- 31,498
Yes, or use the nonforfeiture values.
Is this Impossible?
- Thread starter 2112Greg
- Start date
Yes, or use the nonforfeiture values.
yes to keep the full db in force.
- Thread starter
- #13
- 795
I guess what I don't get then is how you explain that to someone who buys a low db policy and live past the point where the premiums overcome the db. They've obviously lost the bet, but damn, I can't imagine trying to explain that to someone...
How on earth do you FE guys do that??
How on earth do you FE guys do that??
- 27,153
I am not an FE guy, but I sell it regularly. Sometimes to the spouse of a traditional life client.
Sometimes I explain the truth that because of their health we narrowed the choice's down to the companies that will issue them a policy then picked the best options. Along the same lines as explaining a rated policy. Just matter of fact, no big deal. Many times I will compare it to their home or auto policy. Rarely an issue.
I normally do not put healthy people in FE policies.
You are over thinking it. 99% of the folks in this market will not question the math. Remember that for the most part the FE market is comprised of individuals who have failed to properly plan and/or are chronic procrastinators. If they are lucky enough to "lose the bet", what would their alternative plan have accomplished? If and when that time comes, they have options which can be explored at that time. In the mean time, they have no coverage so let's get the clock started and get them covered. Remember we are not selling an investment. We are insurance salesmen. We are the Priests of the Temples of Syrinx
- Thread starter
- #16
- 795
We are the Priests of the Temples of Syrinx
HA! Yes, yes we are...
OK, it's just a question that I have had about this and I never had a good answer. My work is focused on WL but the overfunded variety, not the underfunded variety. lol
Thanks for the answers...I will get with her by week's end and if the numbers work for her, I'll get in touch to place it. I need to find out how long ago the heart attack was. She's got some issues, so once I get all that hammered out, I'll see if we have to go GI or not.
Thanks again, all!
- 17,270
The same way you explain to people who buy term life insurance that they pay $20,000 over twenty years and walk away with zero.
The same way you explain to car insurance customers that they pay premiums every month and get zero (unless they wrecked their car).
It's the cost of insurance. It's not a bank account.
See if she can pass the smell test with this app from American Memorial...
View attachment P-1143-R.pdf
- 15,041
HA! Yes, yes we are...
OK, it's just a question that I have had about this and I never had a good answer. My work is focused on WL but the overfunded variety, not the underfunded variety. lol
Thanks for the answers...I will get with her by week's end and if the numbers work for her, I'll get in touch to place it. I need to find out how long ago the heart attack was. She's got some issues, so once I get all that hammered out, I'll see if we have to go GI or not.
Thanks again, all!
Time for a dose of reality. This woman will turn 63 this year. She has already had a heart attack, a couple of stents, is now on blood thinners, has seizures and is a diabetic. Do you think her life expectancy is another 10 years, much less 20 more?
I'm not trying to wish ill upon anyone, but there is a reason FE products are table-rated. Your typical FE prospect has had one or several health events that have severely impacted life expectancy.
it can simply be explained that your commissions were factored into the premium. that usually makes them relieved to hear that you have been paid well over the years for helping them out and they usually don't mind paying extra for that.
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