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Very short sighted...
Maybe so, maybe not-Hearkening back to NJ's response above.
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Very short sighted...
Maybe so, maybe not-Hearkening back to NJ's response above.
The app needs a thumbs up button
Very short sighted...
Guess what happens in 10 years? They no longer have to pay a premium, but they are use to doing so. So that is premium dollars that can be used for something else, plus they have seen the insurance work. Also, if you did a good job over the years you should have written more business and gotten referrals. Additionally, if a 10 pay was the right option, then you did the right thing for your client.
Finally, most captive agents won't be there in 10 years anyway, so why should a new agent worry about it?
And let me add, exactly how much service does a paid up life policy really need? Maybe a beneficiary or address change form once in a blue moon??
Like AboutThatLife stated, a Whole Life till Age 100 will allow you to purchase more death benefit for less money. The limited pay policies will accumulate cash value quicker than a traditional policy.
How liquid an asset is cash value in an insurance policy? -- Particularly if the death benefit of the policy is needed?
It seems like it would be a better planning practice to separate death benefit and other investment return in two buckets.
Thanks for all the responses you guys have really educated me a lot , I still have a few questions , someone said the limited pay will not be best suited because they can get more coverage for the same amount of money with a traditional policy, but as I'm quoting policies I'm not finding that much of a difference in coverage . Also I'm not captive I'm under a imo, my main goal is to do what's best for the client a lot of my clients are lower income people that want some coverage but can't spend a lot of money , that's why I thought limited pay would be a great idea 20$ a month for 10-20 years and be done with it , am I looking at this correctly?
Thanks I should have mentioned my client is 34 years oldI just ran some #'s for a 50 old male nonsmoker.
Sentinel Security $10K 20 Pay $34.97. For $35.14 he can get $13K.
Settlers Life $10K 20 Pay $35.55. For $37.02 he can get $13K.
They can get more coverage NOW. They might not even be alive in 20 years.