Question on Whole Life/Roth IRA Combo Product

Discussion in 'General Insurance Agent Discussions' started by bigpremium, Jun 14, 2010.

Tags:
  1. bigpremium
    Offline

    bigpremium Member

    Posts:
    5
    Likes Received:
    0
    State:
     
    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
     
  2. Full Throttle
    Offline

    Full Throttle Well-Known Member

    Posts:
    1,460
    Likes Received:
    0
    State:
    Alabama
    Is this similiar to a Roth IRA that carries a small mortality fee or includes a free physical? If not, explain.
     
  3. WinoBlues
    Offline

    WinoBlues Well-Known Member

    Posts:
    17,346
    Likes Received:
    6
    State:
     
    No, who do you use?
     
  4. scagnt83
    Offline

    scagnt83 Well-Known Member

    Posts:
    6,522
    Likes Received:
    26
    State:
    South Carolina
    so how does the product work??
     
  5. WinoBlues
    Offline

    WinoBlues Well-Known Member

    Posts:
    17,346
    Likes Received:
    6
    State:
     
    I could be wrong, But am guessing we are in for some Spam and Eggs for breakfast.
     
  6. scagnt83
    Offline

    scagnt83 Well-Known Member

    Posts:
    6,522
    Likes Received:
    26
    State:
    South Carolina
    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
     
  7. bigpremium
    Offline

    bigpremium Member

    Posts:
    5
    Likes Received:
    0
    State:
     
    [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]
     
  8. crons79
    Offline

    crons79 Well-Known Member

    Posts:
    300
    Likes Received:
    0
    State:
    Alabama
    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.
     
  9. BNTRS
    Offline

    BNTRS Well-Known Member

    Posts:
    2,658
    Likes Received:
    0
    State:
    Vermont
    A 7702 plan? :D:no:
     
  10. bigpremium
    Offline

    bigpremium Member

    Posts:
    5
    Likes Received:
    0
    State:
     
    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!
     

Share This Page