Foresters Smart UL -- what Are Your Thoughts?

May 31, 2016

  1. jboussea
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    jboussea Guru

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    What do you seasoned guys think about Foresters SMart UL ... I see people recommending a lot of UL products in this forum .. and being a new independent producer.. I was taught that Foresters is one of the best out there .. if not the best..

    WHy and why not....

    A;so . what about FG life elite. . where does that rank?
     
    jboussea, May 31, 2016
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  2. Tahoe Ray
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    Tahoe Ray Guru

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    I don't think that smart UL is an indexed product, although I don't really know since Foresters (and F&G) are largely irrelevant in this space.

    If you want some quality carriers, look at North American, Allianz, Lincoln, AXA, John Hancock, and Penn Mutual. I'm sure that there are others that could be mentioned but these would be a great start.
     
  3. glgamerica
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    glgamerica Super Genius

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    Years ago, when I started selling insurance, I worked at a company that sold the new trending variable life products. When I was there, there was an older guy working where I did that was a big whole life guy because of the guarantees. He didn't really approve of us selling the new fangled variable appreciable life policies which the company was pushing us to sell.

    Why? Because those policies lacked the guarantees of whole life.

    Fast forward a few years. Many of those variable policies blew up. My own mom's policy had her premium tripled when she was 65 and she couldn't keep it. She paid every premium on time.

    Now, I'm the old guy that will only sell whole life or term life.

    I don't know any thing about indexed universal life and I don't want to know. I've never looked. For all I know, indexed universal life is better than sliced bread. But it's got one word in it that I don't like and that's "universal."

    That's the only word I need to see that tells me it lacks the guarantees I want my clients to have.

    Here's an article I just read this weekend regarding universal life.

    http://www.lifehealthpro.com/2016/05/15/transamerica-sued-by-policyholders-over-rate-hikes

    If there's one thing that insurance companies understand it's risk. That company I originally worked for that was built on whole life doesn't even offer whole life anymore. Instead, they've designed policies that transfer that risk to the policyholder.

    I ask myself one question about risk. If the insurance company won't take the risk, why should the policyholder who knows nothing about risk assume that responsibility.

    Now I'm sure these products have some guarantees but insurance companies aren't stupid. A vast majority of your clients will not understand what you are selling them or bother actively reviewing it year to year to make sure it's performing and as a result, will do something that lets the insurance company off the hook somehow.

    They know that.

    As a new producer, I'd sell only what you understand and only what you know WILL deliver what you promised - guaranteed.

    That's just my advice.
     
  4. pfg1
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    pfg1 Guru

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    Most companies try and tout they are the best, whether they are or not.
    And F&G is a B rated company.

    I personally don't know those products, but as was mentioned earlier...neither are major players in the game.
     
    pfg1, May 31, 2016
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