SPWL Products

[SmartMoney]

I know, I know...Its the Annuity Forum, but annuity agents seem to be the ones using SPWL products to give their clients the advantages of the tax free death benefit.

I'd like to find an SPWL with some of the following features if anyone knows of or is using one:

>Competitive Death Benefit Guarantee

>Competitive Cash Values Guarantee

>Accelerated Death Benfits (nursing home care, terminal illness, or even home health care)

>Two Teir underwriting (or something commensurate with relaxed underwriting)

> B++ rated company or better (A rating preferred)

>Low Minimum Face

>Good Liquidity Features/surrender values

I can find alot of the features seperately, but It would be nice to find a plan incorporating most of them.

Its an honest question and I'm curious...I appreciate any feedback

 

[padthaiforlunch]

Are you going to offer us contracts with Sagicor?

 

[SmartMoney]

Are you going to offer us contracts with Sagicor?

Are you in the right post or did I just miss something?

I dont see how me asking for help is offering anything. Besides, Sagicor does not have a good SPWL and they have alot to learn before Id work with them.

I'm interested in finding out if anyone knows of a good SPWL product they have confidence in. I have clients that NEED this.

Thanks!

 

[padthaiforlunch]

You were offering top contracts in another thread. Guess I'm suspicious of the combined offering of contract followed by request for recommendation. Sorry.

 

[SmartMoney]

Somebody here has to be using a good product.

 

[insuranceexec]

Forethought has a good SPWL. Aviva does as well, and it is almost liquid after 30 days. I do not know if Aviva is still offering their product as they have just re-vamped their product offerings. Assurity also has a good SPWL. In my opinion your question needs to be more specific. Like, Health, Age, and initial premium, if I am to be helpful to you.

 

[Newby]

Forethought has a good SPWL. Aviva does as well, and it is almost liquid after 30 days. I do not know if Aviva is still offering their product as they have just re-vamped their product offerings. Assurity also has a good SPWL. In my opinion your question needs to be more specific. Like, Health, Age, and initial premium, if I am to be helpful to you.

Everyone knows that I am a BIG cheerleader for ForeThought. But that being said, I must respectfully ask, what do you find attractive about thier single premium whole-life? It's aweful!

Last I checked it the ForeLife version had VERY small increase of death benefit above the premium paid compared to all of the other choices out there.

If you're speaking about the Encore or Select versions of ForeThought they have recently dropped the growth WAY below all of their competitors.

Unless I'm missing something, that is a BAD choice.

I would look at the products from North American (NACOLAH) , Baltimore Life, Americo, and Oxford. I'm not sure which is best. I know Americo has a 5-year guarantee that the walk-away value will be equal to the premium paid in which is nice.

 

[insuranceexec]

Forethought's underwriting is more liberal. The last case I wrote got "doinked" from 3 other carriers, and Forethought called it theirs. They do not have the best product, but they are helpful to have in the "bag".

 

[insuranceexec]

It's not just more liberal, it's guaranteed issue.

Good for the real unhealthy ones I suppose.

So you did not like my choice in Adverbs......LOL. There is no perfect company, but every company has their fit. Our job as a broker is to find that fit. I know I know I will get off my soap box.......LOL

 

[Newby]

Forethought's underwriting is more liberal. The last case I wrote got "doinked" from 3 other carriers, and Forethought called it theirs. They do not have the best product, but they are helpful to have in the "bag".

It's not just more liberal, it's guaranteed issue.

Good for the real unhealthy ones I suppose.

ForeThought's low face bump is really bad. In fact their own 10-pay annual would be a better choice for single pay IF the person is reasonably healthy.

Example: If a 60-year old female wants $30,000 coverage with a single pay policy she could use ForeThought's single pay ForeLife product and pay one lump sum of $25,179 to have $30,000 coverage. Or she can pay annual payments for 10-years of $2,139 for a total of $21,139 paid over 10-years. She saves $4,040 PLUS she gets to draw interest on most of her money for the remaining 9-years and stick that in her pocket. AND if she died during the 10-years her benny gets the full $30,000 PLUS the remaining unpaid premiums. AND if your client just doesn't want the 10-years of payments hanging out and wants the policy paid in full, you just have them do an early payoff once the policy is issued and presto-chango they have the same paid up policy and they still saved $4,040 over the standard ForeLife Single pay.

If they need guaranteed issue but are not terminally ill (happens all the time) they would be better off (in my opinion) paying $28,063 into ForeThought's Encore policy for $30,000 initial coverage but with growth added annually. If the policy grew at an average of only 2% she would have a death benefit of $36,569 at age 79 and $44,578 at age 80. ForeThought's growth has usually been higher than that BUT has recently been reduced to less so who knows. There are no guarantees on the growth amount.
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So you did not like my choice in Adverbs......LOL. There is no perfect company, but every company has their fit. Our job as a broker is to find that fit. I know I know I will get off my soap box.......LOL

I'm not dumping on you. I'm just pointing out that agents need to run their own numbers and think things through.

P.S. Oh yeah, I forgot to mention that on the ForeLife multi-pay example above, the client can also set those premiums to be auto-drafted from his Master Card and get travel miles for the whole amount for even additional savings!