Whole Life: Northwestern Mutual Vs. State Farm Life Insurance

[fueldude]

View attachment 129979_sbli10_paywl100k.pdf

If you are wanting a 10 pay policy, why not look at SBLI? When I was shopping, I looked at half a dozen or so companies that offered a 10-pay. Ultimately went the way I did because the CV was positive after year one. If they can hold their non-guaranteed returns, the CV is more than my premium. Not holding my breath, but at least it gives me something to hope for.

I'm 27 and just purchased a $100k 10 pay, I attached my illustration.

I purchased from my good friend, and he commented that the commissions sucked, but it looked like a good policy for the client.

 

[LGilmore]

Insurance Advocate,

Just remember more people get talked out of good ideas than into them.

Our business is a funny one, filled with all sorts of agents. Some agents make their living finding people who have insurance and spend their efforts getting you to switch over, in other words to start over with them. When cash valued products are involved, it is rare that the insured comes out ahead. Starting over means lost premiums, lost time for growth and possibly problems down the road.

It sounds like you found a couple other state farm agents who gave you good advice as far as quality choices. Both are good companies, the state farm guy should have realized he wasn't first and then should have looked at filling the gaps you have elsewhere.... DI is an important product. VERY hard to get the good stuff.

Good Luck and Merry Christmas. Your with a good company, you should be just fine. Whole life ONLY WORKS IF YOU HOLD ONTO IT. Remember that.

 

[VolAgent]

One thing to keep in mind when dealing with State Farm, Allstate, and other captive P&C agents. While most have absolutely no interest in life insurance, their contract requires them to sell it. If they find someone who has any interest in life, there is the temptation to jump all over it to try and meet their contract.

 

[numbernut]

I have term via NML and a WL policy for my daughter, but am looking for another company Guardian perhaps since NML doesn't have short pay contracts. Thoughts on why a large insurer wouldn't offer 10p etc..?

Yes I know I am a "civilian" on an insurance rep. board. I am thinking about getting an accounting degree though ;*)

 

[BNTRS]

I have term via NML and a WL policy for my daughter, but am looking for another company Guardian perhaps since NML doesn't have short pay contracts. Thoughts on why a large insurer wouldn't offer 10p etc..?

Yes I know I am a "civilian" on an insurance rep. board. I am thinking about getting an accounting degree though ;*)

Hahah, it's fine, this forum wasn't just created for agents.

Why a 10 pay? What was the catalyst to drive you in this direction? I don't ask as a way to talk you out of it (far from it).

 

[numbernut]

It appears you get more insurance from paying more upfront. Unless I am reading the illustrations wrong, or would some type of blend be better for getting more DB? I am not sure cash value means much to me sense I would probably never borrow from the policy, unless more cv means more dividends? I think I have an illustration here with WL/ plus PUA from NWM and it wasn't as " efficient" as just getting a 10 pay.

 

[Chuckles21]

It appears you get more insurance from paying more upfront. Unless I am reading the illustrations wrong, or would some type of blend be better for getting more DB? I am not sure cash value means much to me sense I would probably never borrow from the policy, unless more cv means more dividends? I think I have an illustration here with WL/ plus PUA from NWM and it wasn't as " efficient" as just getting a 10 pay.

NMW does have a 10 pay, it just is not pre-built. Any decent agent should easily be able to do it with an overfunded policy.