Annual Renewable Term

[DHK]

Yep - I get it. I've had similar arguments with the author of the guy who says that whole life is a bad product on the lifehealthpro.com website.

It's their own business model that blinds them to their own perceptions. And they usually can't handle the cognitive dissonance.

However, sometimes it's fun to play with them... and possibly expand their thinking... but I don't count on it.

Besides, it improves my post count toward the 5,000 club.

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lol - we may be typing in English... but we are not communicating.

And you are so sold in your own point of view that you can't even see another viewpoint.

But it's been fun, I guess.

 

[Robert Barney]

Guys your arguing with a guy who gets his income selling a product that can not illustrate all forms of life insurance. If he doesn't try to strike down those other types his customers may find themselves looking for another software system to meet all their needs.

My product doesn't illustrate any form of life insurance. It quotes and compares simpler forms of life insurance that can be compared on the basis of price.

You do know what an "illustration" is, don't you?

I freely accept the fact that there are much more complex forms of life insurance that cannot be compared on price alone, and don't attempt to compare those. But such products are also more exotic and, from my point of view, not as attractive for most consumers because the vast majority are less competitively priced.

A point was made earlier here about enhanced whole life, and I asked for a comparable quote to compare versus the premium of a $500,000 no lapse UL policy which I had quoted. I was basically told to get stuffed. Translation, the enhanced whole life premium would have been substantially higher than the no lapse UL premium. On a price comparison basis it would have appeared to have been a dog, hence the unwillingness to produce premium.

Those defending that product would argue you cannot simply compare price, and to a certain degree I would agree which is why I don't include such products in price comparisons.

So please, don't blame me for an industry which complicates the products it sells, and make them more difficult to price compare with other products.

On the other hand, simpler products, that can be more easily compared by price, tend to be much better deals for the consumer.

Go figure.

And yes, if you like to peddle more exotic, expensive forms of life insurance, you probably are not a customer of mine and you probably view my product/service as a threat.

That would be a good thing. Because at the end of the day I have targeted my product to agents who are motivated to find competitive products for their customers, the consumer.

In other words, agents who don't see it your way, are the best candidates for my product and service.

After 33 years of doing this, I have no illusions that my product/service fits a relative niche in the life insurance industry, which says something about the current situation in the life insurance industry which remains comparatively unchanged for the last 33 years, although I see small signs of progress.

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Yep - I get it. I've had similar arguments with the author of the guy who says that whole life is a bad product on the lifehealthpro.com website.

Yes, I am not him. While I can't speak for him, I know of agents/advisors who are "term only" people. They don't see the need (sorry, want) for permanent life insurance in any circumstance. I clearly disagree with those folks, but they are doing more good in the market than agents who peddle nothing but whole life.

On the other hand, permanent life insurance is a product with definite benefits for higher income individuals who face difficult estate planning situations. I have sold to those customers in the past, but I also know they are a small part of the market.

I was always amazed by the sheer number of agents who said they specialized in upper middle class sales to lawyers and doctors, and not surprised to watch most of those end up going out of business (I mean the agents).

 

[Cash]

lol - we may be typing in English... but we are not communicating.

Yeah that is what it comes down to which is too bad. He might be right or wrong but who cares? The common man would just conclude he is an arse who talks past people.

I imagine someone told him he had two ears and one mouth and he replied he had ten fingers lol.

 

[Robert Barney]

Yeah that is what it comes down to which is too bad. He might be right or wrong but who cares? The common man would just conclude he is an arse who talks past people.

I imagine someone told him he had two ears and one mouth and he replied he had ten fingers lol.

And tell me, do you think his answers to the questions about fire and car insurance made sense?

Do you agree with him?

Do you sell car and fire insurance?

 

[Tahoe Ray]

A point was made earlier here about enhanced whole life, and I asked for a comparable quote to compare versus the premium of a $500,000 no lapse UL policy which I had quoted.

Break even (where the total death benefit-premiums paid will surpass the GUL) is age 86. At age 90 it has the GUL beat by 25%.

You would also have the flexibility to stop paying premiums all together. Or take income.

Of course, this assumes current dividends. I used Mass Mutual 50/50 LISR blend, ultra preferred. There might be a better design or product, but this could at least serve as a benchmark.

Both could work well depending on the objective and either one could end up being the "better deal", depending on date of death.

 

[VolAgent]

I started to post a response on this thread, but then I remembered my New Year's resolution.

Don't argue with crazy.

And yes, I do have a subscription to Compulife and I will probably renew it when it comes up. Generally I don't concern myself with the religion of the guy who makes my tools.

 

[Robert Barney]

Break even (where the total death benefit-premiums paid will surpass the GUL) is age 86. At age 90 it has the GUL beat by 25%.

You would also have the flexibility to stop paying premiums all together. Or take income.

Of course, this assumes current dividends. I used Mass Mutual 50/50 LISR blend, ultra preferred. There might be a better design or product, but this could at least serve as a benchmark.

Both could work well depending on the objective and either one could end up being the "better deal", depending on date of death.

How about posting a copy of the illustration, so we can see the numbers.

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And yes, I do have a subscription to Compulife and I will probably renew it when it comes up. Generally I don't concern myself with the religion of the guy who makes my tools.

We agree.

Like you, I rarely concern myself with the religion of the guy who makes my tools, even if he is crazy.

 

[Tahoe Ray]

How about posting a copy of the illustration, so we can see the numbers.

I posted it in one of the private forums.

 

[scagnt83]

I just saw this in my inbox today:

male, age 55, Preferred Plus, Non-Smoker, purchases ANICO Signature Term™ ART (Annual Renewable Term) Life Insurance policy
for an annual premium of $680.

After three years, his cash flow improves and he converts his ART policy with no underwriting to a ANICO Signature Term™ 20 Year Level Term policy with an annual premium of $4,190 for the level term period.

The insured then has the right to convert the 20 year term to a
permanent life insurance policy currently available for conversion with a conversion credit once his cash flow improves even more.

So within the first 3 years you can convert the ART to a 20 or 30 year. Then you can convert the 20/30 to a permanent policy, and get conversion credits if you do it within the first 5 years.

 

[Cash]

And tell me, do you think his answers to the questions about fire and car insurance made sense?

Do you agree with him?

Do you sell car and fire insurance?

What difference does it make? You can't have an honest conversation.