Whole Life Insurance a "scam"

[Mavrik]

Forum messed up my msg

 

[jdeasy]

This is the right slant! It's a whole lot easier to convert an existing term policy than to sell a permanent plan outright to someone who may not want it.

Our job is to help them WANT our products. If they don't want it, you won't be writing it.

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They need an agent to help them make an INFORMED decision. Once they are informed, then they can make a choice. Until they are informed, they might not buy anything, or make an UNINFORMED decision.

While that's true I said, "in my opinion", and that opinion is based on a discussion in the FE forum. I also agree that buy buy what they want and not what they need. I had that same discussion with Rearden in a little different light in the DE card thread.

I've been fulltime FE for 6 years now. I've run into exactly 2 ramseyites and both of them were phony ramseyites. They wanted to pick and chose the part of the ramsey brain washing they liked but not follow him moony-like.

I do sell some term. I find out up front why people mailed the card in. I'm running FE leads so 99% of the time that's the reason. If a burial plan wasn't why they mailed the card in then we never have the discussion about something they are not interested in.

Having said that, I will not sell term or UL for a final expense need/want. And I tell them that. It's a part of my presentation right after the part where I explain the difference between term and whole life.

The way I phrase it is that I will not sell them temporary insurance for a permanent need and if they feel they want term insurance for their funeral plan once I'm done explaining it then I will give them the number to an agent that will sell them the term policy. I have yet to have someone ask me for that number.

So, for someone to come into the FE forum and say they just lay it out there and let them chose is bad advice. Again, in my opinion.

Feel free to disagree with my opinion all you want. That will not change my opinion.

 

[xrac]

I get what you're saying here. You know me as LEAP from TGP. You're wrong in this situation and Gooner speaks from experience.

I've been running FE leads for 6 months and have only come across Dave Ramsey's name 2 times. 1st time I was lucky cuz the guy slammed the door in my face. 2nd time was worse because I invested 3 hours with the old lady using everything I knew to debunk what she learned about DR from her daughter in law. She signed on for $120/mo premium and then cancelled the policy two days after I used the advance to pay my mortgage when her daughter in law called her an *** for buying anything but term.

Your advice makes sense when talking to decision makers(business owners, managers, execs) of their options because they are comfortable making decisions.

FE buyers, by nature, are masters of procrastination. They avoid any and all decisions. In fact, they are replying to the lead card because they either haven't done anything yet or they are still second guessing the only decision they have ever made.

The daughter-in-law will change her mind when she has to pay the funeral bill.

 

[Mavrik]

The daughter-in-law will change her mind when she has to pay the funeral bill.

DIL was the reason I was there so long. She walked in just as I collected a check and my client opened up a can of worms by asking DIL her opinion. I explain diff between term vs perm very simply in about 2 min and she argued with me stubbornly using her Dave Ramey stuff learned at church. At some point, she agreed long enough for me to leave thinking I had converted them. Then she called and cancelled the policy. Already too much time invested.

 

[xrac]

Life insurance: Your clients