Best Simplified Issue SPWL?

[jacobtn]

I wrote one with Equitrust yesterday, $79,000 single premium. Decent underwriting and product, I really think it has a good niche for folks (the wealthmax even has ROP).

Any other good similar products out there?

 

[anonymous1]

Baltimore life has one. Also the will do a ten pay internally for qualified money and non qualified annuities. Sagicor has a spwl index with rop and will calculate chronic illness pay out for 33 mths

 

[TwiLight]

Ditto on the Sagicor Product.

Below is the SPEC page for the Fixed Index SPWL and the Interest Sensitive SPWL.

Great Product, A- from AM Best. Guaranteed Return of Principle on Day one. Product is excellent for internal cash build up and Chronic Monthly Care Benefit along with the Death Benefit.

 

[jacobtn]

Ditto on the Sagicor Product.

Below is the SPEC page for the Fixed Index SPWL and the Interest Sensitive SPWL.

Great Product, A- from AM Best. Guaranteed Return of Principle on Day one. Product is excellent for internal cash build up and Chronic Monthly Care Benefit along with the Death Benefit.

Thanks for the info. What is street comp on that in tn and ga? Baltimore is 14.5 I believe.

 

[TwiLight]

Thanks for the info. What is street comp on that in tn and ga? Baltimore is 14.5 I believe.

Baltimore is 14%. It is an apples vs oranges comparison.

Baltimore Life is B++ Rated and is a non-par plan with no cash value build up above the guarantee. It is also fully underwritten. Principle is not guaranteed from day one. No Chronic Care Benefit. Face to premium ratio is pretty good if insured does not care about access to the deposit.

Sagicor Street is 9% for the Interest Sensitive Plan and 7% for the Fixed Index plan.

Sagicor has an A- rating with a guaranteed whole life plan performance based on cash value. Similar Premium to Face ratio. Standard Issue to Table 4 risk, simplified Issue. Principle is guaranteed day one and illustration looks dynamite with Guarantee CV year one as the Initial Deposit. Best part is the Chronic Care Illness Rider automatically included in States that allow the rider.

Sagicor is a more consumer oriented product and almost impossible for an accountant or attorney to pick apart. Not so with Baltimore or other Commission heavy products.

 

[jmjr1943]

Regarding the Return Of Premium feature on some SPWL products, it is my impression that most, if not all, of the carriers that offer the ROP call for 100% commission charge-back if the ROP is executed.

Since the Cash Value may take awhile to equal or exceed the premium, and the commission can be a significant amount, does this not put the agent in a position of potentially suffering a big charge-back?

 

[TwiLight]

Regarding the Return Of Premium feature on some SPWL products, it is my impression that most, if not all, of the carriers that offer the ROP call for 100% commission charge-back if the ROP is executed.

Since the Cash Value may take awhile to equal or exceed the premium, and the commission can be a significant amount, does this not put the agent in a position of potentially suffering a big charge-back?

With SAGICOR you are subject to the Chargeback provision for SPWL Surrenders which is 100% first year and 50% second Year.

If you are looking to sell a product in order to have it surrendered, then you are not selling it correctly. The product illustration is what sells, because the Guaranteed Cash Value is equal to the deposit from year one. Can't get that with other SPWL plans because it can take 6-12 years for the Cash Value to equal the deposit.

 

[jmjr1943]

It is ridiculous of you to assume I would "sell a product in order to have it surrendered". I was wondering if I correctly understood the potential outcome of a client deciding to ask for the return of premium, surely a possibility, no matter how slight one might hope that possibility to be.

 

[TwiLight]

It is ridiculous of you to assume I would "sell a product in order to have it surrendered". I was wondering if I correctly understood the potential outcome of a client deciding to ask for the return of premium, surely a possibility, no matter how slight one might hope that possibility to be.

I have sold about 70+ SPWL in the past 3 years with Sagicor and have not had one surrendered. Most comments I get is from their Accountants and Attorneys expressing their approval for selling such a consumer oriented product and they have recommended our Agency as a referral partner.

 

[GoCubsGo]

Regarding the Return Of Premium feature on some SPWL products, it is my impression that most, if not all, of the carriers that offer the ROP call for 100% commission charge-back if the ROP is executed.

Since the Cash Value may take awhile to equal or exceed the premium, and the commission can be a significant amount, does this not put the agent in a position of potentially suffering a big charge-back?

I don't see where Twilight got from this that you were looking to sell a product and have it surrendered.

Does everyone know that if you hold your mouse over the number of THUMPS UP a post receives you get a list of who gave the thumps up. Sorry twilight, I think it's funny you keep giving your posts a thumps up. I guess it's just being proud of your own work. ha