New Agent Needing Help for a Friend

[springbokhouston]

Hi Guys,

Just starting in FE in Texas and want to add WL and UL policies to my portfolio down the line, but concentrating on FE for the time being. I have just received a call from my best friend in CA asking if I could help him with a starter policy. He wants to pay a maximum of $75 per month. He's 38 years old with a wife, one little girl and another on the way. He's looking for something WL or UL.

Whatever help you can give would be appreciated.

 

[WinoBlues]

Hi Guys,

Just starting in FE in Texas and want to add WL and UL policies to my portfolio down the line, but concentrating on FE for the time being. I have just received a call from my best friend in CA asking if I could help him with a starter policy. He wants to pay a maximum of $75 per month. He's 38 years old with a wife, one little girl and another on the way. He's looking for something WL or UL.

Whatever help you can give would be appreciated.

There are going to be a big difference between a good Par Whole Life and GUL. Then you have blended plans. If your FE upline is FE only or mostly find a separate Life Insurance upline for the odd non FE deal. There is going to be a difference in not only products and underwriting but in case management as well.

I seem to remember you were going to talk to SPUR CITY. If he is your upline he has the background to help you on this.

Lee

 

[DHK]

I'd start here:
https://www.insurance.ca.gov/0200-industry/0020-apply-license/0200-indiv-non-resident/index.cfm

 

[Jerard]

Hi Guys,

Just starting in FE in Texas and want to add WL and UL policies to my portfolio down the line, but concentrating on FE for the time being. I have just received a call from my best friend in CA asking if I could help him with a starter policy. He wants to pay a maximum of $75 per month. He's 38 years old with a wife, one little girl and another on the way. He's looking for something WL or UL.

Whatever help you can give would be appreciated.

Well...if it was me, based on the companies that I have, I would do a combo plan because of the wife and kids. Of course there are alot of variables you didn't mention, such as does his wife work and does she bring enough in to sustain their current lifestyle, does he have a mortgage, any plans for college for the kid, do they have any other sources of income, etc. You not only have to plan for their future but also plan for early unexpected death of the breadwinner.

One thing you could do is a needs analysis using this site. They even have phone apps for use in the field.

But anyway....based upon what you provided I'd do this:

30K WL paid up at 65 with RNA (for final expense) = 50.18
250,000 20 year Term with TA (for income protection = 22.79

Total is 72.97 if using Preferred status for the term.

I would not sell them a UL unless YOU know how that plan works and what the possible dangers are.

----------

I'd start here:
https://www.insurance.ca.gov/0200-industry/0020-apply-license/0200-indiv-non-resident/index.cfm

Good lord.......and I thought FL fees were high. Are non res fees normally higher than res fees?

 

[DHK]

Yes, CA fees are high, but they are also for 2 years of licensing, not just one.

 

[springbokhouston]

Yup Spur is my upline, I'm going to see him today, didn't realize that he worked or understood this market. We will definitely have a chat. Reading the forums I clearly see how complex this side of the business is. I personally have a $500 UL that I purchase a number of years ago.

I like the combo suggestion very much. His wife doesn't work per se, she sells oils etc over the Internet. I'm sure that he's going to need a college plan for his kids but we can cross that bridge next.

Thanks lads!

 

[Jerard]

Yes, CA fees are high, but they are also for 2 years of licensing, not just one.

Ahhh......that explains it.

 

[WinoBlues]

Yup Spur is my upline, I'm going to see him today, didn't realize that he worked or understood this market. We will definitely have a chat. Reading the forums I clearly see how complex this side of the business is. I personally have a $500 UL that I purchase a number of years ago.

I like the combo suggestion very much. His wife doesn't work per se, she sells oils etc over the Internet. I'm sure that he's going to need a college plan for his kids but we can cross that bridge next.

Thanks lads!

Get your last couple of annual reports together and order an inforce and have Matt check that out. Soon

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Well...if it was me, based on the companies that I have, I would do a combo plan because of the wife and kids. Of course there are alot of variables you didn't mention, such as does his wife work and does she bring enough in to sustain their current lifestyle, does he have a mortgage, any plans for college for the kid, do they have any other sources of income, etc. You not only have to plan for their future but also plan for early unexpected death of the breadwinner.

One thing you could do is a needs analysis using this site. They even have phone apps for use in the field.

But anyway....based upon what you provided I'd do this:

30K WL paid up at 65 with RNA (for final expense) = 50.18
250,000 20 year Term with TA (for income protection = 22.79

Total is 72.97 if using Preferred status for the term.

I would not sell them a UL unless YOU know how that plan works and what the possible dangers are.

----------



Good lord.......and I thought FL fees were high. Are non res fees normally higher than res fees?

Pretty good plan based on the limited info. I would add a child rider for +-$10 as well.

----------

Yup Spur is my upline, I'm going to see him today, didn't realize that he worked or understood this market. We will definitely have a chat. Reading the forums I clearly see how complex this side of the business is. I personally have a $500 UL that I purchase a number of years ago.

I like the combo suggestion very much. His wife doesn't work per se, she sells oils etc over the Internet. I'm sure that he's going to need a college plan for his kids but we can cross that bridge next.

Thanks lads!

Smart dude and has a NYL background. Also sells WL, GUL and Term.

 

[Gooner]

Get your last couple of annual reports together and order an inforce and have Matt check that out. Soon

----------

Pretty good plan based on the limited info. I would add a child rider for +-$10 as well.

----------

Smart dude and has a NYL background. Also sells WL, GUL and Term.

1. Yup, I agree
2. RNA is a good plan for a healthy 38 year old? Ehh...Ok
3. Yup, I agree

----------

Well...if it was me, based on the companies that I have, I would do a combo plan because of the wife and kids. Of course there are alot of variables you didn't mention, such as does his wife work and does she bring enough in to sustain their current lifestyle, does he have a mortgage, any plans for college for the kid, do they have any other sources of income, etc. You not only have to plan for their future but also plan for early unexpected death of the breadwinner.

One thing you could do is a needs analysis using this site. They even have phone apps for use in the field.

But anyway....based upon what you provided I'd do this:

30K WL paid up at 65 with RNA (for final expense) = 50.18
250,000 20 year Term with TA (for income protection = 22.79

Total is 72.97 if using Preferred status for the term.

I would not sell them a UL unless YOU know how that plan works and what the possible dangers are.

----------

Good lord.......and I thought FL fees were high. Are non res fees normally higher than res fees?

Just curious how you came up with this based off of his statement. Why 30k fe policy? Why 250k...what if the guy makes 100k a year...you really think 250k 20 yr term is going to do the trick?

Also, regardless of if the wife works or not...she needs coverage. Have you ever had someone lose a spouse that didn't work outside of the house? If they don't have insurance it can cause all kinds of problems.

That's the problem with soliciting blanket advice on the forum...you're going to get a bunch of crap thrown at you...most of it bad..

Next time, ask more specifics and it will weed out the trash advice. Just my $.02.

Tell the Mezkan to not eat too many veggie burgers...especially if you're riding with him.

 

[Jerard]

Just curious how you came up with this based off of his statement. Why 30k fe policy? Why 250k...what if the guy makes 100k a year...you really think 250k 20 yr term is going to do the trick?

Also, regardless of if the wife works or not...she needs coverage. Have you ever had someone lose a spouse that didn't work outside of the house? If they don't have insurance it can cause all kinds of problems.

That's the problem with soliciting blanket advice on the forum...you're going to get a bunch of crap thrown at you...most of it bad..

Next time, ask more specifics and it will weed out the trash advice. Just my $.02.

Tell the Mezkan to not eat too many veggie burgers...especially if you're riding with him.

I based it on his clients need to keep it under $75. The combo plan fits that criteria. Of course the wife and kids need coverage, too, but he didn't ask about that. Maybe the wife already has her own plan that includes the kids, who knows... Sure the OP should have provided more information. But are we to refrain from helping him based upon that omission?