Question on Whole Life/Roth IRA Combo Product

[bigpremium]

Hey everyone,

I've been selling a combo whole/life Roth IRA product for a while now and just wondering if you guys know of any other carriers that have a similar combo product?

Thanks

-S

 

[Full Throttle]

Is this similiar to a Roth IRA that carries a small mortality fee or includes a free physical? If not, explain.

 

[WinoBlues]

Hey everyone,

I've been selling a combo whole/life Roth IRA product for a while now and just wondering if you guys know of any other carriers that have a similar combo product?

Thanks

-S

No, who do you use?

 

[scagnt83]

so how does the product work??

 

[WinoBlues]

I could be wrong, But am guessing we are in for some Spam and Eggs for breakfast.

 

[scagnt83]

Oh most definitely considering that you cant put LI in an IRA...

And im not aware of any new tax codes pertaining to ROTHs that would change this

 

[bigpremium]

[FONT=&quot]Sorry guys. I had to run out. The product is a modified Whole Life policy with an Annuity Rider that can be registered as a Roth IRA starting in the second year.

Do you know any other carriers that offer this?
[/FONT]

 

[crons79]

So, how long have you been selling your soul... I mean this product.

Its a bait and switch. I hate to break it to you but you are not selling Roth IRA's. You are selling Whole life policies and annuities, but making it look like you are selling Roth IRA's.

I wish there was an honest way to make a buck with these programs. Those postal employees really do need the financial guidance, but instead people are stealing thier retirements. Granted most postal employees had no clue as to what is going on with thier benefits and some aren't doing anything at all in regards to retirement, but I still don't thinks it cool and i am surprised these place haven't had a class action lawsuit brought against them.

 

[BNTRS]

A 7702 plan?

 

[bigpremium]

So, how long have you been selling your soul... I mean this product.

Its a bait and switch. I hate to break it to you but you are not selling Roth IRA's. You are selling Whole life policies and annuities, but making it look like you are selling Roth IRA's.

I wish there was an honest way to make a buck with these programs. Those postal employees really do need the financial guidance, but instead people are stealing thier retirements. Granted most postal employees had no clue as to what is going on with thier benefits and some aren't doing anything at all in regards to retirement, but I still don't thinks it cool and i am surprised these place haven't had a class action lawsuit brought against them.

Wow, I really am not sure what you are telling me? I haven't been selling for this company for too long, but long enough to know a lot about the product.

Can you explain to me exactly how we are "baiting and switching?" I definitely don't want to be doing anything unethical and am not experienced enough in this new market to see how this product could be unethical.

Please explain further so I can understand.

Thanks!