Writing term on parents

[WMSG]

Hey I’m a new life agent. Wondering if anyone is successfully selling life Ins. To younger people on there parents.

Younger people meaning what? And their parents are how old? Unless there is a plan/intent to convert to some sort of guaranteed permanent product...then this is not a sound or prudent long-term strategy as a very high percentage of term policies sold never pay a death claim.

 

[toolbelt]

GUL may make more sense for an adult to buy on a standard-issue parent. Or WL. It all depends on the circumstances. No cookie-cutter response or product. Or, say a 20 year term with a RdPu option. Unless the agent is a single product agent. Like a Primerica Term, Final Expense or Pre Need agent. Then sell what you got. Or refer them to a Life agent.



How so? $20,000 will take care of the average final expense around here. Exception being some cultural requirements that can be two or three times that. How about transition money needs, Survivor income needs for things like loss of pension or SS income? Wouldn't that be a final expense? and arguably more important than funeral costs?

Not to mention covering any costs/fees associated with transferring their wealth.

 

[WinoBlues]

Not to mention covering any costs/fees associated with transferring their wealth.

Agreed, however, if there is enough wealth that there are fees Jr should not need to pay the old man's premium.

 

[toolbelt]

Agreed, however, if there is enough wealth that there are fees Jr should not need to pay the old man's premium.

That might require liquidating assets tho, and Junior wants to keep the family farm, cottage or beach villa in the family for his own kids.

 

[Joshtrades12]

The first line of my answer says WL. Buying term for a parent would make little sense. Buying a graded issue or immediate issue WL policy makes plenty of sense for burial insurance. Purchasing anything above burial insurance on a parent seems like a treasure hunt

Well of course it’s a treasure hunt lol. And I’m just saying term because it’s cheapest selling to under forty kids a policy the price of a Netflix subscription

 

[Joshtrades12]

First, tell the younger people to get off their parents...

Older parents? Young children? Babies?

Sorry but I'm old and have trouble with English at times... can you rephrase your question?

I’m really just wondering what’s the market for this. For pure gain on the point of the child. The selling point would be a small monthly fee for a substantial check upon the death of a loved one.

 

[toolbelt]

I’m really just wondering what’s the market for this. For pure gain on the point of the child. The selling point would be a small monthly fee for a substantial check upon the death of a loved one.

Yes, but only if they die prematurely.

 

[WinoBlues]

I’m really just wondering what’s the market for this. For pure gain on the point of the child. The selling point would be a small monthly fee for a substantial check upon the death of a loved one.

Odds are a bad bet if you are using standard Term.

 

[WinoBlues]

selling to under forty kids a policy the price of a Netflix subscription

Waisted efforts if you are chasing FU Term for $15mo premiums.

IMohsoHO

 

[DHK]

I'd actually focus on the chronic illness rider on parents... because the adult children have that risk.