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- #21
New to the Business
- Thread starter Clivedon
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- 503
Are term and mortgage protection the same or is there a difference in MP?
- 25,068
Term is an insurance type, Mortgage Protection is a concept. You can use several types or combinations of insurance for MP.
- 19,053
The term mortgage protection insurance is the same as final expense life insurance.
MP is a marketing name for SI term. Final expense is a marketing name for SI whole life.
- 503
But wouldn't MP be in higher face amounts to cover the balance of a mortgage, ie $250,000? A term would be more economical than SIWL and a higher face amount.
- 25,068
Term is an insurance type, Mortgage Protection is a concept. You can use several types or combinations of insurance for MP.
Final Expense is just a concept not a product. I use Fully underwritten Whole Life same as SIWL same as UL or even term to cover peoples final expenses. Same for Mortgage Protection.
Those are just concepts or labels. Just like burial insurance, collage insurance, Grow up plans, debt repayment plans. It is all Life insurance.
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- 503
I see what you and JD mean now. Thanks guys.
- 2,584
Who is good for the fully underwritten whole life as an alternative to final expense ?
I think RNA had a plan, but I have heard it is not as good now ?
- 25,068
Depends on the amount needed. You do not have to only sell a $20,000 policy to cover Final Expenses you can combine several needs into the same sale.
My last two fully underwritten small WL cases were Cincinnati Life and Ohio National. Cinci in non med <99,000 to age 65 BTW. ROP term has worked well in the past also if it has a RDPU option.
I think it was JD that posted some RNA WL rates a while back and they looked really good.
- 19,053
RNA's fully underwritten is still pretty good. They did raise rates a little last Oct but it's still better priced than most fully underwritten whole life plans. Trinity has a fully underwritten whole life that's competive with RNA's fully underwritten and trinity let's you write face amounts as low as $10,000. RNA is a $25,000 minimum.
