New to the Industry. Whole Life

Discussion in 'Life Settlements Forum' started by ReignNow, Oct 24, 2012.

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  1. tlmarketing
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    tlmarketing Well-Known Member

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    So I guess the answer is No to those four questions.

    Actual - No...I don't think there is an actual requirement to do so.
    Implied - By who, the life settlement industry? You sold them life insurance to benefit their beneficiaries, not a japanese based investment fund.
    Moral - I would think not...someone profits on your death..
    Fiduciary - Not anything I have read.
     
  2. pcbinsurance
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    pcbinsurance Well-Known Member

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    If you're so against the LS concept, why even comment on it?

    Simply let your elderly clients let their policies lapse and don't think twice about it---and hope they don't find out they could have had a windfall had you only brought the subject up.
     
  3. tlmarketing
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    tlmarketing Well-Known Member

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    I'm not against life settlements...I've been involved in many cases.

    I was just asking if agents have an obligation to mention it to clients thinking of lapsing their policies.
     
    Last edited: Oct 26, 2012
  4. VolAgent
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    VolAgent Well-Known Member

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    Legally, I doubt it. But why wouldn't you? You help the client and potentially get paid again to help. After all, that is why we are insurance right? To get paid to help people.
     
  5. tlmarketing
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    tlmarketing Well-Known Member

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    It's become such a hassle that it's not worth the money in many cases....especially in current market, increased workload required of agent, potential liability, etc..
     
  6. ReignNow
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    ReignNow Member

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    I had someone in World Financial Group say they never use whole life. They are more in a financial planning role though. So maybe thats why. They use Indexed Universal Life as planners.

    But still, while who should buy whole life? Try to give a specific scenario.
     
  7. ReignNow
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    ReignNow Member

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    I agree PBI.
    From whole life basics to fiduciary duty? I will take credit for that. lol If the topic keeps changing like this I will be an expert on a couple of things :laugh:
    interesting though
     
  8. ReignNow
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    ReignNow Member

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    Give me some instances in which you used whole life? Or anyone give me a good preference for whole over term?
     
  9. tins
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    tins Well-Known Member

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    Estate planning and final expenses, just off the top of my head.
     
  10. ReignNow
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    ReignNow Member

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    Also on the question of life settlements. Couldn't you tell them to seek help from someone who does handle life settlements? Where is the liability in that? It seems, you don't have to handle that aspect of insurance if you don't want to.
     

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