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This was a couple years back (3 to 4), but I remember seeing a list of the top 5 insurance companies by life premium and State Farm was 4th or 5th in total life premium.
State Farm Life Insurance
- Thread starter Newby
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I understand on FINRA - but when you see a statement where someone has just been taken advantage of by a FIA company, you might change your opinion! That is why I am against them. And the only reason.
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Have you seen how many people are taken advantage of by agents and brokers pushing variable annuities, variable UL, mutual funds, universal life and crap health insurance?
And you think indexed annuities are the big problem?
You beat me to it.
Financial products don't financially kill people... bad advisors / agents financially kill people.
- 15,041
Exactly what Newby and Larry said. You can hurt someone with plain ol' term insurance if you don't know what you're doing. There are tons of bad annuities out there, fixed, indexed and variable. Its up to the agent/advisor to know which ones are and avoid them.
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I just wrote a lady a whole life this week that had a trusted advisor for everything. She wouldn't even let me talk to her at first.
She had a term policy to age 80 (age 75 now) and she had NO idea what happened if she lives to age 81.
Once I showed her on her own policy she understands there is NO way she could keep it going.
Now she feels she was mislead by her trusted advisor AND Dave Ramsey and she is correct on both.
Term life insurance is a REAL bad product when used incorrectly.
- 15,041
Its crazy. Because of where I am, I get an occassional FE case. I've run into 59 year olds that want ten year term for funeral expenses. I just flat out laugh at them, unless they are on death's doorstep, they will out live it. And if they are on death's doorstep, they won't qualify for it anyway.
What people think they know about life insurance is beyond scary. People repeatedly do more harm than good. I have to agree with Rick on TGP, securities licenses has destroyed the life business. Everyone got busy peddling mutual funds, investments etc. They forgot the basics of life insurance, and people came to distrust agents because we were busy pitching products that can lose value.
Chevarian113
Expert
No. 5 years with the company. They do not have this.
30-40k is nothing. An agent must hit 60k just to travel (their big incentive for life sales).
SF classifies many things into their "life premium," including Annuity contributions (rollovers, etc).
In my opinion, UL is just a longer-term term insurance, and is junk. If you want term, buy term (or ROP). If you want coverage til you die, buy whole life. **** or get off the pot kind of thing. My agent has tried to convince me otherwise, but it's just not changing my mind about UL.
stevedav
New Member
It is deceptive, and it appears like they only deal it because they have a quota to manage so. I'd be eager to wager a very large percentage of their teaching is constructed round the P&C market and clientele service.
Chevarian113
Expert
What is deceptive about their life? If there is anything I feel State Farm is a good company for, it's life insurance.
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