Efficient whole life

Dec 25, 2018

  1. Dmully
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    Dmully New Member

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    I an thinking about a getting a $1mm whole life policy. Have done some research on what the most efficient structure is, but the more I read, the more confused I become. I believe blending and PUAs are the way to go. However, would love opinions and suggestions for mutual companies.

    Thank you in advance.
     
    Dmully, Dec 25, 2018
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  2. LGilmore
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    LGilmore Guru

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    Do you need a million in coverage?
    What is your split going to be between wl and term?
    What do you want it to do for you?
    How old are you? How's your health?

    You really haven't provided enough information to get an opinion back from anybody. WL makes great sense at different times in life depending on what you want it to do. Other products make more sense at different times as well, depending on what you want it to do.

    I own WL and I like it for a bunch of reasons with one of the big mutual companies. It's been a great addition to the many things I do. Wouldn't go back and do it differently.
     
    LGilmore, Dec 26, 2018
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  3. Dmully
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    Dmully New Member

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    Hi - 46 years old and in good health. Have enough saved in other assets including roth, retirement and 529. Looking for safer tax deferred growth, which hopefully I don’t need and if it works out well/as expected ends up being paid out to my kids at the end.
     
    Dmully, Dec 26, 2018
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  4. Dmully
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    Dmully New Member

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    I have done research on line about the splits and structure but wanted to see what folks with real life example of what people have done.
     
    Dmully, Dec 26, 2018
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  5. pfg1
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    pfg1 Guru

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    Max funded WL imo is an excellent product. I do that a good bit for my clients that it is a fit for. Personally I like Penn Mutual - use them quite a bit. They are a strong carrier with an excellent product and some unique features and they can be designed to do almost anything the client desires. Are you an agent?
     
    pfg1, Dec 26, 2018
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  6. Markthebroker
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    Markthebroker Guru

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    No, I don't think this person is an agent. It seems to be someone that wants to stumble through a very complicated and confusing important and expensive decision rather than use an experienced licensed expert.
     
  7. Dmully
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    Dmully New Member

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    i am not an agent, just trying to get information.
     
    Dmully, Dec 26, 2018
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  8. LGilmore
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    LGilmore Guru

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    Those were good answers. You have at least a half dozen solid mutual companies to choose from. The thing the differences are small. You will do well with any of them. The thing is find an agent to work with you over what you want to do. Some of these companies use career agents, others allow independent agents to represent their products.

    There is a good mix of both agents out there. I would suggest talking to a couple in your state directly and get a feeling for what they're saying about what you want to do. Very much possible, you can do it with several companies. Good luck.
     
    LGilmore, Dec 29, 2018
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  9. Allen Trent
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    Allen Trent Guru

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    Or a consumer that is gun shy because they have already been burned on a large life policy purchase where the agent disappeared after it was bought, leaving the client to discover they have a large policy with large committed premiums rather than a max funded case. Sadly, our industry has a pretty decent history of agents being too focused on Commissioned Needs Analysis.

    I read these consumer driven questions as people being cautious. If we on the forum dont want consumers posing questions to the forum, we should change the forum to "Insurance Agent Only Forum"
     
  10. Markthebroker
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    Markthebroker Guru

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    Ahhh.

    You know, I've had bad experiences with doctors in the past. Perhaps I'll cancel my follow up appointment with the gastric surgeon on my endoscopy and try to figure out my hiatal hernia on my own using online forums.

    Does that sound like a good idea?
     
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