci and no better drummer than Mike Portnoy.

 

[edsfopmfolm]

If you'd be willing to send a copy of the illustration (remove personal information please) I'd be willing to give you thoughts. I'm interested in seeing it, because I'm having difficulty recreating what you've outlined and not having a MEC much sooner.




****************************

certainly. can you send me a PM so that I know how to get it to you?

 

[BNTRS]

...none of your old metal can compare to the wonders of Dream Theater. They make Iron Maiden and others look like rookies

X2! X2! X2! X2!

A little gratuitious I know, but I needed 10 plus characters to post...

 

[insurehound]

X2! X2! X2! X2!

A little gratuitious I know, but I needed 10 plus characters to post...

I don't get it.

 

[arnguy]

Huh????

 

[dlj2626]

Whole life should be used for Death Benefit and the Paid Up Options that go along with it. In my opinion, whole life should not be used as a retirement vehicle. Me personally, I would recommend also never to touch the cash value unless it is an absolute necessity.

If you want to accumulate funds for retirement using life insurance I would recommend a UL. But you have to make sure you fund it right. Please also understand that the UL is also going to have a death benefit which will be much greater than the funds you will accumulate for retirement. The death benefit is still the most important part of the UL. Once again, that is just my opinion. When looking for a UL make sure it is a reputable company. Does not have to be a mutual company like Mutual of Omaha, New York Life, or Northwestern either. There are also reputable stock companies out there like Met Life that offers Universal Life.

Last but not least. Find an agent you trust.

 

[BNTRS]

Whole life should be used for Death Benefit and the Paid Up Options that go along with it. In my opinion, whole life should not be used as a retirement vehicle. Me personally, I would recommend also never to touch the cash value unless it is an absolute necessity.

If you want to accumulate funds for retirement using life insurance I would recommend a UL. But you have to make sure you fund it right. Please also understand that the UL is also going to have a death benefit which will be much greater than the funds you will accumulate for retirement. The death benefit is still the most important part of the UL. Once again, that is just my opinion. When looking for a UL make sure it is a reputable company. Does not have to be a mutual company like Mutual of Omaha, New York Life, or Northwestern either. There are also reputable stock companies out there like Met Life that offers Universal Life.

Last but not least. Find an agent you trust.

What?


UL as the vehicle to accumulate assets?

Is that so I can pay ever increasing insurance costs as I get older, or perhaps lapse my policy and owe a bunch of taxes on the gain?

Just your opinion, fine, but it's just my opinion that you need a new opinion.

 

[scagnt83]

What?


UL as the vehicle to accumulate assets?

Is that so I can pay ever increasing insurance costs as I get older, or perhaps lapse my policy and owe a bunch of taxes on the gain?

Just your opinion, fine, but it's just my opinion that you need a new opinion.

Your blindness to the benefits (and reality) of UL is just as bad as the termites view of PI in general...
Your one sided bias is just as bad as theirs.

To discount UL seemingly automatically is doing your clients a potential disservice. UL is an appropriate product solution in many circumstances, and its not unusual at all for the benefits of the UL to be superior to the WL considering the clients situation.

WL is not better or worse than term, nor is it better or worse than UL; they all have their own unique features that may or may not make them appropriate for a clients situation...

 

[dlj2626]

What?


UL as the vehicle to accumulate assets?

Is that so I can pay ever increasing insurance costs as I get older, or perhaps lapse my policy and owe a bunch of taxes on the gain?

Just your opinion, fine, but it's just my opinion that you need a new opinion.

Like I said, it is just my opinion. I also do not need to get a new one nor do I plan on getting on a new one anytime soon in the future.

There is a reason permanent insurance is called permanent insurance. It is because the death benefit is going to stay level and the insurance is always going to be there for someone. Unless, they choose otherwise.

As for UL. It is a more flexible product. There is alot more a person can do with a UL than they can with WL or Term. If a person funds it properly it is a great product.

As for Term. I sold more term in the past than whole life. Only problem I see with Term these days is too many people purchasing it as if it is permanent insurance. Plus many people never have any intention of converting it over and when the term expires they want to often purchase another term. However, it is not always easy to purchase another term policy after 10, 15, 20 years, etc.

Term is a great product but so is Permanent Insurance.