Definitions: Whole Life Insurance Vs Permanent Life Insurance

[LGilmore]

Re: Definitions: Whole Life Insurance Vs Permanent Life Insuranc

"Why not?... "

Cause some agents like to work with one arm tied behind their backs.

Others only use a hammer, so everything looks like a nail to them.

 

[TPAAgent]

Re: Definitions: Whole Life Insurance Vs Permanent Life Insuranc

Why not?...

Because its retarded and makes no cents

See ROP for reference

20 year term you're gonna charge me $100 over the life of my policy?

I can take that same $100, and pay it to my mortgage co every month and in 20 years, I'll save more on intrest on that note than what "X" company will return to me if I'm still alive

Thats just one example and there are plenty more

 

[Newby]

Re: Definitions: Whole Life Insurance Vs Permanent Life Insuranc

Because its retarded and makes no cents

See ROP for reference

20 year term you're gonna charge me $100 over the life of my policy?

I can take that same $100, and pay it to my mortgage co every month and in 20 years, I'll save more on intrest on that note than what "X" company will return to me if I'm still alive

Thats just one example and there are plenty more

The biggest reason life insurance can't be an investment is because it doesn't meet the definition of an investment. Neither do CDs, fixed annuities or indexed annuities.

AN investment requires that you invest ""put money at risk of losing it in hopes of a higher reward." If there is no risk to your money, there is no investment.

Many people don't want to invest. Others do.

If you are just using the term "invest" loosely as meaning to get interest on their money (not a correct or legal usage of the word for people in the financial industry) then life insurance would be considered an investment under that wrong definition. You can buy policies that return more than you paid in. You also have sold policies that they pay one premium and died and got many times their premium back.

So...is life insurance an investment? No. There is no risk to it.

Is life insurance a great protection to buy. Yes.

 

[TPAAgent]

Re: Definitions: Whole Life Insurance Vs Permanent Life Insuranc

Is life insurance a great protection to buy. Yes.

No argument on my part about that statement

There wasnt a lot of free floating cash back in the 70's so in order for insurance companys to get "some of the cash" was to create junk stuff like that crap UL they sold in the 80's that clients are now seeing crashing CV and increased rates

I'm a big beliver in term insurance and Disability Income

Especially disability insurance

However, whole life is an excellent rate protector for seniors looking for final expense

Heres how I look at it- I have a 4 year old son, bought a 30 year term enough to cover our home and his college. I pay $55 per month. I also started my son on a Florida pre-paid college plan

Heres the bottom line- If he doesnt have his sh!t toghether by the time he's 30 then theres nothing more I can do-

I dont need $400k of insurance when I'm 65

Our house will be paid for and he can have it after both of us are dead.

 

[Larry Tew]

Re: Definitions: Whole Life Insurance Vs Permanent Life Insuranc

Because its retarded and makes no cents

See ROP for reference

20 year term you're gonna charge me $100 over the life of my policy?

I can take that same $100, and pay it to my mortgage co every month and in 20 years, I'll save more on intrest on that note than what "X" company will return to me if I'm still alive

Thats just one example and there are plenty more

LO effing L!!!

 

[BNTRS]

Re: Definitions: Whole Life Insurance Vs Permanent Life Insuranc

So, we've determined that ROP is a waste of time...tomorrow we'll discuss how vanishing premium as become a dated practice. Then we'll go out an pray for the Pope to go to heaven when he dies.

 

[termlifeinsuranceus]

Re: Definitions: Whole Life Insurance Vs Permanent Life Insuranc

So what if they actually want whole life, cash value and the whole deal? Do you still try to tell them a GUL is the same thing, or will you sell them the whole life they really want?

If they want cash accumulation I either sell them whole life or a UL.

 

[BNTRS]

Re: Definitions: Whole Life Insurance Vs Permanent Life Insuranc

If they want cash accumulation I either sell them whole life or a UL.

And if they only care about death benefit for a few years, I'd recommend term.

 

[superfly33]

Re: Definitions: Whole Life Insurance Vs Permanent Life Insuranc

All Whole Life insurance is Permanent life insurance but not all Permanent life insurance is necessarily Whole Life insurance.

 

[arnguy]

Re: Definitions: Whole Life Insurance Vs Permanent Life Insuranc

All that glitters is not gold!