What kind of customer is Whole Life good for?

[MattHayek]

Haven't fully jumped into class yet, but just doing some research. I'm hearing Term, Term, Term, but somebody has to be good for Whole Life and I'm wondering what situations would it be that Whole Life is better than term?

 

[somarco]

Anyone who thinks they will outlive the term AND may still have a need for insurance.

There is also the issue of "can they afford it?".

 

[DHK]

Focus on your licensing exam... and then get the Confessions of a CPA book series by Bryan Bloom.

Btw, I refuse to believe that people would rather pay more taxes in retirement than buy whole life insurance.

 

[fed up]

You do what is right for the client. You present Term, UL, and WL and let them decide after you have explained the 3 concepts. Generally a combination of 2 is a good package for the clien

 

[toolbelt]

Haven't fully jumped into class yet, but just doing some research. I'm hearing Term, Term, Term, but somebody has to be good for Whole Life and I'm wondering what situations would it be that Whole Life is better than term?

Which class is that, and is it hosted by an "RVP" by any chance???

 

[scagnt83]

WL is for people who will have a need for DB after age 60. Or for people who want/need tax-advantaged savings for later in life (dividend paying WL obviously).

Many agents make a good living selling former term clients WL or GUL these days. The cheapest option really is just that. An overwhelming percentage of people who bought just term early in life are now finding in their 50s and 60s they still need coverage... and term is no longer what they need... and they wish they bought a mix 20 years ago instead of just the option that was cheapest at the time. Term is vastly more expensive over the long run vs. dividend paying WL. And still more expensive vs. GUL if DB is needed past age 60.

Anyone pushing just 1 single product either has an agenda, a bias, or a gap in their insurance knowledge. And yes, entire organizations, offices, or companies can be like this.

 

[Lloyds of Lubbock]

Whole life is not just a need sale , it is also a want sale.
I want to maximize my retirement account payouts,I want to supplement retirement earning with some tax advantaged payouts.
I want to spend down my assets and leave a legacy to family members and charities.
You need permanent insurance to do this.

 

[toolbelt]

And yes, entire organizations, offices, or companies can be like this.

And even individuals.....such as Dave Ramsey.

 

[MattHayek]

Which class is that, and is it hosted by an "RVP" by any chance???

no Excel solutions

 

[Rearden]

I did an interview with a Bank On Yourself agent that explains the concept well and why he utilizes whole life products in his presentation: