Whole Life Insurance a "scam"

[Gooner]

This is the right slant! It's a whole lot easier to convert an existing term policy than to sell a permanent plan outright to someone who may not want it. Our job is to help them WANT our products. If they don't want it, you won't be writing it. ---------- They need an agent to help them make an INFORMED decision. Once they are informed, then they can make a choice. Until they are informed, they might not buy anything, or make an UNINFORMED decision.

Please consider you are in the FE forum. Yes you have a lot of experience selling insurance, I get that. In the context of FE, you and the knucklehead you quoted(not JD) couldn't be more off base.

Bottom line is I've had 2 appts this year ask about term. Everyone else knew that they wanted whole life...that's what mama had.

While your analysis and insight may be useful elsewhere giving garbage advice like this in this Fe forum really does more harm than good. Yes I can sell all lines, wrote a couple UL's last month, but IF you are an FE agent, running FE leads...this is bad advice....but opinions are like assholes and i do happen to be one the biggest of those

 

[DHK]

When the subject is about Dave Ramsey-type advice, it doesn't matter WHERE the thread is placed. Dave Ramsey is basically talking about BIG policies that he recommends term only.

FE is the funeral only policy... and I fully agree with you that the only FE type policy that can and should be sold... is a whole life. It's a completely different issue than what Dave Ramsey talks about.

But if term life insurance is an option, it's our job as agents to describe them, describe their uses, and help the client see that you're there to secure final expense funds, and to guarantee those funds to be there. Only whole life will do that.

 

[Gooner]

When the subject is about Dave Ramsey-type advice, it doesn't matter WHERE the thread is placed.

I'm not gonna fight with you tonight. This is all mental masturbation. 1, yes 1 out of maybe 100 FE leads will bring up Dave Ramsey...which funny enough I listen to on my daily drives...when a prospect brings it up on an FE appointment it is very simple to combat...yeah mrs. PI, I listen to Dave too. I give the total money makeover to every single college grad I know when they graduate. It's great for them, to know the things we didn't know when we were their age, don't TA think(nodding head at this point). Now let me ask you this, do you think Dave is really talking to people on low fixed incomes without the wiggle room in their budget to save a lot of money.(head shaking no). Me either. [i then go into my term v WL spiel,specifically talking that I carry term in myself...and NOT whole life, but that I did save money in my 20's and have invested well...shocker, right...I don't have to be just like 'my people' and even though I'm stealing that from JD, these are my people...I sent them a pic of the house I was raised in]

This is not sniper shooting, it's buckshot baby!

Oh yeah, I've never sold a term policy from an 'traditional FE lead'. No lapse UL, yes...term...ahhhh...no

 

[DHK]

I'm not gonna fight with you tonight. This is all mental masturbation.

lol - that's the thing with you and me. We agree disagreeably.

 

[John Galt]

This is the right slant! It's a whole lot easier to convert an existing term policy than to sell a permanent plan outright to someone who may not want it.

Our job is to help them WANT our products. If they don't want it, you won't be writing it.

----------



They need an agent to help them make an INFORMED decision. Once they are informed, then they can make a choice. Until they are informed, they might not buy anything, or make an UNINFORMED decision.

And you are saying this with absolutely no knowledge on how JD does his presentation, trust me, by the time he or me are done with our presentation and giving them the info they know they want whole life.

 

[Gooner]

lol - that's the thing with you and me. We agree disagreeably.

I agree with you on this ^^^^

 

[DHK]

And you are saying this with absolutely no knowledge on how JD does his presentation, trust me, by the time he or me are done with our presentation and giving them the info they know they want whole life.

And you just PROVED my point! You and JD help your prospects to WANT what you offer! You probably don't "cram" it down their throat. You don't twist their arm. You create an environment between you and your prospects to WANT it.

If they said "I want term and only term."... you'd probably say something like "Term might be a good fit, but it might not. Let me share with you some additional information and you be the judge." Let them convince themselves with your presentation.

 

[Gooner]

If they said "I want term and only term."... .

Nah, I'd just ask them how much term they think they could get with their COPD, oxygen and 5 stints in the last 2 years...heehee

Seriously though, if you have designed a proper FE presentation...it doesn't come up.

God, I'd love to have you on a ride along...lol

 

[Mavrik]

When the subject is about Dave Ramsey-type advice, it doesn't matter WHERE the thread is placed. Dave Ramsey is basically talking about BIG policies that he recommends term only.

FE is the funeral only policy... and I fully agree with you that the only FE type policy that can and should be sold... is a whole life. It's a completely different issue than what Dave Ramsey talks about.

But if term life insurance is an option, it's our job as agents to describe them, describe their uses, and help the client see that you're there to secure final expense funds, and to guarantee those funds to be there. Only whole life will do that.

I get what you're saying here. You know me as LEAP from TGP. You're wrong in this situation and Gooner speaks from experience.

I've been running FE leads for 6 months and have only come across Dave Ramsey's name 2 times. 1st time I was lucky cuz the guy slammed the door in my face. 2nd time was worse because I invested 3 hours with the old lady using everything I knew to debunk what she learned about DR from her daughter in law. She signed on for $120/mo premium and then cancelled the policy two days after I used the advance to pay my mortgage when her daughter in law called her an *** for buying anything but term.

Your advice makes sense when talking to decision makers(business owners, managers, execs) of their options because they are comfortable making decisions.

FE buyers, by nature, are masters of procrastination. They avoid any and all decisions. In fact, they are replying to the lead card because they either haven't done anything yet or they are still second guessing the only decision they have ever made.

 

[DHK]

First, you're right. I don't work FE or anything close to that market.

However, I am concerned that you had to spend 3 hours trying to explain the difference between term & whole life. It should only take you about 5 minutes... and at the end, you'll hear one of two phrases:

1 - "Why would anyone want to buy term?"

2 - "That's the first time I ever had anyone explain the differences so that I can understand it!"

That's why I posted that link above. Learn how to give it in a one-page presentation to compare the two. Adjust it as necessary for your FE-buyers... probably talking about the health restrictions and underwriting requirement differences.