Participating Whole Life
- Thread starter liorselamb
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Mass has Non-Direct as well.
Lamb you can broker with them, and I recommend them also based on having the highest comdex score for participating companies, and they have a competitive converting option on their term. The only thing I don't like about them is no 30 year term. Their GUL short pay is very competitive.
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Thank you! Very valuable information
- 10,363
Do you actually sell insurance? If so, for how short of a time? Term costs the most in the long run.... in multiple ways. It should be a supplement to the foundation that the permanent insurance provides.
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- 8,707
Makes me wonder for how short a time. Life insurance is available for children. Are you a parent? The death of a child equates to a loss greater than just paying off the last medical bills and getting the body in the ground unless you are planning on going to work the next day like nothing happened.
I am guessing Primerica...
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This thread started (by me) talking about supplementing retirement using insurance and if you've read the first post, you would realize that your post isn't relevant at all!
- 10,363
No I do not.
First, a stay at home mom is the equivalent of a $30k-$50k per year job (if you were to outsource what they do). Very few "major breadwinners" could afford that large of a pay cut of their current salary.
Second, Insurance (in general) is about protection.
Protection comes in many forms.
A childs policy "protects" the future adult that a medical condition will not prohibit them from obtaining coverage (happens all the time).
It also "protects" the parents from a sudden $10k-$20k expense (which most families cant afford). If your paying less than $10k for your childs funeral then you must be dirt poor and are letting the state cremate them and put them in a tin folgers can.
It also "protects" the parents from being forced into having to go back to work earlier than they might want. (people grieve in different ways)
Besides all of that, Life Insurance does more than just Income Replacement.
One of the largest groups of people buying Permanent Insurance at the moment is the 55+ crowd.
This is because they were told they would not need insurance past retirement.... but now that they are getting to retirement they see how untrue that really is. Now they are forced to pay premiums 2-3 times what they could have locked in 10-20 years ago for the same amount of coverage.
Most retirees still have debt, and even income that still needs to be replaced after they are gone.
Not to mention estate purposes. The spouse will probably be fine as long as they have qualified accounts (since they avoid probate), but after both are gone the kids are hit with a nice hefty tax bill that must be paid in a certain amount of time, no matter how long probate might take. This can also kick them up into a higher tax bracket and really take a bite out of things. Life Insurance for estate purposes solves this problem for the kids.
I could go on. But that is a very brief overview.
My main market is the 50-70 crowd. Not only are these the people who's current Term policies are expiring ..... but they are also the ones who's parents are passing away and leaving them with tax burdens from large estates filled with Qualified Accounts and Real Estate.
In otherwords, I deal with the negative fallout from the "term is best" mindset everyday with many of my clients.
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