Spwl

[pcbinsurance]

Has anyone out there had any experience working with Legacy Insurance Services? They are the exclusive (I think) marketer of the Legacy Estate Maximizer (SPWL).

I emailed them for more information but it seems as if they are an IMO.

There are limited really good SPWL companies out there and this particular product is underwritten by Assurity---but I don't think Assurity offers this directly.

Can someone confirm that I would have to contract with Legacy Ins. Svs in order to offer this product or can this be offered by contracting with another IMO/FMO???

 

[GreenSky]

While I've heard that their underwriting is on the easy side, their values suck. You might want to have them on an as needed basis, but you'd be better off with AmAm and others.

Unless you place commission ahead of what's best for your client.

Rick

 

[pcbinsurance]

Highest commission does not matter at all. I simply want to offer the best SPWL out there with the best company available. I liked alot of what I saw in the slide presentation (for Legacy Estate Maximizer) and I will (of course) compare the features I see there with a few other SPWLs out there. I know Baltimore Life has one too.

I'm just in the early stages of determining which SPWL policy(ies) I will offer once I go indy this Spring.

Thanks guys for weighing in.....any other opinions out there, I would be happy to hear them.

 

[Todd King]

Just to clarify what Mark has said: Assurity has the Legacy Maximizer, but the direct contract doesn't pay that well. If you get the exclusive contract with Legacy Insurance Services, it does pay higher.

American Amicable's product is a bit better for the client though and the commissions are right at the same as going through Legacy Insurance Services.

It wouldn't hurt to have access to both products. I have them if you need a contract, as well as Mark does (I'm pretty sure).

 

[BNTRS]

Lafayette Life's Liberty SWPL you can choose between maxing db or maxing cash and it's an NDR contract to boot.

 

[pcbinsurance]

Just to clarify what Mark has said: Assurity has the Legacy Maximizer, but the direct contract doesn't pay that well. If you get the exclusive contract with Legacy Insurance Services, it does pay higher.

American Amicable's product is a bit better for the client though and the commissions are right at the same as going through Legacy Insurance Services.

It wouldn't hurt to have access to both products. I have them if you need a contract, as well as Mark does (I'm pretty sure).
**********************************************
I thought the SPWL that Assurity offers is the LifeScape. At first glance, that does not seem to be the same product as the Estate Maximizer that Legacy Ins Svs markets.
Anyway, I will offer more than one SPWL so thanks for the other suggestions.

 

[Golfnut2112]

Look at Assurity's regular participating single premium whole life it is a lot better than the legacy. Also Lafayette has a nice one along with a equity index on with Equi-trust that comes with a guaranteed return of premium

 

[0b1kanobee]

I'm a little rusty on life insurance with the exception of term and GUL for the most part but can somebody help me with this:

A fellow agent friend of mine just took $70,000 and put it into some kinda Genworth GUL product and his client gets a $450,000 face amount of insurance. (65 y.o. I believe)

Anyway if he had done the same with SPWL, his client wouldn't of had anywhere near that face amount of insurance.

Now if this is true because I'm only going by what he says however I have confirmed this with a SPWL FMO that it is entirely possible, what would be the pros and cons of either way in this case? How do you know what route to go?

 

[Norwayguy]

I'm a little rusty on life insurance with the exception of term and GUL for the most part but can somebody help me with this:

A fellow agent friend of mine just took $70,000 and put it into some kinda Genworth GUL product and his client gets a $450,000 face amount of insurance. (65 y.o. I believe)

Anyway if he had done the same with SPWL, his client wouldn't of had anywhere near that face amount of insurance.

Now if this is true because I'm only going by what he says however I have confirmed this with a SPWL FMO that it is entirely possible, what would be the pros and cons of either way in this case? How do you know what route to go?

GUL will be fine if you solely looking for death benefit, but with spwl you also have the benefit of cash values if the client wants it or changes thier mind or situation changes.

 

[Mark]

I hate to see American Amicable SPWL go away. I loved their product.