Why Do So Many Agents Want to Sell Final Expense?

[dgoldenz]

I have to say, I messed up. You started out by asking how much 10K was and I guess I didn't pay attention that you came back with rates for 25K. My bad on that one.
Now, I would like to know just one more thing though. What company is it that you are quoting a 25K UL policy with? Many of them only do 50K minimum.

Genworth will issue $25k UL. Both Jackson National and Western Reserve will also issue $25k term. There's a few other carriers that will write $25k in term, but we have not used them (Cincinnati Life, Midland National, Nationwide....though the rates with NW suck).

 

[nka245]

As far as the interest lost goes, the idea is to continue paying the premium, not stop paying the premium, pay it when you feel like it, or take loans against the policy's cash value. Insurance is for death benefits, not investment purposes.

No crap but you are talking about people who can barely afford to put food on the table. Read again what I wrote about people of little financial stability. So you go in knowing that and sell them something that will screw them anyway?

 

[dgoldenz]

No crap but you are talking about people who can barely afford to put food on the table. Read again what I wrote about people of little financial stability. So you go in knowing that and sell them something that will screw them anyway?

I've never personally met someone in such dire financial circumstances that was looking for insurance. Maybe that's what you get with FE leads....we just buy regular life leads and pay a higher price for individuals over 40. Whether they're 45 or 75, the lead price is the same. While we've had people who could not afford the premiums that were quoted (or didn't want to pay them), we've never written a case where someone told us they were uncomfortable with the premium offered. If that was the case, we'd lower the benefit or the period of guarantee to suit their budget. We are always very explicit up front that the premiums need to be paid in full and on time to maintain the no-lapse guarantee and our clients have been satisfied with that requirement.

If you want to have cash value built up in what is essentially a whole life policy (FE) to give a premium loan when the premiums aren't paid, you're paying much more money into the policy to get there. If the client is looking for pure death protection regardless of cash value, the whole life/FE policy would make little sense.

 

[nka245]

I've never personally met someone in such dire financial circumstances that was looking for insurance. Maybe that's what you get with FE leads....we just buy regular life leads and pay a higher price for individuals over 40. Whether they're 45 or 75, the lead price is the same. While we've had people who could not afford the premiums that were quoted (or didn't want to pay them), we've never written a case where someone told us they were uncomfortable with the premium offered. If that was the case, we'd lower the benefit or the period of guarantee to suit their budget. We are always very explicit up front that the premiums need to be paid in full and on time to maintain the no-lapse guarantee and our clients have been satisfied with that requirement.

If you want to have cash value built up in what is essentially a whole life policy (FE) to give a premium loan when the premiums aren't paid, you're paying much more money into the policy to get there. If the client is looking for pure death protection regardless of cash value, the whole life/FE policy would make little sense.

I'd like to know who, that buys a 25k policy, isn't having financial problems outside of a funeral home sold policy...
If they weren't having financial problems I bet they would want a hella lot more than 25k. What percentage of people do you think that are financially stable buy a 25k policy? I bet more than half aren't. It's common sense.

 

[dgoldenz]

I'd like to know who, that buys a 25k policy, isn't having financial problems outside of a funeral home sold policy...
If they weren't having financial problems I bet they would want a hella lot more than 25k. What percetnage of people do you think that are financially stable buy a 25k policy? I bet more than half aren't. It's common sense.

You might not be a millionaire buying a $25k policy, but many older people are only comfortable with $500-1500/year. There's nothing wrong with that, my only issue has been when they could get more coverage for the same cost as less coverage, what's the sense in getting less coverage? Everyone has rehashed their opinions on that a few times, so as stated, we'll have to agree to disagree it seems.

 

[nka245]

yes, we will just have to agree to disagree.

 

[insuranceexec]

So what other topic can we discuss on this thread?

What did everyone have for dinner?..........LOL

 

[dgoldenz]

So what other topic can we discuss on this thread?

What did everyone have for dinner?..........LOL

A couple sushi rolls and some nigiri.....man I love sushi.

 

[insuranceexec]

A couple sushi rolls and some nigiri.....man I love sushi.

My wife is on a diet; which means that I am on it with her.............LOL Not by choice, but organic healthy food is all she buys..........

We ate baked fish and steamed asparagus. I will be having a cheeseburger for lunch tomorrow though...SHHHH.......LOL

 

[bluemarlin08]

Grilled shrimp over garlic lemon pasta,salad and french bread, also several screwdrivers.