Life Insurance Vs Investment Account

[maxherr]

In my years experienced as an agent I will never sell WL or UL products to my clients.

As PCB stated above, written like a true Primerica rep. Unfortunately, too many Primerica reps fail to understand that Term Life is not the only, nor is it always the best, solution. Failing to recommend the correct product for a client's needs is a negligent act and will get you into legal trouble. Putting someone into a Term policy when some form of Cash Value insurance would be more appropriate is . . . UNETHICAL.

Primerica reps, along with Dave Ramsey and Suze Orman, need to learn that certain situations are not going to be properly addressed with a Term policy. And in those situations, they will have to give the business to another agent who can actually help the client. Failure to do so, and selling a person the wrong product just to make the sale is going to lead to litigation, and you could end up sitting across the table from someone like me who is testifying against you as an expert witness for the plaintiff.

 

[DWPCL]

As PCB stated above, written like a true Primerica rep. Unfortunately, too many Primerica reps fail to understand that Term Life is not the only, nor is it always the best, solution. Failing to recommend the correct product for a client's needs is a negligent act and will get you into legal trouble. Putting someone into a Term policy when some form of Cash Value insurance would be more appropriate is . . . UNETHICAL.

Primerica reps, along with Dave Ramsey and Suze Orman, need to learn that certain situations are not going to be properly addressed with a Term policy. And in those situations, they will have to give the business to another agent who can actually help the client. Failure to do so, and selling a person the wrong product just to make the sale is going to lead to litigation, and you could end up sitting across the table from someone like me who is testifying against you as an expert witness for the plaintiff.

Maxherr is on a roll today!

 

[slcbtff]

Good advice. I'll tell my clients who want to leave a legacy or do estate planning that they should just buy term (which won't be there if they live too long) and invest the difference in something that may earn 15% (or lose 40%). I'll let them choose where they'd rather put their money.

People buy guarantees and there are plenty of uses for permanent insurance. Then again, if you work the bottom of the market (same people Dave Ramsey, etc. market to) maybe term is the best thing for you to be selling. Just don't think that's the market the rest of us go after.

Dave Ramsey has a huge chunk of permanent life insurance.

 

[VolAgent]

Dave Ramsey has a huge chunk of permanent life insurance.

And what proof do you have of this? Dec pages, signed illustrations?

 

[bqdoyle]

Trolling pretty hard there for a first post...

Right?! I mean, come on, disinformation is so boring, and if you actually believe that everyone should only buy term, then you either:]

a) have not a clue as to what you are talking about, or
b) you haven't been fortunate enough to work with a solid mutual who, i have, I dare say, one of the most versatile and usefully engineered safe money instruments in whole life.

There is beauty in a whole life contract's utility, and I think maybe revisiting a mutual with excellent whole life might change your outlook.

But I doubt it, because you would have to come out from under the bridge to visit said mutual, and that's probably not happening anytime soon.

Troll on, good time-waster.

 

[apstanford53]

Well i'll tell you this, you're not gonna sell a 74 year old a term policy are you? I mean what happens if they outlive that ten year term? Well if, and thats a big IF, they still medically qualify for a decent policy at 84 its gonna be for half the death benefit for the same premium or a higher one! Everywhere i go people are saying WL is a terrible investment or a terrible form insurance, gosh that ticks me off. Because most of the time its some millionaire who actually has permanent insurance on themself.

 

[MrDrClover]

Hi everyone! I'm new to this forum but I have a few things to bring to your attention to those who are thinking of purchasing insurance and to the brokers who sell these products.

First I'd like to say that LIFE insurance should solemnly be used to protect your income if God forbid something were to ever happen to you. In my years experienced as an agent I will never sell WL or UL products to my clients. WHY? Because who wants to fund an account every month with 300 to 600 $ and then be told that they have to "borrow" their own money? You can just put that under your pillow every month and use your money whenever you please. Not to mention most of these cash value accounts work at a 4% and require you to borrow at an 8% loan interest. Please be smart and buy Term.

I had a client paying 155 a month for 150k and according to the guaranteed section of the illustration she wasn't going to have a policy in 10 years.... I gave her 150 a month for 500k

Go figure.

If you want to have an "investment" account and actually grow your own money I suggest opening a mutual fund, IRA, Roth IRA where your money will grow up to 15%

this post is not for the purpose to offend any agents, it is only the way I work with my clients.
FEEDBACK IS WELCOMED have a nice day

Car selfies and ignorant self absorbed comments to start off here. Working in Los Angeles? Maybe Hollywood?

 

[Larry Tew]

I think we can all relax. The OP only made 3 posts, all in this thread, and hasn't been logged in since Nov. 5th.

 

[Justin Bilyj]

As PCB stated above, written like a true Primerica rep. Unfortunately, too many Primerica reps fail to understand that Term Life is not the only, nor is it always the best, solution. Failing to recommend the correct product for a client's needs is a negligent act and will get you into legal trouble. Putting someone into a Term policy when some form of Cash Value insurance would be more appropriate is . . . UNETHICAL.

Primerica reps, along with Dave Ramsey and Suze Orman, need to learn that certain situations are not going to be properly addressed with a Term policy. And in those situations, they will have to give the business to another agent who can actually help the client. Failure to do so, and selling a person the wrong product just to make the sale is going to lead to litigation, and you could end up sitting across the table from someone like me who is testifying against you as an expert witness for the plaintiff.

I would love to see Primerica get sued big time for always recommending term over permanent and then sticking the money in the market and losing it for them.

 

[DHK]

Along with any CFP that is following their own method of "fiduciary duty"?

As far as losing money in the market... that requires having had a risk tolerance discussion and a proper time horizon established before recommending the investment vehicle. When the question comes up that "you lost my money", you simply point back to the risk tolerance and time horizon and recall that this is a moment of volatility.

That lawsuit won't happen. Term life is a 'need' product, while Permanent life insurance is a 'want' product. Until public perceptions change, this is gonna be the way it is.