- 9,744
Geez, you must have read my mind!
Though my experience is not as vast as some on the forum (21 yrs.), I've found over that time that the "heavy hitters" have both.
Question for the FE Guys
- Thread starter Chicken Coop
- Start date
I would be willing to bet more than half of the agents selling final expense beleive when the insured dies they will get both the cash value and the face value.
I knew with a plan right they would not get both but when a sales rep from Foresters tells me somthing I would like to think he knew what he was talking about. He specificaly pointed out to me with the new SIWL product the cash value was paid out in addition to the face value. And yesterday when I called them on it again they stated that most of the cash value gets paid out at death in addition to the face value. So who should I listen to, some moron who is booksmart but can't close or some moron hired by Foresters to represent their product.
So tell me oh wise one when the guy with the $25,000 policy died and got a payout of $28,500 where did the extra $3,500 come from? I am thinking it was probably a function of the accumulated cash value or something. I don't realy know for sure but In all honesty I don't really care,
I am not like some of you brainiacts who are worried about being sued all the time. Oh my god my press one leads that are generated by a live person are going to put me behind bars. Oh my god some guy who can't write his name is going to sue me after he dies because the payout to his family was $287.00 short.
GET REAL
I have been in the insurance business for 4 years and I have seen things done by agents that should have put them behind bars and the state did nothing. Have a good time proving what your insurance agent said to you 15 years after the fact or after you are already dead and gone.
I knew with a plan right they would not get both but when a sales rep from Foresters tells me somthing I would like to think he knew what he was talking about. He specificaly pointed out to me with the new SIWL product the cash value was paid out in addition to the face value. And yesterday when I called them on it again they stated that most of the cash value gets paid out at death in addition to the face value. So who should I listen to, some moron who is booksmart but can't close or some moron hired by Foresters to represent their product.
So tell me oh wise one when the guy with the $25,000 policy died and got a payout of $28,500 where did the extra $3,500 come from? I am thinking it was probably a function of the accumulated cash value or something. I don't realy know for sure but In all honesty I don't really care,
I am not like some of you brainiacts who are worried about being sued all the time. Oh my god my press one leads that are generated by a live person are going to put me behind bars. Oh my god some guy who can't write his name is going to sue me after he dies because the payout to his family was $287.00 short.
GET REAL
I have been in the insurance business for 4 years and I have seen things done by agents that should have put them behind bars and the state did nothing. Have a good time proving what your insurance agent said to you 15 years after the fact or after you are already dead and gone.
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- 8,707
nfl72 said:
It came from the dividends (which are not guaranteed) purchasing paid up additions. So let's say your 10 years passes and Foresters does not declare a dividend. The policy has cash value but the death benefit would remain 25K.
- 290
I would say "Quit while you are ahead" but in your case that day will never come.
I will take that bet.. Most know how a simple WL plan works. And most know the difference between a participating plan with paid up additions, a WL and a UL.
And if the person with "book smarts" knows the correct answer why would that make them a "moron" instead of the person who should know the answer but doesn't care enough to learn?
- 17,072
nfl72 said:
1. People working for the carriers don't usually know much about their products.
2. Increasing death benefit policies are grown through policy design OR from dividends buying additional coverage. They NEVER give back one cent of cash value.
3. No, not many FE agents would ever think that.
4. If you are referring to ME as the book smart brainiac that can't close, I have only this to say, "You see this watch? This watch cost more than your house."
- 139
Chicken Coop, what did you ultimately do for your client's daughter and grand kids?
- 9,744
It could also come from accumulated dividends.
- Thread starter
- #60
Chicken Coop
Expert
- 58
The daughter is going to get a 20 year level term policy with a face amount of 100k with a child rider for 15k.
The daughter really should have a larger face amount than 100k but the income situation is very limited.
At some point in time ownership of the policy will be transferred to the daughter and she will pay the premiums.
Hopefully, I will convert the term policy to a permanent plan somewhere down the line.
Sure I could have simply wrote a small face amount WL on daughter/grandkids, but I really feel this is a better solution given the income situation and need.
Your opinion?
p.s. My total time involved in this whole situation will be less than two hours. I made a decent commission with the two WL sales on Mom/Dad, so it is not like I'm losing money with a small commission on the term sale.
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