Mass Mutual's The Latest To Join The T.V. GI Crowd

[billyb]

I would venture to say that a certain percentage of the FE policies sold by agents on this forum are sold to people who could qualify for something better. The reason I sell FE to most is because there are few companies that offer face amounts less than $25,000. If they are healthy and want more than $25,000 I look at other options.

A larger percentage of DM GI is sold to people who could qualify for something better.

 

[souldeux]

I know exactly how life coverages work.

 

[scagnt83]

You can say that BS all you want and it's still BS. GUL is not the same guarantee as whole life. So, maybe the guy did screwed? Maybe he didn't? It depends on what he wants. If he wanted temporary insurance then he got what he wanted.

The first agent in there should have found out what he wanted.

LOL. GUL is a PERMANENT insurance product. You can even miss premiums and make them up and it is still guaranteed. It is contractually guaranteed.

Yeah, but if one payment is missed on a GUL (GUL's dirty little secret), all the premium guarantees go out the window and will not be a part of any re-instated policy. Kind of a dicey proposition for the FE crowd, don't you think? A nice little built-in bait and switch. Pretty slick, they got both the public and the agents fooled. No wonder they don't want good agents selling it! No matter how you slice it, those products are cheaper for a reason.

p.s.- Obviously, another reason it's cheaper is because of the two year wait. I know people like to try and roll the dice and beat the house. But if that's your mentality, why pay for insurance at all? Every bit as guaranteed? Is that a joke?

Nice spin. Obviously you know enough to be dangerous... and misleading in your statements.

There is no "dirty little secret" about GUL. If you miss a payment then you must make it up to keep the same level of Guarantee. That does not mean that the policy has no guarantee anymore though. It just shortens the Guaranteed period. GUL also has CV that can sustain the policy... often just as much (or should I say as little) as FE policies do.

So what happens when you miss a FE policy payment(s)? They take it from the CV... which can cause a lapse if it happens too much. GUL is essentially the same thing. It no longer is guaranteed to age 121 if you miss a payment... it might only be guaranteed to age 120, or 118, etc.

Missed payments shorten the life of the policy, very similar to how it does with WL. Once the CV is eaten up then it lapses.

You act like GUL is this totally unrelated product to FE WL. In reality, they are structured almost identical except that the FE has a level COI and the GUL has an increasing COI that is much lower at first and higher on the back end. Other than that they both use a Level DB option and they both use CVAT testing.

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I don't know what the premium differential might be, but couldn't a GUL be funded at higher than minimum and potentially avoid the "trap?" If so, would it then lose the premium advantage over WL?

If a $25k GUL was funded at the same premium as a $25k level DB WL, then the GUL client could miss just as many, or more, premiums as the WL client without the policy lapsing. But in reality you can miss a decent amount of premiums already with a GUL. You can choose to make them up and keep the original guarantee, or you can just accept the shortened guaranteed period... as long as the client doesnt plan on living past age 100 then usually it is not a huge issue.

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Good to see you back on the forum Nick!

 

[souldeux]

Good to see you back on the forum Nick!

Missed you too, babe.

 

[PA Bill]

I would venture to say that a certain percentage of the FE policies sold by agents on this forum are sold to people who could qualify for something better. The reason I sell FE to most is because there are few companies that offer face amounts less than $25,000. If they are healthy and want more than $25,000 I look at other options.

A larger percentage of DM GI is sold to people who could qualify for something better.

Exactly! That's why we exist. Our people generally aren't healthy and can't afford more than 25k. That's why these big names only offer these bogus, "devil's in the details" FE products. They cynically stack the deck in their favor and just let it rip (bypassing the only advocate the people have, us). Confusion is their friend.

 

[scagnt83]

Exactly! That's why we exist. Our people generally aren't healthy and can't afford more than 25k. That's why these big names only offer these bogus, "devil's in the details" FE products. They cynically stack the deck in their favor and just let it rip. Confusion is their friend.

The "details" prove your argument wrong. Too bad you are misinformed and dont care about what is actually correct. Im sure that your incorrect spin sell a lot of FE policies though.

If they need/want under $20k, then FE is basically their only option. But for the same premium of some of those FE policies they could buy a GUL for $25k-$50k. When you bother learning the actual facts you can actually recommend what is best for the client without being wrong.

 

[PA Bill]

The "details" prove your argument wrong. Too bad you are misinformed and dont care about what is actually correct. Im sure that your incorrect spin sell a lot of FE policies though.

If they need/want under $20k, then FE is basically their only option. But for the same premium of some of those FE policies they could buy a GUL for $25k-$50k. When you bother learning the actual facts you can actually recommend what is best for the client without being wrong.

Yeah, Ul's are so great the UL companies started redesigning them with whole life features. But they don't quite go all the way and bury the bad news in the fine print. Gee, I wonder why. But you are obviously a wrestler trying to understand a basketball game.

 

[WinoBlues]

I would venture to say that a certain percentage of the FE policies sold by agents on this forum are sold to people who could qualify for something better. The reason I sell FE to most is because there are few companies that offer face amounts less than $25,000. If they are healthy and want more than $25,000 I look at other options.

A larger percentage of DM GI is sold to people who could qualify for something better.

I review a lot of policies. That is how I have marketed for many years. I have seen many more people in "FE" products that could have gotten better Whole life plans than I have seen people in inappropriate GULs. Being that I sell both regularly I know the difference. Recently was reviewing a UH FE policy and found the same agent wrote both her perfect health twenty-something year old kids $25,000 plans.

 

[KidsGotHeart]

No dog in this fight but I have been told the sweet spot for UL was 45-60. Is that a correct, a little bs, or a whole lot of bs?

 

[WinoBlues]

Yeah, Ul's are so great the UL companies started redesigning them with whole life features. But they don't quite go all the way and bury the bad news in the fine print. Gee, I wonder why. But you are obviously a wrestler trying to understand a basketball game.

GI ROP is not the same as standard FE same as UL is not the same as GUL.

I do agree with you as far as the FE market as I understand it. <$20,000 poor uneducated people that will not go through full underwriting.

The disconnect for me is in lumping anyone that sends in a card, answers the phone or clicks on an FE add online as FE market.

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No dog in this fight but I have been told the sweet spot for UL was 45-60. Is that a correct, a little bs, or a whole lot of bs?

That is my sweet spot if we are talking >$25,000 and standard health. By standard I am including med controlled BP and cholestrol also chubby not obese.