- 8,707
rousemark said:With a fairly large company, it might actually be enough for me to finally retire......
Old insurance agents never retire...And if the family is smart they never "die" either.
Monumental Comm Question
- Thread starter TDFnCali
- Start date
Old insurance agents never retire...And if the family is smart they never "die" either.
- 26,133
That sounds like UL.
Foresters rolled out a traditional PAR whole life a few months ago. Its not a bad product. Its not up to the status of the whole life products of the real New York Life., or Northwestern Mutual. But its fine. However, if I was buying a PAR whole life product I wouldnt want to buy a product which main selling point being the PUA of the dividend has essentially no history of paying a dividend. Where NYL and NWM have over a 100 year history of proving their going to pay dividends to your policy. But, You have to start sometime if you're the company.
NFL I was just referring to the Final Expense product of Foresters specifically (PlanRight) which does not go below 50.
Every now and then we see people who are in their high 40's with terrible health issues. Its nice to have a final expense style product ready to go. Monumental can fit that need.
- 26,133
The cash value is added to the face amount on the par whole life? That is what threw me off.
A par WL simplified issue is good. But like you like would prefer a company with a history.
A par WL simplified issue is good. But like you like would prefer a company with a history.
Last edited:
- 17,072
WinoBlues said:
Not all participating whole life policies pay dividends at all. Does Forresters? Generally the company will tell up front if their participating policy will pay dividends or not. RNA for instance. Their whole life IS participating but they disclose that it is never expected to pay dividends. Which in plain English means it will not.
Good point. You're correct, for instance, their PlanRight is technically a Participating Plan, however, they intend to never pay a dividend on the plan, and they will tell you this.
They then 6 mo. ago rolled out a participating plan that they do intend to pay a dividend on. But like I said in an earlier post, until they show a history of doing what they intend to do, I'm not going to be rushing my clients to this product. A PAR whole life product in its first year of existence is a lot different then a term product in its first year of existence.
- 26,133
I still find it hard to believe that the Cash Values are added to the face like an increasing option UL. Maybe PUAs through the dividend option, but not the cash value.
Either way, No dividend history, Fraternal, pain in the ass to deal with (my experience). They are a non starter for me.
Last edited:
- 17,072
You are correct. Cash values are NOT added to face. That is a common mistake agents make when describing dividend paying policies.
- 8,707
And the backwards of that when people are down talking permanent policies.
Right. What I mean by PUA is paid up additions. You are using the dividend to purchases extra bits of life insurance. You can also take a cash payout from the dividend.
But anways the cash value is not added to death benefit on most whole life plans that I'm aware of. The PUA rider just means the death benefit rises year after year. Their Planright (FE) is a level death benefit, even thought its technically a participating plan.
It doesnt appear to a bad product. And they want to be competitive with it. At the most recent meeting I was at they said around 73% of Foresters premium was coming from the PlanRight, and they basically said that terrifies them. They want to be more diverse, from a product standpoint and clientele standpoint. We will see how they do.
But if you want to start selling a more sophisticated product to a higher clientele, you must equal that mindset with the same type of Customer Service. Right now its pathetic.
But anways the cash value is not added to death benefit on most whole life plans that I'm aware of. The PUA rider just means the death benefit rises year after year. Their Planright (FE) is a level death benefit, even thought its technically a participating plan.
It doesnt appear to a bad product. And they want to be competitive with it. At the most recent meeting I was at they said around 73% of Foresters premium was coming from the PlanRight, and they basically said that terrifies them. They want to be more diverse, from a product standpoint and clientele standpoint. We will see how they do.
But if you want to start selling a more sophisticated product to a higher clientele, you must equal that mindset with the same type of Customer Service. Right now its pathetic.
Similar threads
