Need Client Advice

[2001mason]

I have potential clients, him 69, her 67, wanted to pay $50 a month each for SIWL. She called me back, said she talked to another insurance guy who said he can get them each 20 year term for cheaper then $50 a month?
What companies can this be? I checked with RNA and Foresters and they do not do 20yr for people older then 60. Are they getting smoke blown up their 2 whole?
What companies could I try and counter with?

 

[jdeasy]

I have potential clients, him 69, her 67, wanted to pay $50 a month each for SIWL. She called me back, said she talked to another insurance guy who said he can get them each 20 year term for cheaper then $50 a month?
What companies can this be? I checked with RNA and Foresters and they do not do 20yr for people older then 60. Are they getting smoke blown up their 2 whole?
What companies could I try and counter with?

Do they want whole life or do they want term? Many companies will sell them term just as many companies will sell them whole life.

You are not competing on a level field right now.

 

[2001mason]

Do they want whole life or do they want term? Many companies will sell them term just as many companies will sell them whole life.

You are not competing on a level field right now.

She told me she wants enough to bury her and her husband. They did not have enough to bury her mother, and she does not want her kids to have to pay for her or her husbands funeral. I told her from the get go that the prices I was quoting her were for SIWL and not term. I know she is very cost conscious, so that is playing into the decisions.

 

[rousemark]

I have potential clients, him 69, her 67, wanted to pay $50 a month each for SIWL. She called me back, said she talked to another insurance guy who said he can get them each 20 year term for cheaper then $50 a month?
What companies can this be? I checked with RNA and Foresters and they do not do 20yr for people older then 60. Are they getting smoke blown up their 2 whole?
What companies could I try and counter with?

Face amount? State? T or NT?
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She told me she wants enough to bury her and her husband. They did not have enough to bury her mother, and she does not want her kids to have to pay for her or her husbands funeral. I told her from the get go that the prices I was quoting her were for SIWL and not term. I know she is very cost conscious, so that is playing into the decisions.

Mrs. Jones, it sure would be a shame to pay premiums all those years and then when you die at age 87 1/2, your kids still have to pick up the bill out of their pocket becasue you don't have any insurance.

 

[VolAgent]

Perhaps one of these FE experts could tell you what to say, but she is about to make a very expensive mistake.

People who buy term to fill a permanent need are almost always disappointed with the results. Could they even get coverage at age 89 or 87 once they outlive that term?

 

[jdeasy]

She told me she wants enough to bury her and her husband. They did not have enough to bury her mother, and she does not want her kids to have to pay for her or her husbands funeral. I told her from the get go that the prices I was quoting her were for SIWL and not term. I know she is very cost conscious, so that is playing into the decisions.

You need to meet with them and explain the difference between term and whole life. Personally, I will not sell term for bural plans and I inform my prospects as to why I won't. I even offer to give them the number of someone that will sell them term if they still want it after I we have gone over the differences and reasons.

I have yet to have someone ask me for that number.

That's getting off topic. If you have no reservations about selling term for FE. Meet with them and show them a term policy Go to Compulife and get the best rates.

It's a huge mistake to use term for FE, but that doesn't keep some people from doing it anyway.

 

[2001mason]

Face amount? State? T or NT?
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Mrs. Jones, it sure would be a shame to pay premiums all those years and then when you die at age 87 1/2, your kids still have to pick up the bill out of their pocket becasue you don't have any insurance.

For the term, she told me it was 25k. Virginia, both Non Tobacco.
With the SIWL, she only wanted to pay whatever $50 a month buys her.
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You need to meet with them and explain the difference between term and whole life. Personally, I will not sell term for bural plans and I inform my prospects as to why I won't. I even offer to give them the number of someone that will sell them term if they still want it after I we have gone over the differences and reasons.

I have yet to have someone ask me for that number.

That's getting off topic. If you have no reservations about selling term for FE. Meet with them and show them a term policy Go to Compulife and get the best rates.

It's a huge mistake to use term for FE, but that doesn't keep some people from doing it anyway.

Thank you for the advice. I do not feel comfortable using term either. If they live past the term, they are more then likely SOL.

 

[WinoBlues]

I have potential clients, him 69, her 67, wanted to pay $50 a month each for SIWL. She called me back, said she talked to another insurance guy who said he can get them each 20 year term for cheaper then $50 a month?
What companies can this be? I checked with RNA and Foresters and they do not do 20yr for people older then 60. Are they getting smoke blown up their 2 whole?
What companies could I try and counter with?

JD just gave you the answer. As a professional show them what you recommend and why. In the end the decision is theirs. Some thing that sometimes helps me is I have them sign my work sheet showing what they pick. Then they own the decision. Making the term sale may give an opportunity to correct their mistake later also.

Also I do not think you will find a 20 year that will do all that. 15 year with Fidelity maybe.

 

[rousemark]

For the term, she told me it was 25k. Virginia, both Non Tobacco.
With the SIWL, she only wanted to pay whatever $50 a month buys her.
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Thank you for the advice. I do not feel comfortable using term either. If they live past the term, they are more then likely SOL.

That's a fact! Very few companies issue past 85 and even if they do find one, the price is going to be outrageous.. You can look for the premium to be about 1/3 to 1/4 of the face amount per year! She is really gong to be "cost conscious" at those rates.

 

[WinoBlues]

]For the term, she told me it was 25k.[/B] Virginia, both Non Tobacco.
With the SIWL, she only wanted to pay whatever $50 a month buys her.
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Thank you for the advice. I do not feel comfortable using term either. If they live past the term, they are more then likely SOL.

NO way.......................