Decreasing term insurance

loginname · 02-05-2008, 02:29 PM

Who sells this product? A partner of mine has a client asking about it. He wants to be able to provide a quote and compare to level term.

moonlightandmargaritas · 02-05-2008, 03:04 PM

Originally Posted by loginname

Who sells this product? A partner of mine has a client asking about it. He wants to be able to provide a quote and compare to level term.

This product is a dinosaur.

Used to be used for mortgages, but since term insurance has become so cheap, there's no need for it anymore....

loginname · 02-05-2008, 03:20 PM

I know, but I need a quote for comparison purposes. I know companies are still writing it, but they are the rinky dink companies.

CHUMPS FROM OXFORD · 02-05-2008, 03:27 PM

There's a decent chance that a level 20-year term will be less expensive than a mortgage term from one of those "rinky dink" companies.

moonlightandmargaritas · 02-05-2008, 03:38 PM

Originally Posted by CHUMPS FROM OXFORD

There's a decent chance that a level 20-year term will be less expensive than a mortgage term from one of those "rinky dink" companies.

My point exactly Ed. Who offers it?

CHUMPS FROM OXFORD · 02-05-2008, 06:47 PM

Good question. I have seen them as riders on permanent policies, but not stand alone policies.

Winter · 02-05-2008, 07:21 PM

Originally Posted by loginname

Who sells this product? A partner of mine has a client asking about it. He wants to be able to provide a quote and compare to level term.

To answer your question, Old Mutual/Fidelity and Guaranty offers it. I certainly doubt that there is anyone who offers an underwritten decreasing term product. So you are going to have to compare decreasing non-med term to basic non-med term.

Winter

arnguy · 02-05-2008, 08:35 PM

A few years ago a company called Family Life offered it. I don't know if that still holds true, but it may be worthwhile to check it out ("google").

ims01 · 02-06-2008, 03:09 PM

VBA offers one also. But like everyone said. It is junk and will not save your client any money.

jaguar99 · 02-10-2008, 04:12 PM

Originally Posted by moonlightandmargaritas

My point exactly Ed. Who offers it?

American Income Life ( a Torchmark Company) offers this and the most expensive 10-year term on planet earth. Since the level term is so expensive, there are agents who suggest this product (because of the way it amortizes) as a form of income protection as well.

Imladris · 03-26-2008, 01:05 AM

Liberty National (also a Torchmark Company) offers it as well, but many producers don't even offer it because usually their other products will better meet their needs.

Markingriffin · 05-23-2008, 06:14 PM

I would never sell this product.

xrac · 05-23-2008, 11:25 PM

Originally Posted by Markingriffin

I would never sell this product.

Ditto!

The Rabbi · 05-24-2008, 03:48 PM

Who is the expert? The agent or the client? Who's in charge here?

I fire prospects if they want to control the conversation. Said goodbye to one this am.

Insurance Phoenix · 05-27-2008, 07:46 PM

In most circumstances a client's life insurance needs do not decrease. You may have the one in a few that has his/her finances in order and needs something to cover a specific loan amount over a specific period of time.

I think you may find a basic 10/20/30 year level term plan the same or less premium anyway.

Winter · 05-28-2008, 08:56 PM

Originally Posted by Insurance Phoenix

In most circumstances a client's life insurance needs do not decrease. You may have the one in a few that has his/her finances in order and needs something to cover a specific loan amount over a specific period of time.

I think you may find a basic 10/20/30 year level term plan the same or less premium anyway.

They would be less particularly since I doubt that there are any fully underwritten decreasing term plans. They would all be non-med.

Winter

arnguy · 05-29-2008, 12:18 PM

Ims01, what or who is VBA?