Current Policy Holder & Prospective Agent

[celloshred]

I have my license here in CA and am interviewing for a position with Northwestern. A few questions:

1. My family has term (term 80) policies for my wife ($300k) and myself (2 policies, $300k each - one straight term with Pru), and a small whole ($50k) for our 2.5 year old. NWM is proposing a small increase in our sons whole (additional $25k), modest increase in my wife's term ($500k) and a larger increase in my own term ($1.2m which will also replace my Pru) as well as a new small $100k whole policy. I am 36, wife is 30. NWM term policies are all Term80. Cheap for the first few years,but premiums go up after about 7 years (based on their guaranteed, sooner and faster on their MAX).

Benefits appear to be medical free conversions, longer than 30-year term, cheaper premium for the first few years (vs Term 30), disability waiver (converts to whole with premiums paid) and I dont see any other benefit. Missing something?

Based on actuarial figures (don't know where to find them), what are the stats on anyone who actually takes advantage of these benefits? I dont want to buy them if, statistically, they arent even used.

PERSONAL

We plan on having maybe one more kid in the next year.

MAIN GOALS:
1. family having decent amount of funds should one parent die while kid(s) are still dependent
2. some future savings towards college or retirement.

PROFESSIONAL

I am licensed, but havent decided on if/who to work for. I am in the Real Estate field but looking for a career with long term benefits, retirement but also ability to actually help people and families.


Thank you

Michael

 

[jacobtn]

Much better options than NWM. I would check other carriers, if you're licensed write them yourself. The proposed face amts aren't a bad idea, although I would just carry your child as a term rider. Your rates would be much lower on fully UW for you and wife, I would lock in longer terms at least 15 or 20 yrs. I question the need for the 100k WL.

Run don't walk away from NWM. Do it yourself.

 

[WinoBlues]

Are they offering additional policies or replacement?

Get contracted with ONL and write your own convertible Term and Whole Life.

Email me and I can forward you the regional's contact info.

Or go to term4sale.com and run your own quotes. Many better options than what is being offered.

Lee

Ooops, almost forgot your best option. Email me and I will do it for you. B-)

I have my license here in CA and am interviewing for a position with Northwestern. A few questions:

1. My family has term (term 80) policies for my wife ($300k) and myself (2 policies, $300k each - one straight term with Pru), and a small whole ($50k) for our 2.5 year old. NWM is proposing a small increase in our sons whole (additional $25k), modest increase in my wife's term ($500k) and a larger increase in my own term ($1.2m which will also replace my Pru) as well as a new small $100k whole policy. I am 36, wife is 30. NWM term policies are all Term80. Cheap for the first few years,but premiums go up after about 7 years (based on their guaranteed, sooner and faster on their MAX).

Benefits appear to be medical free conversions, longer than 30-year term, cheaper premium for the first few years (vs Term 30), disability waiver (converts to whole with premiums paid) and I dont see any other benefit. Missing something?

Based on actuarial figures (don't know where to find them), what are the stats on anyone who actually takes advantage of these benefits? I dont want to buy them if, statistically, they arent even used.

PERSONAL

We plan on having maybe one more kid in the next year.

MAIN GOALS:
1. family having decent amount of funds should one parent die while kid(s) are still dependent
2. some future savings towards college or retirement.

PROFESSIONAL

I am licensed, but havent decided on if/who to work for. I am in the Real Estate field but looking for a career with long term benefits, retirement but also ability to actually help people and families.


Thank you

Michael

 

[Newby]

I have my license here in CA and am interviewing for a position with Northwestern. A few questions:

1. My family has term (term 80) policies for my wife ($300k) and myself (2 policies, $300k each - one straight term with Pru), and a small whole ($50k) for our 2.5 year old. NWM is proposing a small increase in our sons whole (additional $25k), modest increase in my wife's term ($500k) and a larger increase in my own term ($1.2m which will also replace my Pru) as well as a new small $100k whole policy. I am 36, wife is 30. NWM term policies are all Term80. Cheap for the first few years,but premiums go up after about 7 years (based on their guaranteed, sooner and faster on their MAX).

Benefits appear to be medical free conversions, longer than 30-year term, cheaper premium for the first few years (vs Term 30), disability waiver (converts to whole with premiums paid) and I dont see any other benefit. Missing something?

Based on actuarial figures (don't know where to find them), what are the stats on anyone who actually takes advantage of these benefits? I dont want to buy them if, statistically, they arent even used.

PERSONAL

We plan on having maybe one more kid in the next year.

MAIN GOALS:
1. family having decent amount of funds should one parent die while kid(s) are still dependent
2. some future savings towards college or retirement.

PROFESSIONAL

I am licensed, but havent decided on if/who to work for. I am in the Real Estate field but looking for a career with long term benefits, retirement but also ability to actually help people and families.


Thank you

Michael

What is their explaination that a 7-year rate guarantee is better than a 20-year?

 

[WinoBlues]

What is their explaination that a 7-year rate guarantee is better than a 20-year?

Also he is saying Whole Life. However, "Cheap for the first few years,but premiums go up after about 7 years (based on their guaranteed, sooner and faster on their MAX)" Sounds more like Accumulator UL or non guaranteed Term

 

[celloshred]

Also he is saying Whole Life. However, "Cheap for the first few years,but premiums go up after about 7 years (based on their guaranteed, sooner and faster on their MAX)" Sounds more like Accumulator UL or non guaranteed Term

It's a "Term 80", in force until aged 80. Although I dont see why I need term until that age unless it was really cheap, to leave an estate. NWM shows a 'non-guaranteed scheduled contract premium" as well as a "guaranteed max'. Cheaper than a straight term for the first few years (about 10 years, non-guaranteed premiums) but their MAX gets expensive around year 6. They claim that they have never had to go to their guaranteed returns.

Why would they suggest it over a straight term?

1. can convert to whole life up to age 65 without new medical
2. pays some dividends (although on my existing $300k, I see like $3/m)
3. being that its cheaper for the first few years, they say in this time period i would start to convert some to whole-life. but really, how much of a $1.2m (or more) policy would I convert to whole life anyways, being ill be in my early 40's.

Cant remember the rest of their selling points, but the more I research, other than converting I don't see what the benefits would be.

Does anyone ever convert or get a whole life in their 60s?

Whats the general sentiment of NWM, why are they bad? I went to one of their quarterly meetings and they were talking about compensation and all these bonus tiers and retirement stuff. Pretty impressive, but you have to think where the money comes from....

 

[onefastpony]

NWM targets the upper income brackets. The market Term 80 to middle class market and have them convert to very expensive WL if the client chooses to. They do sell UL products but the last time a NWM scalper sat with me the brochure she gave me showed that NWM doesn't even sell UL for AP less than 25K.
NWM is a great company but there is so much more out there and you will be missing a HUGE market by going with them.

Just my 2cents

 

[WinoBlues]

It's a "Term 80", in force until aged 80. Although I dont see why I need term until that age unless it was really cheap, to leave an estate. NWM shows a 'non-guaranteed scheduled contract premium" as well as a "guaranteed max'. Cheaper than a straight term for the first few years (about 10 years, non-guaranteed premiums) but their MAX gets expensive around year 6. They claim that they have never had to go to their guaranteed returns.

Why would they suggest it over a straight term?

1. can convert to whole life up to age 65 without new medical
2. pays some dividends (although on my existing $300k, I see like $3/m)
3. being that its cheaper for the first few years, they say in this time period i would start to convert some to whole-life. but really, how much of a $1.2m (or more) policy would I convert to whole life anyways, being ill be in my early 40's.

Cant remember the rest of their selling points, but the more I research, other than converting I don't see what the benefits would be.

Does anyone ever convert or get a whole life in their 60s?

Whats the general sentiment of NWM, why are they bad? I went to one of their quarterly meetings and they were talking about compensation and all these bonus tiers and retirement stuff. Pretty impressive, but you have to think where the money comes from....

I have will reply to your email this morning.

Lee