This product Bankers sells ??

which I was fast to tell her you don't want this---------after gazing at it for a couple minutes I concluded im not going to try to figure out this monstrosity out

She's going to digest what I told her and im following up---------------any idea what this product is ?

So you were fast to tell her she doesn't want it, yet you don't know what it is?
 
Not sure what product it was, but I would change how you respond to her. One of the worst things to do is to tell someone they are WRONG. Commend them on making sure their family is not left with a burden when she passes away. Then go over the differences in the types of Life Policies. After you do that, go over how many agents are rushed and end up misspelling names, putting wrong addresses, etc. Tell her how a policy review helps and ask her to go grab the policy and you will help her make sure everything is in good order.

Trust me, I know that you might have just typed it that way and not really said it that way, but I wanted to clarify just in case :)

Had he had done this, I bet he could have closed her on the spot. Great advice Ben.
 
I'm on Ben's side too. I often run into products that are not what they seem to be.
Best bet is a review and maybe they (client) will see the difference
 
The illustration would tell you all you need to know. Look at the age the values become 0.

it could be designed to last to 100, but from my experience the agent usually doesn't have it guaranteed that long when they design it (not sure if they do it or if their software does). If they want it for final expenses I'd argue it's a bad plan unless it's illustrated to 100.

Bad thing is many agents pitch it as whole life, because they either don't understand the difference or are misleading. Education is always my most effective tool.
 
went to pitch a lady who told me in the last month she got whole life from Bankers . When she told me her coverage and premium I told her you don't have whole life which she insisted the man said it was. Had her get the policy and it was some " flexible indexed adjustable blah blah blah blah" which I was fast to tell her you don't want this---------after gazing at it for a couple minutes I concluded im not going to try to figure out this monstrosity out and told her a guy shouldn't sell her something like this without going thru an illustration with her and then tell her its whole life which she wanted---told her the Bankers man prob even doesn't understand the product. She's going to digest what I told her and im following up---------------any idea what this product is ? Is it a GUI which i havent sold before with a scary name ?. Is it going to blow up on her down the road?
It is a Indexed Flexible Premium Adjustable Life.... A universal life that has an option to tie cash value growth to the S&P 500. Based upon the guarantees it will probably will not stay in force to 100 but the guarantees cannot happen... The policy will have to do better than that. However, if the plan is anything like Wash. Nat., it will not stay in force on the current basis unless the agent heavily over-funded it past the target premium which most agents do not do since they want paid on all the premium they take in. There is nothing "monstrosity" about it but it is not a whole life.
 
I also wrote a 70, 83,and,50 yr old "FE" policies. Other than the 83 yr old age did not not dictate the product.

* I know this is the FE forum.
Wino, how do you personally determine whether to offer GUL vs fully underwritten WL, or go to a "FE" product for senior clients?
 
I know I have a lot to learn about this business. Posts like this indicate how much I have yet to learn.

I wish I had had an agent offer me an ROP policy with a reduced paid up option when I bought my last large policy in my mid-30's when my last child was born. Maybe the product wasn't available 15 years ago. More likely, the agent (who is no longer in the business) probably didn't know any better. Had I had such a product, I'd be in a much better position than I am going to be in in about 10 years. I know this is the FE forum, but that UoO TermExpress product really has me impressed. I'm trying to figure out why I would not recommend it to a young family with children, a mortgage, etc. I would think that cold canvassing a newer neighborhood with young families, leading with an ROP product might yield decent results. Insurance fascinates me.

General rule of thumb is to evaluate cash need at time of death. Younger families loose income and still have ankle biters at home who need to be fed and possibly education to be funded or paid for not to mention a mortgage. Term is handy in these cases, and would apply to business owners as well.

Young folks are sometimes hard pressed to see need for insurance. My advice on that one is learn to sell to women. They see and understand he need much better than men who still have a lot of growing up to do.

The canvassing or what I like to call "Walk and Talk" idea is superb. The number one reason in my mind, is that it provides you a class room learn and grow in. You learn to think and speak on your feet, you learn the ever important skill of pivoting product discussion, and you can get a great farmers tan! :yes:
 
I know I have a lot to learn about this business. Posts like this indicate how much I have yet to learn.

I wish I had had an agent offer me an ROP policy with a reduced paid up option when I bought my last large policy in my mid-30's when my last child was born. Maybe the product wasn't available 15 years ago. More likely, the agent (who is no longer in the business) probably didn't know any better. Had I had such a product, I'd be in a much better position than I am going to be in in about 10 years. I know this is the FE forum, but that UoO TermExpress product really has me impressed. I'm trying to figure out why I would not recommend it to a young family with children, a mortgage, etc. I would think that cold canvassing a newer neighborhood with young families, leading with an ROP product might yield decent results. Insurance fascinates me.

This is a good post and questions. I would recommend starting a new post in the Life Insurance forum. There are guys in FE only that have done the MP market like Spur and JD I believe but the Life section is were more family market agent are. You will get more replies from agents that are or were in the family market. Good questions.
 
Wino, how do you personally determine whether to offer GUL vs fully underwritten WL, or go to a "FE" product for senior clients?

I ask them what they want.

I know that sounds cheeky but it is as simple as that. I do not really work the typical leads so it is not the same, as say, FE DM leads.
Two of the apps from last week. 68 yr old( I was off on the age) GUL and a 50 yr old FE policy.
68 yr old single female with a $200,000 term policy that terms out in 6 years. Wants to leave some money for her sister and or neice. Wanted a new term policy. I quoted her a $50,000 term but showed her that for just $20 more a month she could get a GUL that has a feature in years 20-25 that she could surrender the plan and get a check for $25,000, Includes Terminal illness and Critical Illness Riders, These were hot buttons for this independent woman. She also has the option to keep the policy if she chooses. $157mo. Non Med Eapp. For example SNL would have been $35,000 @ $160mo.

The 50 yr old is the son of the 83 year old. Just wanted $15,000, same as the mom. My go to would have been Sagicor GUL non med, $25,000 @ However, He has no US medical history, Spanish only, Did not want to do a PHI and he was leaving CA in a few day to go back to IL, He said he wanted Whole Life. Easy decision. SNL $15,000 @ $40mo

Again, These are not leads in the normal sense. The 69 yr old is a current client and the 50 yr old is the brother in law of a client where I have 4 or 5 other policies. I get referrals pretty regularly so I have to do the best job I can for them.
 
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