- 4,132
I think alot here are trying really hard to make a sale. Hoping this kid changes his mind and agent and decides to buy from someone here.
Reputable? Whole Life with Northwestern Mutual...
- Thread starter mx_599
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- 1,459
Buy the friggin NML policy and move on with your life. You are making a mountain out of an ant hill. If you are concerned about the tiny difference when paying the policy monthly between carriers, then you are missing it.
- 123
Really variable? 
That's the last place I would see this individual going. You've not read much of this, the answer you ask was posted a long time ago. And not, maxing out other products isn't in his best interest based on what he's trying to accomplish.[/quote]
My Bad, did not realize how far back the thread went. I went to "new messages since last visit" and it put me near the end. There is nothing wrong with Variable, if you want to improve returns and guarantee a minimum, however. Returns on basic whole life is going to be challenging over the next couple of years. I guess I'll have to read back to see why he wants to over fund, but to be honest I really don't care that much to read through the bickering. As far as picking a large carrier with a lot of exposer, with Baby boomers on the verge of dying off, I say the bigger they are, the harder they fall with higher capital requirements.
That's the last place I would see this individual going. You've not read much of this, the answer you ask was posted a long time ago. And not, maxing out other products isn't in his best interest based on what he's trying to accomplish.[/quote]My Bad, did not realize how far back the thread went. I went to "new messages since last visit" and it put me near the end. There is nothing wrong with Variable, if you want to improve returns and guarantee a minimum, however. Returns on basic whole life is going to be challenging over the next couple of years. I guess I'll have to read back to see why he wants to over fund, but to be honest I really don't care that much to read through the bickering. As far as picking a large carrier with a lot of exposer, with Baby boomers on the verge of dying off, I say the bigger they are, the harder they fall with higher capital requirements.
- 3,345
I love it when people OVERPAY for thier life insurance. That is how NWML stays in business. People buying their overpriced life. Its a beautiful thing. Everybody getting a hard on over the ONLY life insurance company on the planet: NWML. Oh, and they are a mutual insurer - WOWIE ZOWIE.
And if it truly was the rip off you make it out to be one would think that someone would have exposed the awful truth within the past 100 some odd years it's been in existence.
Even Forbes Magazine, a BTID friendly publication, ate crow this last year and published an article highlighting the strength of mutuality and whole life insurance.
- 15,041
I kept waiting for you to come on here and bash NWML and WL. I can't say I am a huge fan of NWML, but they are a good company. Do you even understand why he wants this policy, hint, its not for the death benefit. A permanent policy is the only way to achieve want he wants.
Now, I have to agree with ticket_shuffle, variable might be a way to go. I don't recall reading anything earlier that suggested this person was very risk adverse, in fact I'd say he likes risk, wanting to go without malpractice. Also, a good VUL will probably be easier to access the money from. Of course, as I understand it, NWML doesn't have a particularly strong VUL, but there might be a good one his B/D allows. Also the VUL is going to be vastly more flexible when it comes to making premium payments.
That said, I'd say its time to stop thinking about it, and just go ahead and pull the trigger.
- 4,132
"a good VUL "
will require more attention than this guy can probably give. VUL is a product that is not a fire and forget for 20 years product. You're looking at a person whose profession will require alot of hours for a long time. While I don't believe there is a bad product (term, gul,ul, vul and whole life) each has to fit the right situation. The VUl's I've sold have been to people who do check and move and pay attention to their statements. They enjoy that aspect. Lots of folks don't.
All you have to do is look at the mf industry and the maturity dated funds.. most are sold as fire and forget, even though they aren't supposed to (wink wink, nudge nudge) as told by the fund companies.
I think his job is going to take alot of his time and attention and his desire to tinker, might not be that great.
will require more attention than this guy can probably give. VUL is a product that is not a fire and forget for 20 years product. You're looking at a person whose profession will require alot of hours for a long time. While I don't believe there is a bad product (term, gul,ul, vul and whole life) each has to fit the right situation. The VUl's I've sold have been to people who do check and move and pay attention to their statements. They enjoy that aspect. Lots of folks don't.
All you have to do is look at the mf industry and the maturity dated funds.. most are sold as fire and forget, even though they aren't supposed to (wink wink, nudge nudge) as told by the fund companies.
I think his job is going to take alot of his time and attention and his desire to tinker, might not be that great.
- 15,041
LGilmore;207223I think his job is going to take alot of his time and attention and his desire to tinker said:
- 4,132
"his agent is the one that needs to be monitoring the VUL"
And doing what? making transactions? I don't think so.
If you are and are not a 7, god help you. If you're a 7 and don't have that client letter authorizing trading, god help you.
You can make suggestions, but again you cannot make transactions for a client, they have to. If they aren't inclined to do so for the dozens of reasons they have (valid or not), is VUL a good product to reccommend?
It comes down to that buzzword "suitability". If you've got a client who isn't going to have the time to invest in the product, should you still sell it to them?
Just because you plan to come back and get additional sales and refferals, doesn't mean the client has time for you. Besides do that enough for the reasons you've cited and they figure it out pretty quickly.
And doing what? making transactions? I don't think so.
If you are and are not a 7, god help you. If you're a 7 and don't have that client letter authorizing trading, god help you.
You can make suggestions, but again you cannot make transactions for a client, they have to. If they aren't inclined to do so for the dozens of reasons they have (valid or not), is VUL a good product to reccommend?
It comes down to that buzzword "suitability". If you've got a client who isn't going to have the time to invest in the product, should you still sell it to them?
Just because you plan to come back and get additional sales and refferals, doesn't mean the client has time for you. Besides do that enough for the reasons you've cited and they figure it out pretty quickly.
- 15,041
Note I said monitor, not trade. Personally I'd prefer to never make trades on a client's behalf. Also, I think you read too much into what I said. If you are doing right by your client, keeping abreast of what is going on in his situation and keeping him up to date on his portfolio, referrals and additional sales are a natural by-product.
After all, this guy wants to retire by 50. He is going to be putting quite a lot of money away. Either you can stick with him, keep him up to date on what he has and hopefully get the additional money, or you can make a quick sale and disappear for someone else to handle the new money. I'd rather keep in touch with him and earn his trust through a continued good job. That way hopefully he'll place the new money through me instead of using someone else.
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