Primerica Term Conversion?

[LGilmore]

"I am surprised he was even covered at all with high PSA score."

Well your company too is concerned about retention to a certain extent. And your company too is realizing that a 20 to 30 year "then you won't need it" concept doesn't always work out that way.

When you've been around a while you'll learn that your company is just like the other companies. They will tell you one thing and do another. Your interests are secondary to their interests.

 

[dlj2626]

If I am not mistaken. Several years ago when I took a look at a Primerica term policy the conversion privileges, if you want to call them that, allowed it to be converted into another term. The options were an ART and a LPDT. At least that was how I interpreted it. And if they are going to switch it to an LPDT then they might as well go out and buy a whole life.

 

[Guest]

Why would anyone in their right mind want whole life??
Please give me one good reason!!

 

[DHK]

Why would anyone in their right mind want whole life??
Please give me one good reason!!

Read the Suze Orman thread in this forum. You'll find several good reasons there.

 

[xrac]

Why would anyone in their right mind want whole life??
Please give me one good reason!!

Gurus in the media like Dave Ramsey and Suze Orman preach buying term life insurance and investing the difference. This strategy makes several assumptions that may not necessarily be correct. It assumes:

1. People will save and invest the difference.
2. There will be a high rate of return (think mutual funds).
3. People will be in good health and able to work long enough to achieve this.

Are these things actually occurring in the U.S.?
1. People aren't saving and investing enough. The average balance in 401K's is $32,000 which includes employer matches. That will not make for a very comfortable retirement. http://www.lifeandhealthinsurancenew...-401k-Day.aspx
2. Most people have lost close to 40% of their investment holdings in the stockmarket of recent years.
3. Many people are not in working health long enough to complete their savings plan. Disability riders can be added to whole life insurance plans that will do this.

As you can see I believe in WL. I was a BTIDite until my study of recent years changed my mind. Personally I have a large amount of WL on my wife and I. I guess I am just niave, unsophisticated sucker. I just wish I had done it sooner. Here is another website that may prove useful:

http://www.whywholelife.com/

And the debate rages on but this is just my two cents.

 

[David C]

Racjac,

Let me give you one reason. 54 year old lady living in Georgia, makes little money, will be buried in California, wants to leave an amount to take care of funeral needs. She bought whole life, term sure wouldn't be the route to go.

How about a farmer that will never invest in stocks or bonds, but wants to leave the kids an inheritance, so thirty five years ago he bought a decent sized whole life from a major mutual company and now, with dividends toward PUA's he's got a pretty darn big policy.

My very first license, as a fairly young man, was sponsored by A.L. Williams. I was there in the EARLY days, I bought BTITD hook, line, and sinker. There was never a need for whole life. I argued with my dad and his close friends, all of whom were long time agents. But I didn't know what I didn't know. If anyone is a William's termite, you need to wake up to a big universe of insurance of which you understand very little.

 

[LGilmore]

"Please give me one good reason!!"

Simple... I don't want to outlive my insurance.


Another. I want the lowest cost coverage for the longest period of time.

Another, my health changed a decade ago. My whole life policy still charges me the absolute preferred best rate, even though my hypertensive, 35 bmi, diabetic body doesn't deserve it anymore. Will your term policy still do that for me?

Another, I took 5k out of one of my policies to help buy my daughter her ford f250 pick up truck. I didn't have to ask anybody for permission or provide 2 years tax returns and then have to explain to an "employee" what it is to run a small business. That right there, is really important.

I could keep going, but what's the point? You either see the value or you don't.

Only time tells you if you are right or wrong in your decision. Seeing how I am 20 years plus into mine and all the changes that have occurred, I like my decision.

 

[Dave020]

COLI
BOLI
Split-Dollar
Executive Deferred Comp
SERP
SERP-SWAP
Buy-Sell
Key-Person
Estate Planning (including ILIT and 2nd-to-die policies)

Suze Orman has whole life coverage through her employer. It's COLI. She just does not disclose it.

 

[Death Cab For Tootie]

COLI
BOLI
Split-Dollar
Executive Deferred Comp
SERP
SERP-SWAP
Buy-Sell
Key-Person
Estate Planning (including ILIT and 2nd-to-die policies)

Suze Orman has whole life coverage through her employer. It's COLI. She just does not disclose it.

She owns $20mm of it through NWM. The most expensive of them all!! But she doesn't mention it on her show because who the hell would watch her show when she's talking about evil WL insurance?!
- - - - - - - - - - - - - - - - - -

Why would anyone in their right mind want whole life??
Please give me one good reason!!

Because people die.

 

[David C]

Where can we find that information about Suze?