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How do I beat up universal whole life to sell them actual whole life without them saying I have to go talk to my company first to see what’s going on with this universal policy before I do anything with you?
Universal whole life
- Thread starter Pghfanbase
- Start date
- 25,026
Not sure what a universal whole life is. If you mean just a UL it depends on why you want to replace it. What is the reason they would want to replace it?
Are you talking small face policies say $25,000 or larger face amounts?
I'm guessing that you mean universal life
Um, you and your client should do that. Some ULs are great. Others, not so much. You really need an in force illustration (most times) to understand what's going on and if the product is performing/worth replacing.
- 10,342
How do you beat up the existing product so you can make a new sale???
If you dont give a sh*t about your clients... thats a great way to do business.
IF you actually care about their well-being. Get an in-force illustration and make sure the existing policy actually needs to be replaced.
Not every person is a prospect.
If you dont give a sh*t about your clients... thats a great way to do business.
IF you actually care about their well-being. Get an in-force illustration and make sure the existing policy actually needs to be replaced.
Not every person is a prospect.
- 16,906
Don’t do stuff that you don’t understand. If you run across a Universal Life policy where the illustrations show that the cash value is reducing rather than growing you need to scan the pages and send them to the guy that is training you. Hopefully that’s your Upline and not people on forums or Facebook.
There is no such thing as Universal Whole-Life.
- 11,293
There IS such a thing as Variable Whole Life. It's just like Variable Universal Life, but it earns participating dividends from the mutual insurance company. (Just thought I'd throw that in there.)
- 11,293
Yes and it is sold by prospectus.
- 25,026
There are still a lot of ULs that need replacing. However, as mentioned, not all. If your trainer, internet guru or IMO is just saying UL is bad replace it. They are ignorant or worse.
Many reasons to replace, such as the policy is imploding, the client plans on cashing it out, has a high minimum face that can not be reduced to the point needed to save it.
If you are selling Whole Life to replace an old UL you are most likely proposing a large increase in premium, or a large decrease in insurance, or both. Or a poor performing WL like an FEWL. Not a bad thing if no other option and it solves the problem. Their problem.
Why are you proposing Whole Life? What kind? What if the person now has ratable health condition?
I replace ULs. I document the owner's reasons for replacing. I am replacing one next week. They should have replaced it when I proposed it a few years ago. Many good reasons to replace a policy. Even more to not.
Making that company call with the prospect can help solidify the reason they should do something now and not kick the problem down the road. An inforce is going to be an important tool especially on larger policies where there may be 10s of thousands of dollars left. However, an annual statement may give a quick answer how long the policy will run.
Learn the difference between the UL types. I had some bozo trainer with his recruit recently try to replace one of my GULs with an FEWL. ***! Fortunately, she called me to surrender.
You are catching some heat because the way your post read it sounds like you are just looking for a hook to replace. Learn the products.
All IMohsoHO
Many reasons to replace, such as the policy is imploding, the client plans on cashing it out, has a high minimum face that can not be reduced to the point needed to save it.
If you are selling Whole Life to replace an old UL you are most likely proposing a large increase in premium, or a large decrease in insurance, or both. Or a poor performing WL like an FEWL. Not a bad thing if no other option and it solves the problem. Their problem.
Why are you proposing Whole Life? What kind? What if the person now has ratable health condition?
I replace ULs. I document the owner's reasons for replacing. I am replacing one next week. They should have replaced it when I proposed it a few years ago. Many good reasons to replace a policy. Even more to not.
Making that company call with the prospect can help solidify the reason they should do something now and not kick the problem down the road. An inforce is going to be an important tool especially on larger policies where there may be 10s of thousands of dollars left. However, an annual statement may give a quick answer how long the policy will run.
Learn the difference between the UL types. I had some bozo trainer with his recruit recently try to replace one of my GULs with an FEWL. ***! Fortunately, she called me to surrender.
You are catching some heat because the way your post read it sounds like you are just looking for a hook to replace. Learn the products.
All IMohsoHO
- 318
What's a FEWL?
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