Whole Life Insurance Tips

[theleadingagent]

I'm freaking out!

I'm still somewhat new-ish to this and my experience at current is mostly Term

I came across an aged Mortgage Protection lead I door knocked who already had it put in place but the spouse was interested in Whole Life policies for the teen/young adult kids

I have minimal knowledge/experience in this area, the manager is out on work travel so I have no clue how much help I'll get in-home but I want to be as self-prepared as possible.

Do y'all have any helpful pointers or resources for Whole Life?

 

[billyb]

Lafayette Life Heritage 2020 is a very competitively priced WL policy.

 

[theleadingagent]

Thanks BillyB

That’s one thing I was wondering like if y’all had any go-to companies for older teens and young adults

 

[shonceman]

Thanks BillyB

That’s one thing I was wondering like if y’all had any go-to companies for older teens and young adults

Liberty Bankers Life: Flex4Life and Flex4Life Juvenile

 

[DiegoInsGuy]

Hopping on to this thread,, I am new to this side of the business but just purchased the Insuranceproshop training on using Whole Life with Mortgage Protection insurance. I have NLG, AIG and Allianz for IUL but want to use Whole Life insurance in some instances because of the guarantees for cash accumulation. Do you have recommendations on who best to use? I was thinking of getting appointed with Penn Mutual..Thoughts?

 

[jcorr]

Ohio National Life has some decent whole life products. Of course my go to company for whole life is New York Life.

 

[pfg1]

Whole life is a great product, personally I only write w strong div paying mutual companies.
I'm partial to Penn Mutual, but there are plenty of good companies. I would suggest you get help from someone who understands how to best design WL policies to fit the client needs. Very different product than term.

When I write those, I figure out how much premium they want to contribute to that type of planning, and for how long....and then I back into figuring out the best design I can provide for them. Term is often sold by cheapest price. WL is not, except by folks that don't understand it.

 

[theleadingagent]

Ok y’all I’m back

Out of the 18 carriers they have us using (none of which are listed above except AIG and I think I can only do final expense with them)

Anyhow,

The whole life are either starting at age 40+ and the child whole life ages end at 18

Sooooo I had to recommend either a UL or a term with a conversion option.

 

[pfg1]

Ok y’all I’m back

Out of the 18 carriers they have us using (none of which are listed above except AIG and I think I can only do final expense with them)

Anyhow,

The whole life are either starting at age 40+ and the child whole life ages end at 18

Sooooo I had to recommend either a UL or a term with a conversion option.

WL starting at age 40?

Straight up UL for a kid sucks, IUL designed properly...can be good, but imo WL is ususally a better fit because they can do a 10 or 20pay and be done. Nobody puts term on kids. I recommend you get help or refer them to someone that can provide what they are looking for, otherwise you are likely doing a disservice to them.

 

[WinoBlues]

The whole life are either starting at age 40+ and the child whole life ages end at 18

Are they a FE agency? If so you are going to be very limited. Or you are going to have to put these people in poor preforming WL. Or you may want to pick and additional agency that offers traditional life. Or refer them to a Traditional Life agent.

I have never heard of a child WL that ends at age 18. Kinda makes it a short life.