FE Agent, new to IUL

[Jakel]

I have been an agent selling mostly FE(little GUL, term) for some time. I am considering adding IUL to my lineup. I know very very little on this product. It seems like there is a lot to know to fully make sure I am giving my client the best option. Who would everyone recommend for the best carrier? What carrier has the best training on this product?
TIA

 

[Jakel]

Really? Nobody has any advice or recommendations?

 

[DHK]

@DayTimer asked a similar question two years ago or so. I wonder where that thread is...

 

[DayTimer]

Here's that thread ...

https://insurance-forums.com/community/threads/ok-so-iuls-have-gotten-my-attention.99319/

I ultimately decided that IUL's were not what I wanted to offer my clients because they do not have the guarantees that whole life has.

For fully underwritten max funded whole life, I am more than a little partial to Penn Mutual's Guaranteed Whole Life product.

From an FE perspective, learning to find the money and offer folks Single Premium Whole Life when appropriate may be a beter path toward fully underwritten high cash value products.

I'd recommend KSKJ's high cash value single premium. Royal Neighbors SPWL is also worth a look. Both are fully underwritten. KSKJ's is by far the better of the two for the client. But both are fraternals, so, there's that, you know.

I haven't used them but I know some FE agents using Oxford for single premium whole life.

Lafayette Life has a stronger SPWL than KSKJ, at least for the older ages I've checked, but I have yet to use them so I cannot speak to underwriting, ease of use, etc. But definitely looks like a company worth looking into.

As far as IUL's go, you'll have to find someone who drank the kool-aid to help you there.

 

[LostDollar]

I haven't used them but I know some FE agents using Oxford for single premium whole life.

If it is important to you, I don't believe that Oxford is a participating type policy.

 

[DayTimer]

If it is important to you, I don't believe that Oxford is a participating type policy.

It is not important when writing FE.

 

[Newby]

If it is important to you, I don't believe that Oxford is a participating type policy.

Oxford is not participating and they also do not pay dividends. They are a stock company, not a mutual.

Be careful using the word “participating” if you mean pays dividends. They are not one and the same. Many Mutual’s have participating policies that do not pay dividends. They are designed not to and just give a lower premium rate instead.

RNA for instance has a great whole life policy that is participating but it says “this policy is not expected to pay dividends” which actually means it never has and never will. Many Mutual’s and fraternals (all fraternals are Mutual’s) have policies like that.

You may have known this but many newer agents get the terms mixed up.

 

[LostDollar]

Oxford is not participating and they also do not pay dividends. They are a stock company, not a mutual.

Be careful using the word “participating” if you mean pays dividends. They are not one and the same. Many Mutual’s have participating policies that do not pay dividends. They are designed not to and just give a lower premium rate instead.

RNA for instance has a great whole life policy that is participating but it says “this policy is not expected to pay dividends” which actually means it never has and never will. Many Mutual’s and fraternals (all fraternals are Mutual’s) have policies like that.

You may have known this but many newer agents get the terms mixed up.

Thank you. I did not know that.

 

[scagnt83]

Be careful using the word “participating” if you mean pays dividends. They are not one and the same. Many Mutual’s have participating policies that do not pay dividends. They are designed not to and just give a lower premium rate instead.

Does that mean the Premium is not guaranteed since the dividends are being used to reduce the premium charged?

 

[WinoBlues]

Does that mean the Premium is not guaranteed since the dividends are being used to reduce the premium charged?

I do not believe he is talking about a Dividend option of Reduce Premium. I believe he is saying the company can charge less per thousand, similar to a non-par policy.