Million-dollar whole life!

[myinsurebiz]

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.

This makes my post more relevant. They did that and they were so much higher than everyone else and still sold billions . . .

 

[DHK]

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 . . .

I wouldn't tell you to stop doing what you're doing. Some insurance is always better than none. More is usually better than less.

All I do is point out where a lack of knowledge can taint the advice of those who are well-meaning. To bash something you don't fully understand... isn't good. Better to learn more about it and THEN give your ideas than to just dismiss it as "too expensive".

 

[DHK]

This makes my post more relevant. They did that and they were so much higher than everyone else and still sold billions . . .

That's because they are captive agents who sold according to their planning philosophy... so people bought from them - not because of price, but because of philosophy.

There's a lot to learn from them... without being them.

 

[myinsurebiz]

I wouldn't tell you to stop doing what you're doing. Some insurance is always better than none. More is usually better than less.

All I do is point out where a lack of knowledge can taint the advice of those who are well-meaning. To bash something you don't fully understand... isn't good. Better to learn more about it and THEN give your ideas than to just dismiss it as "too expensive".

I can agree with this . . .

 

[goillini52]

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.

That's a great movie. One of Steve McQueen's best.

 

[rousemark]

WL is going to be expensive and imo waste of money. 30year Million $ Term with Living Benefits on each, Child Rider, Waiver Rider and encourage them to "Invest The Difference" . . .

Great advice Suzi.... Of course that does not take into account the tax advantages of WL.. especially Par WL... or the fact most people end up investing the difference in new cars, boats, etc.

 

[DHK]

FoxTrot Classics by Bill Amend for Jul 20, 2010 | GoComics.com

 

[Lloyds of Lubbock]

This is not so easy to follow but the result is people buy term and SPEND the difference.
New life insurance study debunks 'buy term, invest the difference'

 

[myinsurebiz]

This is not so easy to follow but the result is people buy term and SPEND the difference.
New life insurance study debunks 'buy term, invest the difference'

I agree . . .

My job is to show them how they can Buy Term & Invest The Rest . . .

Federal Life has a nice small Annuity that peeps can start for $50 and $25 a month.

Now - if they don't - not my fault.

Key is to locking in that "insurability" for down the road. Lie the article says - the client can always convert some or all to Permanent Insurance when their needs allow it.

 

[DHK]

This is not so easy to follow but the result is people buy term and SPEND the difference.
New life insurance study debunks 'buy term, invest the difference'

Anybody can look for anything they want to confirm their bias. There's plenty of it on both sides.

Here's what I distill it all down to: discipline. The same discipline to buy and fund a WL or IUL is the SAME discipline (and ideally the same dollars) to do "BTID".

However, I do know that John Savage sold MILLIONS of dollars of WL on the concept of the "tin can" and using life insurance as a "tin can" to accumulate money that you can't access for a few years.