Need Advise on what Company to Go with

[AboutThatLife]

I did not look up express issue plans. But how about this:

$250,000.00 for 30 years

Male age 30 @ $14mo
Female age 25 @ 12mo
annual about $295. Maybe invest the difference. or save toward a home.
Premium does not go up in year 31.

Or $500,00.00 on each @ about $638A premium does not go up in year 31.

Both with individual policies, for "contingencies".

Or maybe a term plan with guaranteed money back.

And a real Independent Life Insurance agent.

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Explain the reasoning behind that rider please.

Your prices look like preferred plus prices. I can't comment on those because I only ever searched for Standard NT. I never looked at their fully underwritten rates because we were told to do non-medical. When it comes to their market, which is express issue term, they have it. Even more so because the $621/yr was not for 30 year term, but 35 year term, which no one else offers but it beats 30 year SI term standard risk prices. Non-medical express issue up to $349K I believe, nobody else does that either.

I would love to know which company this is with the premium that doesnt go up. They MUST be reducing the face amount automatically, if not, I have alot to learn about term insurance.

Just the fact that they offer 35 year term is big. When they are on average insuring 35-45 year olds, alot of people dont think they will live that long anyway. Take that with the theory of decreasing responsibility and they KNOW they wont need it then.

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Explain the reasoning behind that rider please.

It's the increasing benefit rider. Whether you call it inflation protection or whatever, the point is that your coverage is guaranteed to double over the next 10 years. It does not keep increasing every year.

 

[WinoBlues]

Your prices look like preferred plus prices. I can't comment on those because I only ever searched for Standard NT. I never looked at their fully underwritten rates because we were told to do non-medical. When it comes to their market, which is express issue term, they have it. Even more so because the $621/yr was not for 30 year term, but 35 year term, which no one else offers but it beats 30 year SI term standard risk prices. Non-medical express issue up to $349K I believe, nobody else does that either.

I would love to know which company this is with the premium that doesnt go up. They MUST be reducing the face amount automatically, if not, I have alot to learn about term insurance.

Just the fact that they offer 35 year term is big. When they are on average insuring 35-45 year olds, alot of people dont think they will live that long anyway. Take that with the theory of decreasing responsibility and they KNOW they wont need it then.

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It's the increasing benefit rider. Whether you call it inflation protection or whatever, the point is that your coverage is guaranteed to double over the next 10 years. It does not keep increasing every year.

How long is the 35 year term guaranteed?

Primerica's preferred is harder to get than most competitive term plans.

Sagicor goes to $400,000 non med

Protective - yes they decrease.

I can issue 31,32,33,34,35,36,37,38,40,41,50,51,......

I have been in business 30+ years I know most will live well past 65.

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It's the increasing benefit rider. Whether you call it inflation protection or whatever, the point is that your coverage is guaranteed to double over the next 10 years. It does not keep increasing every year.

Why wouldn't they take double the the coverage today at the price you charge for half the coverage?

If they are saving/investing the difference wouldn't they need less insurance every year? Seems that a laddering concept would make more sense.

Or Protective 20 year with DT after since they will be self insured.

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I have been doing this for a long time. I am very good at it.

 

[agentinsouth]

How long is the 35 year term guaranteed? Primerica's preferred is harder to get than most competitive term plans. Sagicor goes to $400,000 non med Protective - yes they decrease. I can issue 31,32,33,34,35,36,37,38,40,41,50,51,...... I have been in business 30+ years I know most will live well past 65. ---------- Why wouldn't they take double the the coverage today at the price you charge for half the coverage? If they are saving/investing the difference wouldn't they need less insurance every year? Seems that a laddering concept would make more sense. Or Protective 20 year with DT after since they will be self insured. ---------- I have been doing this for a long time. I am very good at it.

I love it when people say term and invest.... I ask, "How many people actually do???" Not many! However, knowing this, & if they hold to that theory, i ask them to subtract the brokers fees and then give me the return. Then I show them a fixed IUL. Suddenly they love it and I make more $$$.

 

[AboutThatLife]

How long is the 35 year term guaranteed?

Primerica's preferred is harder to get than most competitive term plans.

Sagicor goes to $400,000 non med

Protective - yes they decrease.

I can issue 31,32,33,34,35,36,37,38,40,41,50,51,......

I have been in business 30+ years I know most will live well past 65.

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Why wouldn't they take double the the coverage today at the price you charge for half the coverage?

If they are saving/investing the difference wouldn't they need less insurance every year? Seems that a laddering concept would make more sense.

Or Protective 20 year with DT after since they will be self insured.

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I have been doing this for a long time. I am very good at it.

Great options all of them. What I'm saying is alot of people end up with terms expiring at 70-75. I can't tell you how long its guaranteed for, I know some plans have some stipulations, but I cant remember what they are. I can try to ask my friend, but most of them don't know the plans in and out. They are only trained how to appeal to emotions.

It's just a mind thing, the premium goes up every year the coverage goes up.

I dont believe in the Theory of Decreasing Responsibility, but I would use it if the customer believed in it. At the end of the day, everyone needs to feel confident that they made the right decision for themselves.

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I love it when people say term and invest.... I ask, "How many people actually do???" Not many! However, knowing this, & if they hold to that theory, i ask them to subtract the brokers fees and then give me the return. Then I show them a fixed IUL. Suddenly they love it and I make more $$$.

If you do that, I hope you have a series 6.

 

[DHK]

If you do that, I hope you have a series 6.

A series 6 has nothing to do with that conversation, unless you're actually recommending the liquidation of mutual funds to purchase a life insurance policy.

Recommending that someone no longer purchase mutual funds and instead purchase life insurance would not require a securities license.

 

[WinoBlues]

Great options all of them. What I'm saying is alot of people end up with terms expiring at 70-75. I can't tell you how long its guaranteed for, I know some plans have some stipulations, but I cant remember what they are. I can try to ask my friend, but most of them don't know the plans in and out. They are only trained how to appeal to emotions.

It's just a mind thing, the premium goes up every year the coverage goes up.

I dont believe in the Theory of Decreasing Responsibility, but I would use it if the customer believed in it. At the end of the day, everyone needs to feel confident that they made the right decision for themselves.

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Then please do not sell insurance.

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Then please do not sell insurance.

OK, I may have been a little harsh. My point is it is the agents job to know the guarantees and stipulations and not just exploit the PI's emotions.

IMohsoHO

This has been fun but I think we have beat this to death. Primerica guys probably think they are good life insurance agents. I may not agree. Neither of us is probably going to change our minds.

 

[BYSFG]

Great options all of them. What I'm saying is alot of people end up with terms expiring at 70-75. I can't tell you how long its guaranteed for, I know some plans have some stipulations, but I cant remember what they are. I can try to ask my friend, but most of them don't know the plans in and out. They are only trained how to appeal to emotions.

With Primerica, I heard they had there own perm. products? True or false? Granted this was a while ago and I never really looked into it.

Term policy expires, granted they can be renewed indefinitely until the limit age but at increase premiums, but who would want to do that. Thats the beauty of convertibility. Some carriers have incentives for clients to convert to perm, or combo plans etc. etc.

Maybe other agents here, possibly some financial planners on the board too would disagree with me but I only ever introduce/recommend term for those who:

-Are looking for coverage but can't afford anything higher than term. Youth entering the work force or those a little more aged and are still in the work force.
-Combination plans to meet their needs


@WinoBlues, your numbers from an earlier post, were they with Sagicor? Just trying to put two and two together from your posts. A company on my, to be appointed with list.

 

[AboutThatLife]

Then please do not sell insurance.

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OK, I may have been a little harsh. My point is it is the agents job to know the guarantees and stipulations and not just exploit the PI's emotions.

IMohsoHO

This has been fun but I think we have beat this to death. Primerica guys probably think they are good life insurance agents. I may not agree. Neither of us is probably going to change our minds.

Lol, I had to re-read this because I thought you were saying it in response to this:

I dont believe in the Theory of Decreasing Responsibility, but I would use it if the customer believed in it. At the end of the day, everyone needs to feel confident that they made the right decision for themselves.


But no, the only thing I can say is, they are focused strictly on selling term insurance. They get you out of class, they want to build your confidence and get you successful so teach you about one product they sell. The company probably has anywhere from 6-12 term products.

It was ALOT to look at a term contract coming out of insurance class. I went through the one for the main product. We also did training twice a week, it could be due to our trainer, or it could be the whole company, but he felt like digging through the contract was "making it too complicated".

So that's why most people didnt. They trust their trainer and they trust their team. They want to be successful like the trainer.

I was more focused on learning how I could build my business and how I would be compensated and move up in the company while I was there. So I didnt spend much time on the products. No point in learning about a product that isnt worth your time to sell. It's a good product, I just didnt like the terms I had to agree to in order to sell it.

Primerica isnt about being a life insurance agent, it's about "owning" a life insurance agency.

 

[WinoBlues]

With Primerica, I heard they had there own perm. products? True or false? Granted this was a while ago and I never really looked into it.

Term policy expires, granted they can be renewed indefinitely until the limit age but at increase premiums, but who would want to do that. Thats the beauty of convertibility. Some carriers have incentives for clients to convert to perm, or combo plans etc. etc.

Maybe other agents here, possibly some financial planners on the board too would disagree with me but I only ever introduce/recommend term for those who:

-Are looking for coverage but can't afford anything higher than term. Youth entering the work force or those a little more aged and are still in the work force.
-Combination plans to meet their needs


@WinoBlues, your numbers from an earlier post, were they with Sagicor? Just trying to put two and two together from your posts. A company on my, to be appointed with list.

Being independent, unlike Primerica, I can mix and match my recommendations. I believe it was Protective. There were lower carriers. They were fully underwritten. But again, being independent, I can offer both SI and FU. Farmers is not going to tell you USAA is better.

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........... ... ........ No point in learning about a product that isnt worth your time to sell. It's a good product, I just didnt like the terms I had to agree to in order to sell it.

Primerica isnt about being a life insurance agent, it's about "owning" a life insurance agency.

How do you know it is a good product?

That is a good paragraph. Except that Primerica owns the agency. But, seems to sum it up.

 

[DHK]

That's why he put "owning" in quotes. It's like when a restaurant uses fake crab and calls it krab instead. They know it isn't real, but they want you to think it is.