FE Vs Term at Savings Bank Etc

[PhxSunsFan]

I sold FE for a few weeks and did well. But I felt the product was overpriced and I wass ripping off the low income people who want it.. Aren't there always lower priced alternatives to FE? term? etc.

 

[John Galt]

I sold FE for a few weeks and did well. But I felt the product was overpriced and I wass ripping off the low income people who want it.. Aren't there always lower priced alternatives to FE? term? etc.

Sure....good luck getting Mildred who is 70 years old with COPD, takes albuterol, smokes and is an insulin diabetic on a fully underwritten term, heck most simple issue term wont even approve that.

Sounds like more of a training issue than anything. You have to realize the answer to your question most of the time is a flat out NO. In some instances you may be able to place a very healthy person in a fully underwritten WL or simple issue term, but to make it attractive they need to be a little younger than the typical FE PI....and a lot healthier.

Did you just not make much money in FE?

 

[Newby]

I sold FE for a few weeks and did well. But I felt the product was overpriced and I wass ripping off the low income people who want it.. Aren't there always lower priced alternatives to FE? term? etc.

If you try to sell term life to seniors for a permanent need, you will be ripping them off. They want it to cover their funeral regardless of how long they live.

Many of them have already had term. They out lived it. It was for temporary needs not whole-life needs.

Term is the right tool for covering debts or loss of income which the need for it is only temporary. WL is the right tool for covering a need that is life-long.

 

[Iwillpay]

I sold FE for a few weeks and did well. But I felt the product was overpriced and I wass ripping off the low income people who want it.. Aren't there always lower priced alternatives to FE? term? etc.

You were selling something that you did not understand the concept or the acturial valuations. Need to get a better understanding of the product and you will sell it with confidence. They are much better off having funds available to take care of their funeral costs.

 

[Rearden]

I sold FE for a few weeks and did well. But I felt the product was overpriced and I wass ripping off the low income people who want it.. Aren't there always lower priced alternatives to FE? term? etc.

Poor people in general tend to pay more for stuff (assuming the Goobermint doesn't subsidize them).

See payday loans, buy here pay here auto loans, final expense life insurance, etc...

 

[Iwillpay]

Poor people in general tend to pay more for stuff (assuming the Goobermint doesn't subsidize them).

See payday loans, buy here pay here auto loans, final expense life insurance, etc...

Have to take you up on this one. The premiums they pay is acturially done based on health conditions and not financial status. If it was financial the trial lawyers would have a field day with the insurance companies.

 

[goillini52]

Have to take you up on this one. The premiums they pay is acturially done based on health conditions and not financial status. If it was financial the trial lawyers would have a field day with the insurance companies.

I think what Dave meant was that they're poor because of being irresponsible. I recently had a FE appointment where the man qualified for Level at a good price, but because he had Direct Express he had to end up getting ROP with another company...less coverage and higher premium.

Because of his poor money management, he has fewer choices and has to pay more.

 

[GoPokes]

Because of his poor money management, he has fewer choices and has to pay more.

I imagine that's the story of his life