Looking For a Whole Life Policy
- Thread starter stevew7
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- 220
This is so untrue i don't even know where to begin. I will give you it has a lower premium but it's IRR is no where near the best carriers out there for cash value growth.
I'm pretty sure it's not the lowest premium either.
- 220
Thanks for the back up scagnt83,
I was thinking about our discussion last night and just wanted to say that like most products out there. Both WL and VUL's have their pros and cons. Like I admitted in a previous post if that VUL would perform as you illustrated nothing that I know of can touch it in value. My personal opinion based on my own math analysis is that I just don't believe that it is possible. Can it be the better product of the two? Yes, as long as companies don't start getting killed by it financially. I am just more comfortable with a little more stability is all.
I did learn a lot from our discussion though and hope we have a few more in the future as I think we both bring up good points.
It's not what you don't know that bothers me, it's what you DO know that just ain't so.
Even if you were factually accurate, it's still a one-dimensional statement. What does it cost to access the cash value? What's the loan rate? How are dividends calculated? Where are the Full Disclosure comparisons?
This is funny! When purchasing a WHOLE LIFE policy, one must take into account the purpose of the policy.
This is where I find other people do not understand these policies. First and foremost, life insurance should NOT be used as an investment tool. If you want to make money, go invest it. There are specific purposes for wanting cash accumulation in an insurance product. If you want a permanent product, to be used as life insurance, buy a GUL - or rather, depending on the age, health and state, the Aviva Advantage Builder is actually more cost effective. But, strictly looking at Whole Life, and again, it depends on specific variables (as each case should be looked at individually), it's our job to understand what our clients want and what product suits their need.
A preferred non-smoker in their early 30's to early 40's, looking for the most rate of return, etc etc etc should, absolutely, look into Union Central's Keystone Foundation product. After the UCL quote, then look at the Met Life.
Before each one of you posts, in opposition of what I recommended, you may want to do your research.
This industry is full of people who want to run their mouth and they think, because they exude confidence, and are forthright in their recommendations, they are experts. Sadly, it's people like you, who ruin this industry for the knowledgable and honest folk, who truly want to help their client.
I understand we work on commission, but that doesn't mean to sell your client one of the most expensive products, just because of the fees and penalties associated with the product. If the product is utilized properly, NONE of those items should be an issue.
AND finally, when a client talks to me about wanting money for his/her kid's future and they bring up 529 plans, I go through Index UL's with them. There are many downsides to 529 plans...you want to talk about fees and penalties???
Nevermind, what happens if the kid doesn't use the funds and there is noone to transfer it to, who will use the funds.
I'm trying to help. We all have the knowledge we've been exposed to, or have exposed ourselves to, in this industry. Before exuding confidence that your way is the right way, or the best way, you may want to investigate the options presented by other educated and knowledgable professionals. That's the only way you'll learn.
- 220
This is one of the funniest posts I've ever read based on your post earlier on this same page. Here let me remind you what that one looked like:
"So...did you find what you are looking for? I know you said face amount isn't as important as cash accumulation. Best products today, for Whole Life, are the Ameritas contracts. Union Central beats every other carrier, hands down. Most cash accumulation and lowest premiums."
Now go back and read the last paragraph of your latest post. You state that you should be well educated on the options and not think your way is the best when you previously made exactly this type of statement. Keystone and Met Life's permanent products are no where near the best out there... not even close. Maybe you should get educated before coming in here all high and mighty.
- 11,471
MGAlady...
I think Larry has probably forgotten more about life insurance than you actually know.
Quotes are meaningless. Especially if you're quoting anything besides a Standard underwriting classification.
Offers from the insurance companies are the only things that matter.
If you want to 'peddle' whole life or IUL, fine. But you're trying to be a product consultant instead of a relationship-based advisor. That's the difference between you and Larry.
Larry doesn't sell product. Larry sells solutions to people's problems.
I think Larry has probably forgotten more about life insurance than you actually know.
Quotes are meaningless. Especially if you're quoting anything besides a Standard underwriting classification.
Offers from the insurance companies are the only things that matter.
If you want to 'peddle' whole life or IUL, fine. But you're trying to be a product consultant instead of a relationship-based advisor. That's the difference between you and Larry.
Larry doesn't sell product. Larry sells solutions to people's problems.
I'm not looking to start a fight with you, but I disagree with pretty much everything you said. Or maybe it's not necessarily the content but the empirialistic way you say it.
One example... "life insurance should NOT be used as an investment" (not ver batim). I can't begin to count over the last 31 years how many times a client's cash value (whether I sold the policy or not) has saved their bacon when house equity or retirement plan funds were inaccessible.
And since my post made you laugh, maybe you could actually go back and address my questions about the policies you said were the best. How are the policy owners treated when they need to access the cash value? If your measure of a "good policy" is just cash value at 65, you aren't seeing all there is to see.
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