Time to renew "Buy Term & Invest The Difference" ?

[myinsurebiz]

I had an agent schedule an appt to chat with us and she was from Primerica. She said she was out of the California office where most of the production comes from.

She'd written, I can't remember exactly, but it was a decent amount like $60k in 6 months. But she wanted access to a real system with leads and stuff because she had run out of her warm market to sell to.

I started to explain FE and started to cover the WL aspect up front and told her I understood she was coming from Primerica and I know how they teach her.

She went on to lecture me that she doesn't believe in Whole Life, not because of her Primerica indoctrination, but because of what had happened personally to her.

She had had like 8 people die in her family in the last year. All the folks who had whole life policies had taken out loans and didn't have enough money to bury them.

If they had only had Term then this wouldn't have happened.

I thanked her for her time and hung up. Convinced against their will and all that.

She has a point . . .

 

[myinsurebiz]

I had an agent schedule an appt to chat with us and she was from Primerica. She said she was out of the California office where most of the production comes from.

She'd written, I can't remember exactly, but it was a decent amount like $60k in 6 months. But she wanted access to a real system with leads and stuff because she had run out of her warm market to sell to.

I started to explain FE and started to cover the WL aspect up front and told her I understood she was coming from Primerica and I know how they teach her.

She went on to lecture me that she doesn't believe in Whole Life, not because of her Primerica indoctrination, but because of what had happened personally to her.

She had had like 8 people die in her family in the last year. All the folks who had whole life policies had taken out loans and didn't have enough money to bury them.

If they had only had Term then this wouldn't have happened.

I thanked her for her time and hung up. Convinced against their will and all that.

Send her my way Josh.

 

[DHK]

She went on to lecture me that she doesn't believe in Whole Life, not because of her Primerica indoctrination, but because of what had happened personally to her.

She had had like 8 people die in her family in the last year. All the folks who had whole life policies had taken out loans and didn't have enough money to bury them.

If they had only had Term then this wouldn't have happened.

I thanked her for her time and hung up. Convinced against their will and all that.

Not a product issue, but a behavioral finance issue.

 

[myinsurebiz]

@DHK

How accurate is the webpage concerning "referral fees"? Specifically - the ongoing kind?

Do you know where I can find a list of the specific States that require the additional registration.

Referral Business for Financial Advisors

 

[KRobby]

Does anyone happen to know the % breakdown within the ordinary life premium?
Ordinary Life Premium written for 2018 was 142,275,947,000, I wonder what percent was term etc. .
Edit..nevermind I suppose that's whole duh (I never call it ordinary). I wonder why they don't show term.

 

[DHK]

Ask the people you want to network with.

 

[toolbelt]

Does anyone happen to know the % breakdown within the ordinary life premium?
Ordinary Life Premium written for 2018 was 142,275,947,000, I wonder what percent was term etc. .
Edit..nevermind I suppose that's whole duh (I never call it ordinary). I wonder why they don't show term.

Its probably because its a rapidly moving number. 100 sign up while 80 cancel, and the 20 who keep it pay to attend conventions.

 

[jerryrut]

Might be cool to have a product where 60% goes toward insurance and 40% goes toward a vanguard fund automatically.

But then you'd some extra licenses to sell it.

Obviously the problem with BTID is that people don't invest the difference. If it was just part of the monthly payment, maybe it could work.

They also lose their "savings/investment" when they die with permanent life; you're better off spending the excessive premiums or putting into a cookie jar than putting into that crap.

 

[myinsurebiz]

Would a ROTH IRA be a basic investment vehicle for lower / middle income peeps to use as part of the "Buy Term & Invest The Difference" concept?

 

[jerryrut]

I had an agent schedule an appt to chat with us and she was from Primerica. She said she was out of the California office where most of the production comes from.

She'd written, I can't remember exactly, but it was a decent amount like $60k in 6 months. But she wanted access to a real system with leads and stuff because she had run out of her warm market to sell to.

I started to explain FE and started to cover the WL aspect up front and told her I understood she was coming from Primerica and I know how they teach her.

She went on to lecture me that she doesn't believe in Whole Life, not because of her Primerica indoctrination, but because of what had happened personally to her.

She had had like 8 people die in her family in the last year. All the folks who had whole life policies had taken out loans and didn't have enough money to bury them.

If they had only had Term then this wouldn't have happened.

I thanked her for her time and hung up. Convinced against their will and all that.

I don't believe any life insurance other than term except for FE purposes; anything else is a rip-off