Need a Contract

[Foreclosure]

I need a contract for a carrier that offers NLG UL Option 2 aka B. Alot of people in my community just have plain WL or Primerica's term life and I see UL as the solution, however to solve this, it has to be permanent and potential to accumulate $$$ with no lapse guarantee.

Thanks in advance.

 

[Josh]

What state are you in? I'm going to presume you don't have a production history?

Feel free to shoot me an e-mail and I can give you a hand, or there are plenty of other people that will come along and can help you as well.

 

[VolAgent]

I need a contract for a carrier that offers NLG UL Option 2 aka B. Alot of people in my community just have plain WL or Primerica's term life and I see UL as the solution, however to solve this, it has to be permanent and potential to accumulate $$$ with no lapse guarantee.

Thanks in advance.

No-lapse products aren't really designed to accumulate money. LFG does have one available, their LifeGuarantee Plus. However, every time I ran it, it stunk. It doesn't accumulate cash much better than the plan vanilla no-lapse, LifeGuarantee, but it does require a higher premium.

But I'm confused, what problem do these people have with their plain WL or term life?

 

[Foreclosure]

No-lapse products aren't really designed to accumulate money. LFG does have one available, their LifeGuarantee Plus. However, every time I ran it, it stunk. It doesn't accumulate cash much better than the plan vanilla no-lapse, LifeGuarantee, but it does require a higher premium.

But I'm confused, what problem do these people have with their plain WL or term life?

The whole point is to give their beneficiary the DB plus CV, unlike WL where if they already accumulate $20K in CV but their DB is 100K, their beneficiary only gets $100K. They will never take out any $$$ out of the CV or surrender it. Hope you guys understand what I'm trying to say, that's why I'm leaning so much into a UL Option 2 aka B till they're 90, then it'll lapsed. I know for a fact that 1 out of 8 will be gone by then.

After running so many illustration, I see that such UL's premium is way way lower than WL, even with a NLG or a Lapse after a certain amount of years.

 

[VolAgent]

The whole point is to give their beneficiary the DB plus CV, unlike WL where if they already accumulate $20K in CV but their DB is 100K, their beneficiary only gets $100K. They will never take out any $$$ out of the CV or surrender it. Hope you guys understand what I'm trying to say, that's why I'm leaning so much into a UL Option 2 aka B till they're 90, then it'll lapsed. I know for a fact that 1 out of 8 will be gone by then.

After running so many illustration, I see that such UL's premium is way way lower than WL, even with a NLG or a Lapse after a certain amount of years.

If you want to use option B, then don't use a NLG product. They don't do a good job of accumulating cash, all they do is eat it.

Also, why are you selling products designed to lapse at age 90? Are you going to pay the DB if they out live it?

Finally, you seem confused as to why the CV exists in a whole life policy. If you don't understand it, how do you expect to explain it?

 

[Newby]

I need a contract for a carrier that offers NLG UL Option 2 aka B. Alot of people in my community just have plain WL or Primerica's term life and I see UL as the solution, however to solve this, it has to be permanent and potential to accumulate $$$ with no lapse guarantee.

Thanks in advance.

Why don't they just buy a bigger whole-life policy and quit worrying about death benefit + cash value (which isn't really how it works anyway.)

If you want both and don't want it to lapse as they get older the whole-life is likely cheaper and would get you to the same end result.

You really think people are OK with a guarantee to only 90? You might want to read the obits a few days. People live past that EVERY DAY.

The other thing you aren't considering is that if the policy guarantee runs out at 90, that means the cash value has all been eaten away at 90 also. These people aren't going to be happy.

 

[Hopwood04]

Check out Minnesota life or Midland national life's index UL. I can not offer you a contract, you should call the companies direct.

 

[dawson12]

The whole point is to give their beneficiary the DB plus CV, unlike WL where if they already accumulate $20K in CV but their DB is 100K, their beneficiary only gets $100K. They will never take out any $$$ out of the CV or surrender it. Hope you guys understand what I'm trying to say, that's why I'm leaning so much into a UL Option 2 aka B till they're 90, then it'll lapsed. I know for a fact that 1 out of 8 will be gone by then.

After running so many illustration, I see that such UL's premium is way way lower than WL, even with a NLG or a Lapse after a certain amount of years.

No life insurance policy that I am aware of pays a beneficiary Death Benefit plus Cash Value. When they die the beneficiary gets the Death Benefit, that's it. If you have a policy with an increasing death benefit and cash accumulation, they still only get the Death Benefit. You typically need to overfund a UL (higher than target) to get any significant cash value accumulation, just choosing Option B and not overfunding won't get you much cash value

 

[Foreclosure]

So the illustration isnt accurate then? Assuming I pay the target premium every single month, should this reflect what is on the illustration's guaranteed interest?

Why care if it lapsed at age 90? Alot of the people in my market dont live that long. ahahhaahha

 

[billberry12]

OK. I'll say it since no one else will. Agents like you make good agent's job a lot tougher, because you have no idea what you are talking about here.