Million-dollar whole life!

[bill3173]

That sounds kind of gross.

Papillon..I saw that movie a few years ago. It was an old one, but anyway, he hid his money and it was pretty gross.

 

[DHK]

Dude - it isnt rocket science on WL. Now - UL is a different animal. But - I'm all for Buy Term & Invest The Difference. But - the client has to do both parts of the equation.

If they " Invest The Difference " for 30 years - they won't have a need for permanent insurance . . .

You should be a spokesperson for Primerica. They are also in the "kiddie pool" of financial services.

The "why" seems obvious. They need protection for the mortgage, child and surviving Spouse . . .

Never assume anything.

Term isn't a waste of money - it's accessing large amount of Death Benefit and Living Benefits at an affordable price. WL is a waste - due to most of them lapsing before they can cash out or get RPU. Just my opinion of course.

Your opinion is uninformed (as is most people's). And what you don't understand, you attack as "a waste of money".

At the very least, the WL lasts as long as the insured does - assuming all premiums are paid. That includes guaranteeing the living benefits on the WL policy... whereas the living benefits on term expire when the term does... and obtaining more or new coverage is not necessarily guaranteed.

 

[DHK]

If you want to learn a little more about life insurance, download the PDF in this thread. I didn't write it, but it's very good.

https://insurance-forums.com/community/threads/life-insurance-the-whole-story-final.61970/

 

[myinsurebiz]

You should be a spokesperson for Primerica. They are also in the "kiddie pool" of financial services.

You do realize that Primerica has sold more Term over the years than #2 thru #10 companies combined right?

 

[myinsurebiz]

. . . not that I'm with them - just making note

 

[myinsurebiz]

At the very least, the WL lasts as long as the insured does - assuming all premiums are paid. That includes guaranteeing the living benefits on the WL policy... whereas the living benefits on term expire when the term does... and obtaining more or new coverage is not necessarily guaranteed.

If they invest properly for those 30 years - it won't matter . . . If they don't invest - then they probably woulda lapsed a WL policy anyway.

 

[DHK]

If they invest properly for those 30 years - it won't matter . . . If they don't invest - then they probably woulda lapsed a WL policy anyway.

And tell me how well that would've worked if you were on target to retire the year 2000, 2001, 2002... or 2008. Actually, don't tell me. I already know.

You really need to study political economic policy, demographics, and other economic indicators to really realize that "past performance does not guarantee future results".

Whole life (and IUL) are non-correlated assets... but I don't expect you to understand what that means.

 

[DHK]

You do realize that Primerica has sold more Term over the years than #2 thru #10 companies combined right?

Yes. In one of my latest blog posts just the other day, I actually CREDITED Primerica for a return to focusing on proper face amounts in giving insurance advice because of the experience of Art Williams and his father passing away with only a whole life policy.

https://davidkinderfinancial.wixsit.../06/Just-what-exactly-IS-needs-based-planning

But I also REPLACE a lot of Primerica OVER-PRICED (and often misrepresented) term with equivalent or greater blended coverage that is more appropriate for my client's long-term goals.

 

[WinoBlues]

You are the LAST person to give advice on large WL policies. Term is the waste of money... but is better than nothing.
.

Dang it! Got me. I saw your reply and thought it was to Todd. Then I clicked on the Ignored Content

 

[myinsurebiz]

And tell me how well that would've worked if you were on target to retire the year 2000, 2001, 2002... or 2008. Actually, don't tell me. I already know.

You really need to study political economic policy, demographics, and other economic indicators to really realize that "past performance does not guarantee future results".

Whole life (and IUL) are non-correlated assets... but I don't expect you to understand what that means.

Ha! I just want to help someone have the cash to pay their mortgage, car payments, boat payments, child education, etc in case they die or develop a chronic, critical or terminal illness within 20 - 30 years.

I get what you are saying though. I'm a long way from being a Financial Planner. Heck - doubt that I ever will be one . . . I just want to market Simple Issue, Non-Med Term and Whole Life products to those that need it and want it . . .

I've had more success in the last 6 weeks moving Term than I have in a long time. Easier and just as profitable for me as Final Expense.

I realize that WL, UL, etc have their place in the market. Just not my focus.

If peeps will Buy Term & Invest The Rest - they'll have plenty of money in 20 or 30 years.

But, I always appreciate your insight D . . .