- 14,809
James that's probably the best piece of advice any agent can get. That follows the old sales standard "if you wouldn't sell it to your mother don't sell it to anyone."
ROP Term
- Thread starter realistagent
- Start date
- 10,275
"never sell what you wouldn't buy!"
Absolutely.
Absolutely.
- 2,152
- 2,152
I'm not a major health producer, I do some and think I should do more. Yet I do something I think is obvious, sell only the best! That way if its not a fit for the client I move on, yet though if I sell say a One Deductible from Assurant, I don't see how I can go wrong?
I like it! There are several things that need to be considered before labeling it a "scam".
First, I prefer the 30-year plans to the others (better rate of return). As far as being locked in...neither bad nor good, it is what it is. I too find that most people keep the insurance until term.
At the end of the term, you have more options than cashing in. Reduced paid up is one option. You have also secured your health. Conversion is another. Life Settlements are another option if you meet the criteria.
If you can't afford the (double premium amount) ROP vs. straight term, don't buy it. If you think that you can do better...do it. It is really simple.
First, I prefer the 30-year plans to the others (better rate of return). As far as being locked in...neither bad nor good, it is what it is. I too find that most people keep the insurance until term.
At the end of the term, you have more options than cashing in. Reduced paid up is one option. You have also secured your health. Conversion is another. Life Settlements are another option if you meet the criteria.
If you can't afford the (double premium amount) ROP vs. straight term, don't buy it. If you think that you can do better...do it. It is really simple.
I also like the return of premiums for some people. It really depends on the client's situation and if they can afford it. Most people expect to keep their policies for a long time to lock in the rates, that is why most of us sell term policies with at least 20 year terms even though the 10 year terms are a lot lower in premiums. I do not recommend it to everybody, especially not to people who can invest it somewhere and get a better return on their money. It's also important to stress out to them that if they are not sure that they will keep their policy till the end of their term, they better not get this additional rider.
angwagner1974
Expert
Love Rop
Love ROP for the right client. When you are interviewing a client you learn why a client needs insurance, to fill what need and for what length of time. If there is a client that may not need insurance for the entire 30, 20 or even 15 years, an agent is doing them a disservice by selling them a product that does not fit their needs. ROP, like any product, needs to be sold to the right client after a thorough interview.
We sell a good amount of it. We have middle aged clients that have just purchased mortgages and like the return on the payments. Most of them purchase a 20 year ROP and then at the end of 20 years they can use the additional return to pay towards their mortgage (if they still have one).
The only way this product is a scam is if it is not sold correctly by the agent. That is just my opinion.
Love ROP for the right client. When you are interviewing a client you learn why a client needs insurance, to fill what need and for what length of time. If there is a client that may not need insurance for the entire 30, 20 or even 15 years, an agent is doing them a disservice by selling them a product that does not fit their needs. ROP, like any product, needs to be sold to the right client after a thorough interview.
We sell a good amount of it. We have middle aged clients that have just purchased mortgages and like the return on the payments. Most of them purchase a 20 year ROP and then at the end of 20 years they can use the additional return to pay towards their mortgage (if they still have one).
The only way this product is a scam is if it is not sold correctly by the agent. That is just my opinion.
- 301
I am new to the health business... just wondering, why do you consider Assurant the best?
I am appointed by most of the hitters in SC and I get the feel that Assurant will work well for me in my market as well... but lacking the experience and product knowledge, I would love to hear the opinions from the major health producers on this board. What makes Assurant Best?
Thanks to all who share their views.
Al
- 2,152
I was referring to One Deductible as a solid contract not specifically Assurant. I don't want to spend time chasing hard to place people in health plans that may or may not be all that good. You have other companies and products that are every bit as good as Assurant, its just that I really don't think Health is a life long endeavor for me nor do I want to spend all that much time constantly going over health coverage. Once again Health is very much State by State issue, Assurant isn't the cheapest around here but its in the ballpark for the most part.
- 16,877
I don't think it is a terrible product. Many people say will buy term and invest the difference but they actually spend the difference. It's just a forced savings for people who are financially irresponsible.
And yes they have to keep it till the end of the term BUT if they don't plan to do that, wouldn't it be much cheaper for them to buy guaranteed renewable term that is NOT a level premium? Much much cheaper in the early years.
And yes they have to keep it till the end of the term BUT if they don't plan to do that, wouldn't it be much cheaper for them to buy guaranteed renewable term that is NOT a level premium? Much much cheaper in the early years.
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