What Products to offer if someone wants to replace NY Life?

[bnice1]

I have a potential client that has a $1 million 20yr term for NY Life and is now interested in an IUL for cash accumulation. Whole life would be an option as well.

 

[Allen Trent]

I have a potential client that has a $1 million 20yr term for NY Life and is now interested in an IUL for cash accumulation. Whole life would be an option as well.

Why replace the term, is it near end of level period?

 

[PrivClientSG]

I have a potential client that has a $1 million 20yr term for NY Life and is now interested in an IUL for cash accumulation. Whole life would be an option as well.

Now interested...OK...first, he may be able to convert without any evidence of insurability. Look at that! He may have been able to convert for X number of years, or right through to the end of the term, up to a certain age, etc. While you may underwrite him today, to be prudent and professional, you must look at that. He might have a better rating on the term policy than he can get today.

Second, NY Life is an excellent company. They have a strong portfolio of products, obviously very strong in the WL arena. Unless you understand -- truly understand IUL and WL, how each works, what they can do, how to construct each, and so on -- don't just be an amatuer and compare illustrations. We know how WL performs. And we know it for well over a hundred years. Most people "think" they know how IUL performs. So far, it is short-lived, based upon hope, conjecture, hypotheticals, illustrations, and the like -- because it hasn't been around that long at all. No one can go back 25 years and see if it worked out like it was supposed to, and if it did, how it is working today.

Show me a WL illustration today -- and I can show you what it will be like 20, 30 and 40 years from today. Show me an IUL illustration, and then show me someone who can show me what it will look like 20, 30 and 40 years from today based upon history, actual performance, guarantees, and more along those lines. I am not anti-IUL. I just feel it is very poorly sold, understood, and overused, and misused. Good luck and all the best!