Competing Against Globe Life

[captain94]

I looked it up here is what it says


whole life in·sur·ance
noun
noun: whole life insurance; plural noun: whole lifes insurance

1.life insurance that pays a benefit on the death of the insured and also accumulates a cash value.
Understanding the Importance and Basics of Life Insurance


Term Life: Generally less expensive than other life insurance products and is designated for a certain time period or to a certain age. Term is named for the contract's limited length or "term" and is pure life insurance. Term policies generally last for 1, 5, 10, 15, or 20 years, or to some specified age such as age 65 or age 100.

Whole Life: Lifetime coverage at a premium that does not increase with your age after you buy.

Universal Life: Premium amount and death benefit are both flexible. Able to change the amount of your premium payments and/or death benefit after you buy the policy. Increasing your premium payments as you age is important to maintaining your universal life policy.
Who Can Take Out a Policy on My Life?


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California still has the old rates so they are not as competitive. Very easy app though. I made two calls to them yesterday. One was to CS to request a loan for a client. It was processed yesterday. She will have the check today. The other was on a claim. The checks should go out today, probably already went out. ---------- That brings up a question. What is the destination of Whole Life?

New rates should be coming. I can send down a app on Monday it will get issued on Tuesday and commission sent. Easy company to work with

 

[WinoBlues]

Guaranteed level premiums is the prmary definition if you look it up. That product fails on the very core. The company knows that. There's a reason they don't label it whole life.

Not sure that that is correct. I am pretty sure there have been graded premium whole life policies around for decades.

I _think_ that guaranteed cash values is another. Which then brings in the question of Fraternal being able to raid cash values.

 

[GoCubsGo]

Indeterminate Premium Whole Life Insurance

An indeterminate premium whole life policy is similar to ordinary whole life plan of insurance except that it provides for adjustable premiums. The company will charge a "current" premium based on its current estimate of investment earnings, mortality, and expense costs. If these estimates change in later years, the company will adjust the premium accordingly but never above the maximum guaranteed premium stated in the policy.

Will the scheduled premium payments for whole life insurance change over time?
Generally, in a traditional whole life policy, the scheduled premium payments remain level. Premiums are generally the same (fixed) every year the insured is alive. The premium payment consists of both life insurance protection and savings. These two elements vary over the life of the insured, but the total scheduled premium payment remains the same for the life of the traditional whole life policy. Some traditional whole life policies however provide for a modified premium payment schedule where the required premium payments may be lower in the early years and then increase to a higher amount which will then remain level for duration of the policy. Be sure to check the data page or specifications page of your policy (usually page 3) to determine the amount of your premium payments and the period for which they are required to be paid.

EXCERPT FROM:

http://www.dfs.ny.gov/consumer/que_top10/que_life_who.htm

 

[WinoBlues]

I looked it up here is what it says


whole life in·sur·ance
noun
noun: whole life insurance; plural noun: whole lifes insurance

1.life insurance that pays a benefit on the death of the insured and also accumulates a cash value.
Understanding the Importance and Basics of Life Insurance


Term Life: Generally less expensive than other life insurance products and is designated for a certain time period or to a certain age. Term is named for the contract's limited length or "term" and is pure life insurance. Term policies generally last for 1, 5, 10, 15, or 20 years, or to some specified age such as age 65 or age 100.

Whole Life: Lifetime coverage at a premium that does not increase with your age after you buy.

Universal Life: Premium amount and death benefit are both flexible. Able to change the amount of your premium payments and/or death benefit after you buy the policy. Increasing your premium payments as you age is important to maintaining your universal life policy.
Who Can Take Out a Policy on My Life?


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New rates should be coming. I can send down a app on Monday it will get issued on Tuesday and commission sent. Easy company to work with

WL - Where did the definition come from?

UH - Looking forward to it. But for now I like the easier app we have.

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Indeterminate Premium Whole Life Insurance

An indeterminate premium whole life policy is similar to ordinary whole life plan of insurance except that it provides for adjustable premiums. The company will charge a "current" premium based on its current estimate of investment earnings, mortality, and expense costs. If these estimates change in later years, the company will adjust the premium accordingly but never above the maximum guaranteed premium stated in the policy.

Will the scheduled premium payments for whole life insurance change over time?
Generally, in a traditional whole life policy, the scheduled premium payments remain level. Premiums are generally the same (fixed) every year the insured is alive. The premium payment consists of both life insurance protection and savings. These two elements vary over the life of the insured, but the total scheduled premium payment remains the same for the life of the traditional whole life policy. Some traditional whole life policies however provide for a modified premium payment schedule where the required premium payments may be lower in the early years and then increase to a higher amount which will then remain level for duration of the policy. Be sure to check the data page or specifications page of your policy (usually page 3) to determine the amount of your premium payments and the period for which they are required to be paid.

EXCERPT FROM:

Life Insurance - Top Ten Questions: Whole Life Insurance

And in a participating Whole Life policy you can use the reduce premium option to offset a portion of the increase. And in later years the out of pocket premium can actually go down, maybe to zero or minus zero.

 

[goillini52]

Not sure that that is correct. I am pretty sure there have been graded premium whole life policies around for decades.

I _think_ that guaranteed cash values is another. Which then brings in the question of Fraternal being able to raid cash values.

Globe's Young American Plan use to be a modified whole life. The premium would be very low to begin with and then go up at age 26, at which time the policy would start building cash value. They were selling that back in the 60's. Standard Life and Accident has a similar policy called the Future Executive Plan. I think those would fall into the graded category.

 

[captain94]

I got it from the ODI website.

The new app is not to bad I thought it would be but not a huge difference for the lower premium

 

[WinoBlues]

I got it from the ODI website.

The new app is not to bad I thought it would be but not a huge difference for the lower premium

Yeah, I understand they really raised the smoker rates. I did one in LA a month ago but did not really quote anyone else so I do not know where they are competitive wise outside of CA.

 

[jdeasy]

Not sure that that is correct. I am pretty sure there have been graded premium whole life policies around for decades.

I _think_ that guaranteed cash values is another. Which then brings in the question of Fraternal being able to raid cash values.

Here's one I found in about 15 seconds of looking. Comparing term and whole life;

The most obvious difference, at least superficially, is cost. In some cases, whole life insurance premiums are three to five times as much as term life premiums, at least at the onset. However, term life insurance lasts a “term”: a specified period, usually 10 or 20 years, before the policy expires. The younger you are and the better health you are in, the lower the cost. When the term is up, you can renew the policy, generally at a much higher premium, and depending on your age and health. Whole life insurance premiums, while higher initially, never go up – this is key. The policy is structured to last your entire life, and as long as you keep paying the premiums, the policy will be in force regardless of age and health.

 

[WinoBlues]

Here's one I found in about 15 seconds of looking. Comparing term and whole life;

The most obvious difference, at least superficially, is cost. In some cases, whole life insurance premiums are three to five times as much as term life premiums, at least at the onset. However, term life insurance lasts a “term”: a specified period, usually 10 or 20 years, before the policy expires. The younger you are and the better health you are in, the lower the cost. When the term is up, you can renew the policy, generally at a much higher premium, and depending on your age and health. Whole life insurance premiums, while higher initially, never go up – this is key. The policy is structured to last your entire life, and as long as you keep paying the premiums, the policy will be in force regardless of age and health.

Thank you. Do you have a source for that?

Sounds like it may have come off of a sales site though.

Lee

 

[jtow]

I write mutual of Omaha children policies. 0 to 6 year old boy or girl is 3.70 monthly for 10k. It's banded ages like that all the way up to 25yrs old. Only need the insures name and birthdate not ssn. Also insured doesn't sign. You can write a 25 yr old son/grandson and they don't sign. Plus they get that rate no matter health or smoker. Pretty neat little policy.

Bboman, what do they call this product? Lately running into a lot of grandkid policy inquiries to go with my FE clients.