Waiver of Premium

[pfg1]

How many of you guys use it? Just curious. I use it the majority of the time, especially on permanent cases.

I have no clue if I'm in the majority or minority, but it seems to me that in most cases its a valuable rider, and the cost usually isn't very much.

 

[lovin the job]

I use it on 100% of my apps. It's important to be clear that they must qualify for it.

 

[scagnt83]

I have sold very very very few without WOP. Most experienced agents I speak to about it do the same. Many just automatically quote it.

 

[WinoBlues]

I explain it as one of their benefits of the policy same as ABR. This is what happens if you die, this is what happens if you are disabled, this is what happens if you become terminal.

 

[pfg1]

I explain it as one of their benefits of the policy same as ABR. This is what happens if you die, this is what happens if you are disabled, this is what happens if you become terminal.

Yeah, me too.

 

[VolAgent]

How many of you guys use it? Just curious. I use it the majority of the time, especially on permanent cases.

I have no clue if I'm in the majority or minority, but it seems to me that in most cases its a valuable rider, and the cost usually isn't very much.

Depending on the company, use it on your term too. It can be extremely strong on a term policy.

 

[Justin Bilyj]

I know Mass will allow a term with wop, and if you become perm disabled you can convert to whole life and the rider will pay the whole life premium.

 

[VolAgent]

I know Mass will allow a term with wop, and if you become perm disabled you can convert to whole life and the rider will pay the whole life premium.

They are far from the only company that will do this. LFG will, Met will (at one point they had two WOP riders, one would and one wouldn't), I believe ING will, Ohio National will, and I'm sure there are plenty of others that will.

In general, the more expensive the WOP rider, the better it will be.

And just to pick on a cheap term company. Cincinnati Life does not allow any conversion if disabled. Also, I believe if you put their term on WOP, they will let it term out, but I could be remembering incorrectly on the second point.

 

[scagnt83]

This is a great thread.... I love the timing


To add to the list NYL and Penn will do the same I believe.

 

[pfg1]

I know some of the WL companies will even pay the PUA's, or a portion of them.

Curious.....how does WOP work on IUL's? I assume the cost increases, along with the premiums?