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“In all my professional relationships, I pledge myself to the following rule of ethical conduct: I shall, in light of all conditions surrounding those I serve, which I shall make every conscientious effort to ascertain and understand, render that service which, in the same circumstances, I would apply to myself.”
Interestingly divisive question to ask here. Great way to showcase that YOU take a "higher fiduciary approach" while the rest of us must be scum to follow the "if I can get away with it, I'll do it" road.
It's not a question that is relevant to the daily activities of an insurance agent. I wasted time reading it and find myself wasting more time responding. Not sure how many agents want to read about topics that will neither help them increase their sales nor help them better serve their clients. With over 25 years in the financial services I've never been presented with such irrelevant issues as the OP presents in this forum. I wish such nonsensical posts would stop because I can't help but to read these things, and it's wasting my time.
Perhaps I'm wrong and this is the future of life insurance sales. Hmmm.... I don't think so.
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I don't know what you call that standard. It's not a low "suitability" standard that says that "if I can get away with it, I can sell it." It's also not necessarily a "fiduciary standard". I suppose I could call it a Professional Standard... and that's what I provide.
Permanent life insurance is a WANT product. Therefore, the major consideration is whether they can QUALIFY and PAY for it in the first place.
Life insurance is a tool, that is only as good as the agent making the recommendation, as well as the dedicated agent that is committed to ongoing reviews with their policy holders.
Since there is no risk of loss, unless they don't pay premiums, or their contracts don't earn enough to sustain itself... there is no real need for such a standard when selling life insurance.
Issues of professional liability are highly relevant to our day to day activities. Were it not so, you would not have been required to purchase E&O insurance for all of your 25 years. That said, I certainly concede that the poll/topic won't help you close a deal, today. If you find that my posts are of no value to you, I'm sure there is a mechanism to ignore them. Most message boards have that capability.]
I won't block you as you seem like an intelligent person and you could provide some decent info.
25 years ago, agents didn't carry E&O. It could be that some did but it wasn't the norm.