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Perhaps... but in my case it seems often to be more related to a few companies and how they train (or how they don't) train their agents.
First of all - we need a Term Insurance sub-forum . . .
- Thread starter myinsurebiz
- Start date
Perhaps... but in my case it seems often to be more related to a few companies and how they train (or how they don't) train their agents.
- 15,041
Perhaps... but in my case it seems often to be more related to a few companies and how they train (or how they don't) train their agents.
Some of it is also background. "Mama said get whole life, so I want whole life."
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- #13
- 5,948
I believe there is a place for Term and Permanent. I'm focusing on prospecting for the Term. I'll do whatever the Client wants - but, going to carve out my lil niche . . .
Yep. 35 year old nonsmoke male can get 30 year Term $100k, WOP and $25k child rider for like $23 a month. Add a spouse for $20 more.
If they need $500k to cover mortgage and other necessities - could get it for about double the above and it still be affordable.
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- #14
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Man - don't forget to check one little box on a Term Eapp though . . .
I probably wouldn't have missed it had there not be 450 other boxes
#ShutsTheProcessDownWithQuickness
I probably wouldn't have missed it had there not be 450 other boxes
#ShutsTheProcessDownWithQuickness
- 29,503
Isn't that one of the positives of using an e-app, that it won't let you make a mistake?Man - don't forget to check one little box on a Term Eapp though . . .
I probably wouldn't have missed it had there not be 450 other boxes
#ShutsTheProcessDownWithQuickness
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- #16
- 5,948
Isn't that one of the positives of using an e-app, that it won't let you make a mistake?
Yea - but new business / UW won't let ya know you forgot it till a week later ;(
This is why I'll be glad to get Sagicor this week. Instant decision on Term and WL . . .
- 29,503
Must be different for Med Supps. I've only done a few e-apps, but you couldn't submit it if anything was missing.
Sounds like Sagicor's gonna fit nicely on your desk.
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- #18
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Must be different for Med Supps. I've only done a few e-apps, but you couldn't submit it if anything was missing.
Sounds like Sagicor's gonna fit nicely on your desk.
Yea man . . . Little haircut on the commissions - but after the last two weeks I've had with some others - instant decision will be nice. Instant issue and paid next day too
johntrice
Expert
You are right. Term is so different than what it was thirty years ago when A.L. Williams was pushing "buy term and invest the difference." What most don't remember was that A.L. Williams was targeting Whole Life via replacement.
Today, term has changed so much it's hard to find a fit for Whole Life unless you're selling Final Expense. I know there are some WL agents that disagree but with IULs, GULs and GIULs being so strong and term covering so many new areas (like living benefits) where's the niche outside final expense? Maybe infinite banking?
That's why agents that sell life really need to be experts in term in addition to our life plans.
Don't get me wrong, I have a whole life plan on myself but I bought it when I was 22 years old. The thought then was carry a whole life to cover medical deductibles and co-payments. My deductible back then was $250 so my WL cash value would cover that after just a few years.
Today, we've got term with living benefits that will cover more expenses than my old WL, term with return of premium and straight death benefit only, child riders, waivers for disability, AD&D riders and the list goes on.
Plus it's hard to keep up with guaranteed issue term, simplified, non-med and fully underwritten.
A term life forum is probably a great idea!
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Not a fan of adding a spouse as a rider. For several reasons, I believe it is best to have the spouse own their own stand alone term policy.
1. If base insured dies, the spousal term rider might be convertible to WL, but the person may not be ready to pay for the WL premiums. I have seen many spousal riders end, like most riders do, when the base policy ends.
2. If they get divorced, many term riders cannot be peeled off to their own term coverage without new underwriting & new older age. Unlike retirement laws that allow for QDRO to roll over your share of retirement funds to your own account, there are no laws that force insurance carriers to spin off the coverage for the spouse that is merely a rider. Furthermore, many states actually void the ability legally for a spouse to own coverage on a ex-spouse or be the beneficiary of proceeds. By contract in many cases, the base insured policy owner owns the rider. But with a standard default divorce decree, that right ends on the date of divorce.
So, for these reasons, and the fact that the primary carrier I work with has the same exact cost for a stand alone term as the cost of the rider, I just feel strongly the spousal rider has too many pitfalls in many cases & carriers that I have seen.
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