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I thought direct recognition just paid a lower dividend on loaned amount...which companies pay no dividend on loaned money?
Going through different carriers again, what do some of you think about LSW and their Modal Premium Additions Rider in terms of using it for this concept?
The numbers seem to rival that of Assurity's.
Am I missing something?
Why would you look anywhere but the top carriers? Both those companies are second tier products. I'm partial to MassMutual, mostly because it's the best. Then after that stick with NYLife, Guardian, Met, Ohio National.
I agree that alot of the bigger carriers have great products. But LSW does have some of the best living benefits in the business, if that is important to you or your clients.
I actually don't have access to those carriers nor do I really know in depth what they can or can not offer. I am looking into them though.
That is actually one of the main thing since it is some what "bundled." Mainly the critical portion of it. Sure I can offer a stand alone critical illness but most clients shy away from it cause of reduced benefits after a certain point etc.
Any agent can sell Mass Mutual, Guardian, or Penn Mutual. Just call the regional office and contract directly. Their products are MUCH better than LSW... by far. Pick up the phone and call your closest regional office, if you need the number, google is your friend.
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Infinite banking should be marketed to high net worth individuals. They are not the demographic that has a strong need for CI coverage. If you are pitching IB to prospects who have a need for CI, then you are likely wasting your time because there are more productive activities you could do.... I would also increase the amount of E&O you have...
Assurity just became my favorite whole life product due to its complete disability waiver of premium - INCLUDING the PUA rider, and having a disability income rider up to $3,000 per month for 2 years. I think it's rather rare to find a complete disability waiver of premium on a permanent policy - particularly in California.