Vul, Ul, Iul

[briko3]

Oil went up during Katrina because production was cut. This oil platform was not yet producing which means that production was not cut. If BP wants to raise rates, they can, but they'll be the only ones.

 

[Robert Barney]

I read and read and read many books over these three products and somehow cannot understand them. The only I see them is that one is fit for lower class, lower to middle class and upper middle class...

Don't hate me, I'm so new to this and want to understand everything. Even my MGA cannot tell me the difference between them, because all he sell in his career is simplified whole life, or whole life, term and a few universal life.

No fault, I assume you are an agent getting started in the business. If you as an agent can figure this stuff out, pity the consumer.

If you want your clients to understand what they are buying, then the simplest and best strategy is keep investments separate from life insurance. That means most of the time selling term life. If your client needs whole life insurance, then sell no lapse UL with a guaranteed premium. That is the lowest cost form of whole life.

Stress to you client that if they should miss paying premiums for any of the above mentioned products, they lose their insurance.

Next, put them into investments that suit their ability to tolerate risk, and investments that they can understand.

Now they have two basic financial products.

Insurance, simple, understandable, and fully guaranteed.

Investments which are tailored to what they can understand, and which cannot be confused with their insurance.
- - - - - - - - - - - - - - - - - -

Which is why I don't invest into Gold, although I consider it more solid an investment than the paper, bonds, and funds of today.
I recommend silver, it is finite, and we are using more and more per year in technology alone. It is easily portable, tradeable, and has a much higher potential for increase and stability in price than gold. Silver will outperform gold in the long run due to its easiness of using it to back a majority of currencies as well.

Gold concerns me because the government has nationalized it in the past. If siliver, as you point out, becomes precious, then the government can do the same. As to portability, this assumes you have a place to store it that is safe. Good luck if you have to move any quantity of it.

 

[VolAgent]

If you want your clients to understand what they are buying, then the simplest and best strategy is keep investments separate from life insurance. That means most of the time selling term life. If your client needs whole life insurance, then sell no lapse UL with a guaranteed premium. That is the lowest cost form of whole life.

Stress to you client that if they should miss paying premiums for any of the above mentioned products, they lose their insurance.

Ok, while I don't agree with you about term vs. perm, I am not going to let you sit here and let you make completely unaccurate statements. No lapse UL is not whole life, in no way are they the same or is one a subset of the other. Calling no lapse UL whole life is just flat out wrong.

Second, missing a payment on a no lapse UL does not necessarily end the policy or the guarantee. As long as there is cash value in the policy, it will not lapse. Also, you can make an additional payment to restore the guarantee if you are late on a payment or miss a payment. The exact amount has to be calculated by the Home Office, but it can be done on many policies.

Even term has a grace period and a reinstatement period. As much as you like these products, I'm surprised you would give someone incorrect information.

 

[Guest]

Even term has a grace period and a reinstatement period. As much as you like these products, I'm surprised you would give someone incorrect information.

In fairness to Robert, I believe what he meant was that GUL is "like" WL in that it is permanent and level.

One can disagree with his politics and the way he has priced his software, as I do, but no one can fault his knowledge of insurance and the industry. He's been writing on the subject since the dinosaurs roamed and the articles he has published have always given agents good advice and information.

When you read his posts remember that he emigrated from Canada so English is not his native language. They speak a variant called Canadianlish up there.

Al
InsuranceSolutions123 Agency

 

[VolAgent]

In fairness to Robert, I believe what he meant was that GUL is "like" WL in that it is permanent and level.

If I hadn't seen him do the exact same thing on multiple threads, I might not have said anything. But he has referred to GUL as WL in multiple threads. I agree and disagree with him on multiple points, but WL and GUL can be confusing enough without calling the two products equivalent. Anyone who bought a GUL thinking they were getting WL or vice versa is going to be very disappointed.

For instance, I completely agree that total death benefit is more important versus how much permanent you own. But I believe he and numerous others try to portray all WL agents as ignoring the need and spending the entire budget on WL. If the entire need can be met, and there is still money left for permanent insurance, I think it is a great thing to go ahead and get some in-force.

 

[Robert Barney]

Once again, whole life is insurance in force for the whole of your life. Fully guaranteed, no lapse UL to age 121 meeting that criteria in spades.
- - - - - - - - - - - - - - - - - -

In fairness to Robert, I believe what he meant was that GUL is "like" WL in that it is permanent and level.

If you want to make a point, do it without appearing to be my explainer. If that is what I meant, I would have said that.

 

[VolAgent]

Once again, whole life is insurance in force for the whole of your life. Fully guaranteed, no lapse UL to age 121 meeting that criteria in spades.
- - - - - - - - - - - - - - - - - -


If you want to make a point, do it without appearing to be my explainer. If that is what I meant, I would have said that.

And just as Death Cab said on the other thread, you are dead wrong. It doesn't even matter if your E&O is paid up, you know better and that is a blatantly wrong statement. WL does not rely on a secondary guarantee for its lifetime level premium or guaranteed death benefit. GUL does, they are not the same, and you are misleading someone to tell them they are equivalent. If they were truly equivalent, then the premiums would be much closer, but they are not the same and thus the premiums are quite different.

Your attorney is going to love you if you tell prospects and clients this, because one day someone will buy a GUL from you, and think they got a WL. That is a slam dunk lawsuit if I ever saw one.

 

[Guest]

Once again, whole life is insurance in force for the whole of your life. Fully guaranteed, no lapse UL to age 121 meeting that criteria in spades.
- - - - - - - - - - - - - - - - - -


If you want to make a point, do it without appearing to be my explainer. If that is what I meant, I would have said that.

You just did above. So what is your problem? Now who is being, in your words, an "arrogant prick?"

Robert, I was giving you a compliment. I meant no disrespect. You should work on not being an a$$hole ALL the time. Some of the time is fine... but being an a$$hole ALL of the time is very hard to do. I'm one of the few people who excel at it, and you are hardly in my league.

It's no wonder so many people disagree with you... in this one and in other life threads. Someone tries to come to your assistance and you kick them in balls. I hope you treat your customers better.

 

[Death Cab For Tootie]

Once again, whole life is insurance in force for the whole of your life. Fully guaranteed, no lapse UL to age 121 meeting that criteria in spades.
- - - - - - - - - - - - - - - - - -


If you want to make a point, do it without appearing to be my explainer. If that is what I meant, I would have said that.

Robert, if you want to refer to coverage that lasts as long as an insured lives, call it 'permanent insurance'. To say otherwise is misleading.

 

[Robert Barney]

You just did above. So what is your problem? Now who is being, in your words, an "arrogant prick?"

Robert, I was giving you a compliment. I meant no disrespect. You should work on not being an a$ ALL the time. Some of the time is fine... but being an a$ ALL of the time is very hard to do. I'm one of the few people who excel at it, and you are hardly in my league.

It's no wonder so many people disagree with you... in this one and in other life threads. Someone tries to come to your assistance and you kick them in balls. I hope you treat your customers better.

Alan, you wouldn't know how to give a compliment if your life depended on it. So please don't try.

I think I have done my best to avoid engaging you on this forum and you would be well advised to do the same, although I understand you are gripped by an incredible compulsive need to follow me around like a puppy.

I bet you can't avoid me - even though I have avoided you.

For example, did you think I didn't notice you posting about UK students using drugs to enhance their scores. Do I think you made that posting because you know all 4 of my kids graduated from that university - you bet. But did I bother to respond, and any way to that posting, no I didn't. Why? Because I want absolutely NOTHING to do with you, NOTHING. And I know I speak for many here. So please Al, do me a favor, when you are tempted to post in response to me, or to pay me a compliment, or to explain something I said, pause and remind yourself that to everyone else it just looks like you can't control yourself.

And quit jumping into threads where other people don't agree with me and pile on.
- - - - - - - - - - - - - - - - - -

Robert, if you want to refer to coverage that lasts as long as an insured lives, call it 'permanent insurance'. To say otherwise is misleading.

So permanent insurance is not whole life insurance?

You need to staighten these guys out:

whole life insurance: Definition from Answers.com

Whole Life Insurance Definition - What is Whole Life Insurance?