Whole Life Insurance Tips

[theleadingagent]

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.

Moo Children’s whole life - the cutoff for insured is age 18 at time of application (issue age that’s what I mean)

 

[theleadingagent]

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.

Nobody puts term on kids? Then why Child term riders exist?

And technically these “kids” are young 20’s adults all over age 23 I guess parents think of their kids as kids till they have careers, spouse and kids and can rent cars - around age 25

Also if you look at say MOO. They have hella products. Not one of them is a whole life for young adult (only permanent product on MOO for that age range is UL)

Also I did get help. Of the 18 carriers we usually use, the manager recommended a UL.

This parent wasn’t looking for investments per say she just wanted insurance that would be easy to understand, level benefit/premium, and last their whole life and she was price conscious.

She did mention she was shopping other agencies sooooo..... I’m sure she’ll ask some State Farm agent tomorrow

 

[theleadingagent]

I’m looking into Penn and NY Life to see if I can use them even though I don’t see them in our companies list of carriers.

What about Ameritas?

 

[pfg1]

Nobody puts term on kids? Then why Child term riders exist?

And technically these “kids” are young 20’s adults all over age 23 I guess parents think of their kids as kids till they have careers, spouse and kids and can rent cars - around age 25

Also if you look at say MOO. They have hella products. Not one of them is a whole life for young adult (only permanent product on MOO for that age range is UL)

Also I did get help. Of the 18 carriers we usually use, the manager recommended a UL.

This parent wasn’t looking for investments per say she just wanted insurance that would be easy to understand, level benefit/premium, and last their whole life and she was price conscious.

She did mention she was shopping other agencies sooooo..... I’m sure she’ll ask some State Farm agent tomorrow

Stand alone term on minors. Of course people use riders....

Most of the better Mutuals that offer WL likely won't be in your company list. Many contract direct, and don't play the agency game. If they are like many of the agencies they probably don't have a solid WL carrier, so they have to recommend UL.

If they are young adults, anything goes. Again, if they want WL, they should get a solid company, not be steered into a UL because the agency has no partnership to provide it. Convertible term would work, but again...whats it convertible to. If they are just looking for perm ins with no cv, you could look at GUL.

 

[theleadingagent]

Stand alone term on minors. Of course people use riders....

Most of the better Mutuals that offer WL likely won't be in your company list. Many contract direct, and don't play the agency game. If they are like many of the agencies they probably don't have a solid WL carrier, so they have to recommend UL.

If they are young adults, anything goes. Again, if they want WL, they should get a solid company, not be steered into a UL because the agency has no partnership to provide it. Convertible term would work, but again...whats it convertible to. If they are just looking for perm ins with no cv, you could look at GUL.

Thanks!

I see what you mean now.

Between the recommendation of the UL and the convertible term this parent was leaning more towards the convertible term. Only problem was I couldn’t answer the “what’s it convert to” at the time because I was assuming that a call to the carrier would be necessary to answer that.

I’m kind of frustrated because this is 3 policies this parent was ready to buy and I had to introduce ideas this parent never heard of probably confused them and then walk out empty handed

Just FML!!!

 

[David Block]

For brokerage, I like Mass Mutual for larger face amounts ($50K and over), they have an excellently priced LP65 plan that is ideal for young teens. Ohio National is an excellent company too if you can find someone to help. If there are medical issues with the children, that's another story altogether. I urge you to consider a dividend paying company and not play with UL or other non-guaranteed plans unless you plan on funding them to the maximum and guarantees last FOREVER!

 

[theleadingagent]

Can you elaborate more on funding and guarantees?

 

[WinoBlues]

Moo Children’s whole life - the cutoff for insured is age 18 at time of application (issue age that’s what I mean)

Got it.

Also, read the the thread and see it is not an FE agency. My error.

FYI, MoO is issued through age 17 here.

 

[WinoBlues]

This parent wasn’t looking for investments per say she just wanted insurance that would be easy to understand, level benefit/premium, and last their whole life and she was price conscious.

If they are young adults, anything goes. Again, if they want WL, they should get a solid company, not be steered into a UL because the agency has no partnership to provide it. Convertible term would work, but again...whats it convertible to. If they are just looking for perm ins with no cv, you could look at GUL.

I’m kind of frustrated because this is 3 policies this parent was ready to buy and I had to introduce ideas this parent never heard of probably confused them and then walk out empty handed

Are you or they using the term "Whole Life" as "Permanent" Life?

Young 20 somethings. Say the parents are 40 somethings.

I have written and converted a lot of term. Rarely was term owned by the parents converted.

Personally I would show them Sagicor Gul, 20 pay Gul and or Assurity ROPTerm. All non med.

These are just death benefit plans the parents want for their kids.

All IMohsoHO

Edit: Sagicor has a IUL as well.

Edit2: make them clients.

 

[theleadingagent]

Are you or they using the term "Whole Life" as "Permanent" Life?

Young 20 somethings. Say the parents are 40 somethings.

I have written and converted a lot of term. Rarely was term owned by the parents converted.

Personally I would show them Sagicor Gul, 20 pay Gul and or Assurity ROPTerm. All non med.

These are just death benefit plans the parents want for their kids.

All IMohsoHO

Edit: Sagicor has a IUL as well.

Edit2: make them clients.

Tried

But I’m confused because I thought being an independent agent meant I could use any carrier.

I don’t know if I’ll get in trouble contracting with one of these companies/going against the managers recommendations

Yes I should clarify - permanent insurance (however the prospect was only aware of/wanted whole life)