$1 Million Whole Life?

[2112Greg]

^^ This!

Buying 1.5m of WL is super pricey. Are they just looking for DB (most likely not)? Or are they trying to use it for CV (most likely)?

In the latter case, you will want to use an overfunded WL to suit the CV wishes. Use a mutual company that has a participating WL product.

If they just want DB, go with a GUL.

Nice case...hope it goes well. But you need someone who knows what they are doing...this kind of thing gets complicated quickly.

 

[moonlightandmargaritas]

Buying 1.5m of WL is super pricey.

The client's opinion of "pricey" is the only one that matters. An attitude like this will leave many, many commission dollars on the table. Leave your prejudices at home - they don't matter to the prospect!

 

[VolAgent]

Depending on speciality, the premium on 1.5 million in whole life might well be just a drop in the bucket. But he probably isn't going to deal with agent who makes him feel like this is the agent's first big policy.

 

[Larry Tew]

A newly licensed life agent was asked by her doctor for a $1.5 million whole life policy and has other colleagues also interested. He's 27 years old. We're having trouble in NC finding a carrier. Her Old Republic colleague says she should give that lead to him to handle. I told her absolutely not (I've been licensed over 25 years).

I told her that she only has to get licensed with a credible carrier and submit the application for the potential insured. Any ideas on finding a carrier?

Ohio National can accommodate what you're looking for. I can introduce you to the regional officer for NC if you'd like.

 

[Cranson]

I am surprised nobody has mentioned MassMutual. I would say get a good Index UL from North American or Genworth and compare that with a MassMutual Whole life and see how they look next to each other. My guess is this doctors parents or colleagues told him to get a large whole life policy but he has no idea how much they will cost. He'll probably have sticker shock... especially when the premiums are higher than his new Mercedes payment. That won't make sense to him.

 

[BNTRS]

I weep for the industry.

 

[Larry Tew]

I weep for the industry.

Elaborate, please....

 

[BNTRS]

Elaborate, please....

We have one agent, with an alleged 25 years experience, having trouble finding an insurance carrier that will issue a million dollar whole life policy. Says he/she wants a credible company and mentions that they checked with Old Republic, a B++ carrier...

And another agent crapping on the idea of setting the policy up to max cash value because it takes commission dollars off the table. So if the client doesn't question the bad policy design shut up and take their money I guess.


The number of whole life policies I've sold this year that were under $1 million are very much in the minority, and they were all designed to maximize cash value whether the client asked for it or not because I brought it up. And all placed with A+ or better carriers.

The first one I can excuse, though it still causes me a slight amount of pain since this person is licensed and therefore "qualified" to talk to people just as you and I do about the same products.

The second one...well I guess that's just another day in the life of this industry...

 

[Mehler91]

Ohio National, New York Life, and Penn Mutual are all excellent carriers I work with in NC and they would happily write this policy. I just bought a $1M policy using Penn Mutual's Flexible Choice WL on my wife and the CV on both current and guaranteed are fantastic.

 

[jacobtn]

NY Life and NW Mutual? Why anyone would recommend those carriers is beyond me. WAAAY overpriced.

The only thing I agree with here is the person that said he needs to discover WHY whole life is desired. Many times what someone says they want, and what they actually need are two different things. Do some fact finding, then show them what they REALLY want (yet don't know how to ask for) and you've laid some groundwork for not only a sale, but a good client relationship.