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What specifically products do you consider a final expense product?
Does Anyone Sell Term Insurance Anymore?
- Thread starter Mark
- Start date
- 1,473
I think they are talking about berial policy
- 121
We sell more term and GUL then FE. However that's not by choice, that's just how it plays out. There is a definite need for FE, pays great commissions and renewals, and underwriting is pretty simple. It's important to have both in your arsenal, if you don't sell it, someone else will.
- 16,905
Final expense just means simplified issue whole life and is usually limited to $25,000 or less.
- 4,707
I don't even sell life anymore let alone term.
- 150
The problem with that is, of course, that the average American doesn't "invest the diffference", and we alll know it.
- 15,319
It's not my job to be sure someone invests the difference.
A good agent will present options and allow the client to make his own decisions.
I rarely see the need for WL since if you plan properly, you likely don't need insurance after age 65, 70, etc. I prefer term insurance but have sold and continue to sell WL, UL, term with ROP, etc.
Rick
Interesting perspective; however, why would one who is 65, 70, etc. not likely need insurance? Isn't that the whole point of WL? To keep people protected for life...80's, 90s and possbily to 100? The key is to get young people started early so they enjoy no payment after 20 years (20 paid up) or have a nice small premium throughout their lives.
- 15,319
As far as young people, if money is no object, then 20 yr. payments make sense. But money does matter. A 40 year old can get 30 year term cheap. Most people need little or no protection at age 70 unless they have a large estate.
Rick
I prefer to sell term, I only go to WL if a client specifically requests it. Everyone says, "buy term, invest the difference." I see it every day that it is "buy term, we can't AFFORD the difference." Or, "If it weren't for term, I wouldn't be able to afford the amount of protection I need."
That being said, I think seniors particularly benefit from whole life, if started say in their 40s, so that the ability to take loans against the WL in later years to subsidize them if they didn't properly invest in a retirement vehicle, they can still eat.
That being said, I think seniors particularly benefit from whole life, if started say in their 40s, so that the ability to take loans against the WL in later years to subsidize them if they didn't properly invest in a retirement vehicle, they can still eat.
