Insurance for dummies(life insurance)?

[senior-advisor-indiana]

Oh good job guys. Scare another member off why dont you.

 

[bluemarlin08]

What do you see that NY Life offers that is so important?

 

[grint]

Grint says: "Generally, whole life is a rip off and generates lovely commissions for the agent that sold it to you."

Gee Grint...you don't make lovely commissions on term insurance? You are WAY misguided if you think term is the correct solution for everybody and everything. Try doing a wealth transfer with term.

Term is a great product to insure your income for your family. But when you try to use it for tax planning, estate planning, or any permenant need you are very misguided.

I wouldn't think you should give specific cookie-cutter advice on an internet forum without knowing many more details of his situation. Very unprofessional.

Oh thank you sir! I will surely try what said!

 

[Sir Ringo]

Buy term and invest the rest mentality. Personally, I never have agreed with this line of thinking. A Dave Ramsey grad perhaps?

I cannot verify this but I did hear a speaker at a local NAIFA meeting last year state that an agent was very successful in writing a large face amount UL policy to noneother than Dave Ramsey's wife. I would love to have been a fly on the wall when she revealed this to ol' dave.

Term is simple, you are betting you will die within the term limits while the company is gambling you won't. Sure, you can get higher face amounts issued in term a lot cheaper than WL, but as for me and my own, I'll personally take the EIUL"S over term any day.

 

[LGilmore]

Grint,

Here's a question for you. If term only insures for a specific period of time and a whole life insures for a lifetime, which is a better choice?

Answer: depends on need.

What you need to understand is both term and whole life are good types of insurance depending entirely on NEED. You should be selling insurance products based on need. IF a client needs coverage for their entire life, would term work? Again the answer is depends. Depends on how long they live.

If you last in this business you will learn that every type of insurance sold has a purpose. Your job is to match that insurance and it's purpose to a person's needs. When a term policy just won't do it, what are you going to do?

If a client needs term, sell term. If a client needs permanent, sell permanent. Shouldn't be harder than that.