Globe Life

[rousemark]

Yes it does. The very difinition os whole life is level premiums. Anything else is not whole life. No matter what some sleazebag marketer at a given company tries to say or get away with.

What does whole life insurance mean

Guess I am a sleaze bag but I ain't no marketer . There is a whole life type that does not have a level premium. It is indetermintae premium whole life and has been around for years. AGLA was pushing their version of it (Master Life) just a few years ago. The initial premium was guaranteed for 5 years, After that it could go up or down but it could not exceed a maximum amount. It has a wiki page too

What is indeterminate premium life insurance

 

[profithuner]

Guess I am a sleaze bag but I ain't no marketer . There is a whole life type that does not have a level premium. It is indetermintae premium whole life and has been around for years. AGLA was pushing their version of it (Master Life) just a few years ago. The initial premium was guaranteed for 5 years, After that it could go up or down but it could not exceed a maximum amount. It has a wiki page too

What is indeterminate premium life insurance

I read the policy also but didnt see anything like that.

 

[rousemark]

I read the policy also but didnt see anything like that.

If it were "adjustable premium" or "indeterminate premium" it would state it right on the front page of the policy.

 

[MattNewbie]

"Whole life means the policy self funds at the endowment age."
To me that means it pays the face amount of the policy - there is NO MORE INSURANCE at that age. But what happens to the cash value? Does that "go away"? This has never been clear to me.

 

[jdeasy]

Guess I am a sleaze bag but I ain't no marketer . There is a whole life type that does not have a level premium. It is indetermintae premium whole life and has been around for years. AGLA was pushing their version of it (Master Life) just a few years ago. The initial premium was guaranteed for 5 years, After that it could go up or down but it could not exceed a maximum amount. It has a wiki page too

What is indeterminate premium life insurance

I wasn't talking about agents. I said marketers at the companies.

Sure some will twist the meaning of whole life in order to push their inferior product.

 

[Newby]

"Whole life means the policy self funds at the endowment age."
To me that means it pays the face amount of the policy - there is NO MORE INSURANCE at that age. But what happens to the cash value? Does that "go away"? This has never been clear to me.

The cash value eventually is the entire death benefit.

When you first start the policy it's all insurance and no cash value. $10,000 insurance and $0 cash for example.

After a few years the cash might be $1,500 and the insurance is $8,500 (death benefit is still $10,000)

A few more years and the cash build up is $5,000 and insured amount is $5,000 for a total of $10,000

Eventually the policy is $10,000 cash value and insured amount is $0

Whole-life insurance is designed to become more and more self funded each year until it is finally entirely self funded (if people actually lived to age 121.)

Increasing benefit whole-life works the same way except the death benefit actually increases throughout the life of the policy. It self funds at age 121 also just at a higher amount than the starting face amount.

 

[FEX Quotes]

Years back, their most popular debit contract was a "Mod 3" - first three years at 85% of ultimate premium...

That Mod 3 brings back some bad memories

Remember the Estate 25? Now that was a decent product.

Another oldie but goodie was the Econo Term 70 that paid back ROP plus mega dividends. I sold my father two of them circa 1985/1986. They matured about 7 years ago and my Dad told me he his only regret was not buying more. Those policies returned more than triple the premium paid on each one.

 

[rousemark]

I wasn't talking about agents. I said marketers at the companies.

Sure some will twist the meaning of whole life in order to push their inferior product.

That is the reason I wanted to make sure I wasn't confused with one... Don't mind being called a sleaze bag but don't you dare call me a marketer..

Not sure you can even call me an agent anymore.. Took an app the other day and then had to call the client back for additional information and now I am going to have to go back today to get a signature I missed.. It is getting downright embarrassing.

 

[WinoBlues]

That Mod 3 brings back some bad memories

Remember the Estate 25? Now that was a decent product.

Another oldie but goodie was the Econo Term 70 that paid back ROP plus mega dividends. I sold my father two of them circa 1985/1986. They matured about 7 years ago and my Dad told me he his only regret was not buying more. Those policies returned more than triple the premium paid on each one.

Similar to deposit term of old.

 

[dae707]

Captian94, any chance you have a copy of the Globe policy that you say increases every 5 years and then Globe takes the increase out of the cash value so the client never see the increase?