what would your sales pitch be?

[WinoBlues]

He will qualify for level coverage. He currently has a $50,000 term life that expires in 8 years. It is not convertible or renewable. What's there to evaluate?

I believe I can put him in a better position by writing a new FE policy today and cancelling his existing term life coverage.

A $50,000.00 Guaranteed UL @$142 - $166. at prfd. Or $175.- $185 at Std. Premium and death benefit guaranteed for life. Death benefit can not be reduced by the company.

What you got in FE?

I also agree with you that if his want is to protect his wife he should look at the long game.

 

[Allen Trent]

It is not convertible or renewable. What's there to evaluate?

I am a bit confused. considering you started this thread by asking if you should convert his term, but now you state it isn't convertible.

BTW, his term is likely renewable until age 95 or 100, albeit it at escalating ART rates after the level term period. Very few term policies are non renewable

 

[Lloyds of Lubbock]

Whole life waiting to happen?
Ok what would it cost?

 

[WinoBlues]

I am a bit confused. considering you started this thread by asking if you should convert his term, but now you state it isn't convertible.

BTW, his term is likely renewable until age 95 or 100, albeit it at escalating ART rates after the level term period. Very few term policies are non renewable

I believe he was using the term convert as a way of saying replace, Many agents that do not understand the ins and outs of term believe the policies expire or terminate at the end of the initial level period. Also, I have run across a few term plans that expire at the end of the level or term period. Many of those also do not guarantee the premium the whole level premium period.

Some of the old GUL conversations were wild with what people believed was fact.

 

[nfl72]

"I am a bit confused. considering you started this thread by asking if you should convert his term, but now you state it isn't convertible."


I misspoke. I used convertible in the sense of replacing it. It is not a convertible or renewable policy according to his agent. Which is exactly what I wanted to hear. I am going to replace it, as quickly as possible an then I am moving on to the next one.

 

[WinoBlues]

Whole life waiting to happen?
Ok what would it cost?

$50,000.00 of Final Expense will be in the $300-$350. range
Or
$25,00.00 of FE will be in the $168 range. Unless they are comfortable with a small Fraternal then it will be about $140. range.

 

[junkman]

Term without conversion option is frequently a UL chassis made to look like term. Old people with money frequently look at return for the "greedy" sale. Yes, that percentage changes over the life of the contract. I remember telling a client to hurry up and die to get a really good return. He bought and we're still friends.

 

[WinoBlues]

Term without conversion option is frequently a UL chassis made to look like term. Old people with money frequently look at return for the "greedy" sale. Yes, that percentage changes over the life of the contract. I remember telling a client to hurry up and die to get a really good return. He bought and we're still friends.

I did not see where he indicated the client has money.
Old people Greedy sale: I disagree.
Old: HEY!

 

[LostDollar]

AND what's the return on death benefit at given ages? Most people have someone or something they care about and a return on DB can be justification to do something with the money they aren't going to spend before they die.

What are possible living benefits? Can he access part of it for LTC? Does adding a lump sum enhance his options? What happens under guaranteed assumptions?

People procrastinate and have more uninvested dollars lying around than they really should. Take those and find a good use for them. Make the process easy.

Note: your commissions will not be a motivator (for him).

What does the term "return on death benefit" mean?

 

[junkman]

What does the term "return on death benefit" mean?

Internal rate of return calculated on death benefit. Agents used to promote cash value accumulation as a viable place to accumulate wealth. Those with money still look at return and acknowledge that they hopefully won't spend it all which by definition would be dying broke. They want to leave heirs money and cash value life insurance may be a way to leverage what they won't spend and thus gives heirs more. Life ins creates estate immediately where investments require skill, good fortune and time.