What Insurance Products do You Personally Use Besides P&C?

[entrep1776]

Do you drink the kool-aid?

Wondering what products agents use besides P&C.

on P&C i have house, car, umbrella.

I really don't use anything else. I'm single guy and enough money to put me in the ground. My dogs probably wouldn't have too much trouble finding a new home.

 

[jboussea]

I obviously have auto insurance.. I sell life .. but I do not qualify for any life insurance right now due to my health .. i might get a table 6 after a year with no issues.

I would actually love do most of my retirment savings within a life insurance contract... I would do both a participating whole life and an IUL

for both of these I would write up my own policy and get the asset base compensation... You can't get a better investment anywhere.. .

 

[entrep1776]

I obviously have auto insurance.. I sell life .. but I do not qualify for any life insurance right now due to my health .. i might get a table 6 after a year with no issues.

I would actually love do most of my retirment savings within a life insurance contract... I would do both a participating whole life and an IUL

for both of these I would write up my own policy and get the asset base compensation... You can't get a better investment anywhere.. .

I don't understand. Could you provide example with some numbers? Thanks.

 

[jboussea]

I don't understand. Could you provide example with some numbers? Thanks.

I'm not sure where you need clarification . but let's assume you understand the concept of max funding an IUL policy or a participating whole life

I max fund my policy 5000 a year in an IUL .. in 32 years when I"m 65 .. with an average crediting rate of 65 .. I'm at 461k

now let's say I get 80% 1st year commission. I basically got 4000 of the 5000 I paid back .. while that 5k is growing. as the cash value in my policy grow .. I can earn about .20% a year so when I"m 65 .. not only I got 461k that I can start turning into income.. I also got a little bit of change.. in this case .25% is about an extra 1k

now in that case if I wasn't taking asset based comp.. my 1st year commission would be higher ..let say 95% .. but you wouldn't be making money every year on your own policy cash value

 

[entrep1776]

I'm not sure where you need clarification . but let's assume you understand the concept of max funding an IUL policy or a participating whole life

I max fund my policy 5000 a year in an IUL .. in 32 years when I"m 65 .. with an average crediting rate of 65 .. I'm at 461k

now let's say I get 80% 1st year commission. I basically got 4000 of the 5000 I paid back .. while that 5k is growing. as the cash value in my policy grow .. I can earn about .20% a year so when I"m 65 .. not only I got 461k that I can start turning into income.. I also got a little bit of change.. in this case .25% is about an extra 1k

now in that case if I wasn't taking asset based comp.. my 1st year commission would be higher ..let say 95% .. but you wouldn't be making money every year on your own policy cash value

Thanks for taking the time to explain. So pay $5,000 a year. Get $4,000 back in commission. 32 years, you put in $32,000. It should be worth $461k? Sounds like a great deal. I want to do this this year. Any pitfalls to watch for? How come more agents don't do this?

 

[bboman23]

Thanks for taking the time to explain. So pay $5,000 a year. Get $4,000 back in commission. 32 years, you put in $32,000. It should be worth $461k? Sounds like a great deal. I want to do this this year. Any pitfalls to watch for? How come more agents don't do this?

The 4k back is for the first year...not every year.

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Do you drink the kool-aid?

Wondering what products agents use besides P&C.

on P&C i have house, car, umbrella.

I really don't use anything else. I'm single guy and enough money to put me in the ground. My dogs probably wouldn't have too much trouble finding a new home.

You starting to see your paralysis by analysis yet? You really are wasting everyone's time that is willing to answer you. Go get licensed already or make your mind up to not do it and go away.

Every thread is you asking some off the wall question that you'll never put into action.

 

[MGBAgency]

Do you drink the kool-aid?

Wondering what products agents use besides P&C.

on P&C i have house, car, umbrella.

I really don't use anything else. I'm single guy and enough money to put me in the ground. My dogs probably wouldn't have too much trouble finding a new home.

What if you get sick and rack up debt or expenses? Or become disabled? I have life with LTC and disability waiver. 400k Ad and D. Auto, home umbrella.