Gen Xers Short on Life Insurance
- Thread starter Tahoe Ray
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I think positioning it as saving their family from inheriting their student loans is a plus, just closed a couple today that had that concern.
- 25,055
Not speaking to what would be the correct plan for a hypothetical GXer. But from an agent's stand point I would love to write a bunch of the $1,000,000.00 + ten year term plans. total $75-$100mo add WP and Child riders.
I would not change my current target group but this group will look a lot better in 10 years.
I would not change my current target group but this group will look a lot better in 10 years.
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Looking at repayment statistics for student loans, I would opt for a 20 year term...
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That's funny b/c that's exactly where my brain went when I read the article...I felt like that guy from Storage Wars: "that's a thousand dollar bill right there!"
- 25,055
I do write those already. However I find that to be a small segment of the GXers.
My ""Not speaking to what would be the correct plan for a hypothetical GXer. But from an agent's stand point...." Is talking more to my insurance business. Inventory. Refreshing my book.
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yup!
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I will still be doing this in ten years. I will convert, rewrite or add onto these plans. Also as the child riders hit age 25 I write them their $1,000,000.00 ten year plan for my last ten years.
With only a few exceptions, student loans are forgiven at death.
Actually......only the latest Sallie Mae loans are forgiven at death (2010) all else can be passed down. There was legislation but was voted down.
Even if you get the loans forgiven, you will pay taxes on the amount forgiven, quick whats 28% of 100k...........a 30k small term policy that is what the minimum is called for if they get their loans forgiven because all debt forgiveness counts as income.
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Two thoughts:
1. Gen X is no longer a baby, the oldest Gen X-ers are in the their early 50's.
2. This generation makes up our largest demographic bar far (in fact new business premium from gen-x is larger than new business from gen-y and baby boomers and probably close to double those two combined).
And those who talk to us are interested in a lot more than 10 year term insurance.
1. Gen X is no longer a baby, the oldest Gen X-ers are in the their early 50's.
2. This generation makes up our largest demographic bar far (in fact new business premium from gen-x is larger than new business from gen-y and baby boomers and probably close to double those two combined).
And those who talk to us are interested in a lot more than 10 year term insurance.
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