Am I Doing the Right Thing ?

[Mll0016]

Again,

I'm new to the FE industry.

I'm being trained now. Am I doing the right thing for these people. What would you do if you were in their situation? My trainer and I replaced a universal life policy this past week and I'm not sure if it was the right thing to do. I need some honest answers here. What do I do? I'm not looking to make money off gullible seniors. I want an honest living doing the right thing.

I'm doing final expense for the time being but is a whole life policy what you would do? Would you invest your own "premium payments" in other investments? Is this sincere? What's the move here? I'm looking into variability and term now.

From what I've found ( my couple months into this industry), it takes a smooth talker to convince an ignorant to sell them something they're not sure they want.

Whats the right move for them?

How can I know I'm doing the right thing for them?

Any advice would be appreciated

I come from a sales background where I'm confident I'm benefiting the client.

I feel sorry for clients. And I can't live like that (or make a living off such.).

Please, somebody, explain why a whole life policy is applicable or under what circumstances it's appropriate.

What would you do if you were these people ?

If it takes a greasy lie to change them, tell me. But if it's an honest sale, I'm more than willing to learn.

 

[SPUR CITY]

Again, I'm new to the FE industry. I'm being trained now. Am I doing the right thing for these people. What would you do if you were in their situation? My trainer and I replaced a universal life policy this past week and I'm not sure if it was the right thing to do. I need some honest answers here. What do I do? I'm not looking to make money off gullible seniors. I want an honest living doing the right thing. I'm doing final expense for the time being but is a whole life policy what you would do? Would you invest your own "premium payments" in other investments? Is this sincere? What's the move here? I'm looking into variability and term now. From what I've found ( my couple months into this industry), it takes a smooth talker to convince an ignorant to sell them something they're not sure they want. Whats the right move for them? How can I know I'm doing the right thing for them? Any advice would be appreciated I come from a sales background where I'm confident I'm benefiting the client. I feel sorry for clients. And I can't live like that (or make a living off such.). Please, somebody, explain why a whole life policy is applicable or under what circumstances it's appropriate. What would you do if you were these people ? If it takes a greasy lie to change them, tell me. But if it's an honest sale, I'm more than willing to learn.

I feel like a hero when I'm getting them out of a bad universal life plan that was not properly set up from the outset.


Nobody here truly knows the situation because we are not able to see the policy. There are good universal life plans out there if the agent was good enough to set it up properly from the get-go. I run into those every once in a while and I'll leave them alone.


You need to know what you're looking at before you can determine if you're doing the right thing or not. You don't sound properly trained.

 

[Mll0016]

I feel like a hero when I'm getting them out of a bad universal life plan that was not properly set up from the outset.


Nobody here truly knows the situation because we are not able to see the policy. There are good universal life plans out there if the agent was good enough to set it up properly from the get-go. I run into those every once in a while and I'll leave them alone.


You need to know what you're looking at before you can determine if you're doing the right thing or not. You don't sound properly trained.

I'm 2 weeks in. I'm not properly trained. Regardless.

If they're healthy at 50, 60, 70, what would you do for yourself.

 

[TampaHound]

I'm 2 weeks in. I'm not properly trained. Regardless.

If they're healthy at 50, 60, 70, what would you do for yourself.

Each sale and situation is different of course. Even though your boss may not like it at times a good rule to live by is "Am I doing the right thing for this person?"

Sometimes leaving the policy they have alone is the best option. Sometimes putting them into something better (even if it has a higher cost) is the way to go. Case in point, I recently wrote a 15 FE for a 48 year old female cancer survivor. I tried to convince her to go with a SIT or traditional term product (more insurance at a lower cost).

In her mind however the FE was the best option in case the cancer came back. Her top priority was making sure she could be buried. So we went FE.

Was it the best option for her? Truthfully no. But she is now happy and has some peace of mind. So it's a good option for her.

 

[indiana260]

Each sale and situation is different of course. Even though your boss may not like it at times a good rule to live by is "Am I doing the right thing for this person?"

Sometimes leaving the policy they have alone is the best option. Sometimes putting them into something better (even if it has a higher cost) is the way to go. Case in point, I recently wrote a 15 FE for a 48 year old female cancer survivor. I tried to convince her to go with a SIT or traditional term product (more insurance at a lower cost).

In her mind however the FE was the best option in case the cancer came back. Her top priority was making sure she could be buried. So we went FE.

Was it the best option for her? Truthfully no. But she is now happy and has some peace of mind. So it's a good option for her.

That was the best option for her. You think putting her in a plan that expires is better? Knowing she had Cancer and that it could come back or she could have circulation issues from the chemo.

I would have put her in a fe policy that would cover burial and then pitched the term if there was a need but highly unlikely. I would have just spent all she could afford on the fe.

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Each sale and situation is different of course. Even though your boss may not like it at times a good rule to live by is "Am I doing the right thing for this person?"

Sometimes leaving the policy they have alone is the best option. Sometimes putting them into something better (even if it has a higher cost) is the way to go. Case in point, I recently wrote a 15 FE for a 48 year old female cancer survivor. I tried to convince her to go with a SIT or traditional term product (more insurance at a lower cost).

In her mind however the FE was the best option in case the cancer came back. Her top priority was making sure she could be buried. So we went FE.

Was it the best option for her? Truthfully no. But she is now happy and has some peace of mind. So it's a good option for her.

That was the best option for her. You think putting her in a plan that expires is better? Knowing she had Cancer and that it could come back or she could have circulation issues from the chemo.

I would have put her in a fe policy that would cover burial and then pitched the term if there was a need but highly unlikely. I would have just spent all she could afford on the fe.

 

[TampaHound]

That was the best option for her. You think putting her in a plan that expires is better? Knowing she had Cancer and that it could come back or she could have circulation issues from the chemo.

I would have put her in a fe policy that would cover burial and then pitched the term if there was a need but highly unlikely. I would have just spent all she could afford on the fe.

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That was the best option for her. You think putting her in a plan that expires is better? Knowing she had Cancer and that it could come back or she could have circulation issues from the chemo.

I would have put her in a fe policy that would cover burial and then pitched the term if there was a need but highly unlikely. I would have just spent all she could afford on the fe.

I somewhat disagree for the following reasons.

1) We did not discuss this in the original post but the cancer was over five years ago and she has not had any test or other indication that it's going to come back anytime soon. We did not however talk about possible circulation issues.

2) Even if it did come back, as long as it was not within the first two years of the policy, I don't see how the company could decline a claim.

3) A SIT or FE policy would have provided her family more insurance at a lower cost.

4) Even if the term run out on her (20 years down the road) she would be 68 and fully eligible for an FE at that time. Would it have been more expensive for her? Of course...but at that time she would have paid less in the long term for a product with more coverage.

5) True with the FE she will have some cash value, but let's be honest here...do any of us expect a funeral to be 15K in a few years?

I know this is the FE forum and I know I did the right thing for my client based on her needs and her wants. At the same time, I still feel that a term would have been more beneficial for her personally.

My point though stays the same. Do what is best for your client. She wanted an FE, it made her happy. I sold her the FE.

 

[Newby]

I somewhat disagree for the following reasons. 1) We did not discuss this in the original post but the cancer was over five years ago and she has not had any test or other indication that it's going to come back anytime soon. We did not however talk about possible circulation issues. 2) Even if it did come back, as long as it was not within the first two years of the policy, I don't see how the company could decline a claim. 3) A SIT or FE policy would have provided her family more insurance at a lower cost. 4) Even if the term run out on her (20 years down the road) she would be 68 and fully eligible for an FE at that time. Would it have been more expensive for her? Of course...but at that time she would have paid less in the long term for a product with more coverage. 5) True with the FE she will have some cash value, but let's be honest here...do any of us expect a funeral to be 15K in a few years? I know this is the FE forum and I know I did the right thing for my client based on her needs and her wants. At the same time, I still feel that a term would have been more beneficial for her personally. My point though stays the same. Do what is best for your client. She wanted an FE, it made her happy. I sold her the FE.

From what you are saying she isn't trying to cover any temporary need (loans, income replacement, etc. ) She is indicating she wants to cover a permanent need (funeral).

Doesn't that tell you what kind of insurance to quote her?

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Again, I'm new to the FE industry. I'm being trained now. Am I doing the right thing for these people. What would you do if you were in their situation? My trainer and I replaced a universal life policy this past week and I'm not sure if it was the right thing to do. I need some honest answers here. What do I do? I'm not looking to make money off gullible seniors. I want an honest living doing the right thing. I'm doing final expense for the time being but is a whole life policy what you would do? Would you invest your own "premium payments" in other investments? Is this sincere? What's the move here? I'm looking into variability and term now. From what I've found ( my couple months into this industry), it takes a smooth talker to convince an ignorant to sell them something they're not sure they want. Whats the right move for them? How can I know I'm doing the right thing for them? Any advice would be appreciated I come from a sales background where I'm confident I'm benefiting the client. I feel sorry for clients. And I can't live like that (or make a living off such.). Please, somebody, explain why a whole life policy is applicable or under what circumstances it's appropriate. What would you do if you were these people ? If it takes a greasy lie to change them, tell me. But if it's an honest sale, I'm more than willing to learn.

Do you feel in your gut that your trainer is a person who does the right thing or one who makes a sale at all costs? You probably know already.

I do what I would sell to my own mother for everyone. I've replaced many ULs. I've walked away from many too. Each case is different.

You should never mix up investments and insurance. They are two different things. Insurance is for security. Investments always involve risk.

 

[nfl72]

"4) Even if the term run out on her (20 years down the road) she would be 68 and fully eligible for an FE at that time. "

I don't agree with this statement at all. We don't know what plans will or will not be available in 20 years. We don't know if GI plans will be available in the future. Vantis just cancelled theirs, maybe the others such as Gerber UHL etc will do the same thing. Maybe her health will be better but it just might be worse.

Its like when you meet with a client and they will only qualify for graded with a 2 year waiting period. So they think its a better idea to wait until they can qualify for level. Don't take no for an answer. Join the SWAT team!

Sell What's Available Today!

While their waiting for the cancer treatments to fall off they just might have a heart attack or stroke or develop Parkinsons, heaven forbid. If their health does get better rewrite them in the future if it is the prudent thing to do. If it takes a turn for the worse, something is better than nothing.

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"From what you are saying she isn't trying to cover any temporary need (loans, income replacement, etc. ) She is indicating she wants to cover a permanent need (funeral).

Doesn't that tell you what kind of insurance to quote her?"

well said

 

[indiana260]

I somewhat disagree for the following reasons.

1) We did not discuss this in the original post but the cancer was over five years ago and she has not had any test or other indication that it's going to come back anytime soon. We did not however talk about possible circulation issues.

2) Even if it did come back, as long as it was not within the first two years of the policy, I don't see how the company could decline a claim.

3) A SIT or FE policy would have provided her family more insurance at a lower cost.

4) Even if the term run out on her (20 years down the road) she would be 68 and fully eligible for an FE at that time. Would it have been more expensive for her? Of course...but at that time she would have paid less in the long term for a product with more coverage.

5) True with the FE she will have some cash value, but let's be honest here...do any of us expect a funeral to be 15K in a few years?

I know this is the FE forum and I know I did the right thing for my client based on her needs and her wants. At the same time, I still feel that a term would have been more beneficial for her personally.

My point though stays the same. Do what is best for your client. She wanted an FE, it made her happy. I sold her the FE.

The only way I would put her in a term policy would be rop. That would actually be a great idea for her due to her low age. Once the term runs out she could either pay for her funeral or better yet but a spwl if she qualifies.

I hadn't thought of this earlier but I would seriously consider this a a good option

 

[WinoBlues]

The only way I would put her in a term policy would be rop. That would actually be a great idea for her due to her low age. Once the term runs out she could either pay for her funeral or better yet but a spwl if she qualifies.

I hadn't thought of this earlier but I would seriously consider this a a good option

ROP term is what I was going to post as a possible option also. _If_ the UL was bad.