Looking For a Whole Life Policy

[coachd]

Steve,
I like your honesty. Before you pick what product, decide what you want to do.
I have been doing this a long time to know that you must start with the end in mind. If you have this(I think you do ), share this with the person that is helping you. If you are working with the right person they will help you more.
I do not car where you are in IL. If you have a question I will answer it for you. I do a lot of overfunding of whole life and have a number of policies myself. That being said I do not think everyone should have these types of policies either. I am not a fit a circle into a square type guy. The math major in me I guess.
Best to you,

 

[BNTRS]

But if someone really wants to talk about 529 plans...

Eww no

529, anyone here ever recommended one that really worked out well? I've never run into one. There are much better ways to address this.

 

[DHK]

Eww no

529, anyone here ever recommended one that really worked out well? I've never run into one. There are much better ways to address this.

Sure! I did.

I recommended one.

It worked out well.

For me.

As the broker.

I got a commission.


Oh wait... you were asking about the client that opened it.

Well... Um... Yeah... About that?

 

[Bluefin646]

Dear Max,*
Very curious to here your thoughts on WL and what actually occurs 20,30,40 years down the road. *We are 39 yr old parents of 3: 8, 6, & 4 yr old kids. I have 2mln 20 yr term taken out in 2007. *The wife has 500k 20 yr term taken out in 2005. *Am considering WL policy of either 250 or 500k and have term to make up the difference. Annual income ~ 250k / yr. *401k is $290k for me, $40k for the wife. *
Thoughts, have some insurance out past 20 years, be able to borrow against, want to front load the pua's. *A few questions: how do I purchase the most Efficient policy, with proper riders, that work for OUR family. *I view the industry (whether properly or not) as one that prices policy's accordingly to what people are willing to pay for. Ie, most get pre-packaged ok at best policy's that work on behalf of the company, rather than the owner. *I want to get the most bang for my buck today, and also have the most options down the road with respect to my money, and ability to USE it. *
Direct vs non direct recognition WL? *Which is best, why? *
Is total disability rider good value, or over priced rider?
Guardian has a pay 10, fully funded in first 10 years , seems like a no brainer since everyone has stories of policy "suppose" to be paying for itself in 12-15 years, except yr 13 comes and they are writing a check, do NOT want that to be me!*
Is steady death benefit good for me or insurance co? *
I am fully aware that combining insurance w investment is dumb idea. *We like the aspect of DB after 20 years, borrowing against policy, forced savings plan etc. *We also like that if policy is structured correctly, there are other financial benefits to it. *
What other riders, or items am I not thinking of to "supercharge" my policy to work for us?

Thx,
Tim

 

[Larry Tew]

These threads are hilarious! At best, the OP is usually outed as NOT being a concerned consumer within a couple of posts, and then here comes ANOTHER consumer with one post who is talking right out of the box about PUA's, waiver, 10-pay, direct vs non-direct, fully funded, etc. Advisors don't understand all those terms after a year of licensing but a fresh off the bus consumer gets it by reading one thread?

 

[Bluefin646]

Larry,
Thx for proving my pt that majority of insurance agents are interested in yld to them via upfront commission vs benefit to client over a lifetime. The primary reason most buy term is cause it's limited outlay for max protection and the screw factor via greedy salesman is minimal. Let's not debate most expire worthless, etc etc. Bottom-line defined coverage, defined cost, fluff/bs factor is nullified.
So I ask a few questions to max my policy and it's laughable? Only b/c your easy $ days are long behind you and selling policy abc to majority of your clients is over. You do your industry a major dis-service by posting such an insulting response. It's such a dumb bz cause u even admit, after a year of production, agents don't have a working knowledge of the most important concepts. At best, funny, at worst despicable.
The industry is comparable to food coupons. U want to pay 6.99 for box of kelloggs cereal go rt ahead. U can grab a coupon rt under the box for $1 off, and u can use your grocery card for 50c off but most just pay the $6.99 and move on. That's what u agents feed on, the careless (I'm being nice) carefree, and concerned client, that is easily sold a shXt policy.
Even the best crafted WL policy is questionable at best, does not say much for your industry. Calling an overpayment a "dividend" is hysterical. Claiming CV is the client's is another classic
charmer. Oh, and taking the cake is, look here mr and mrs client; when Jr is 17, the policy will start paying for itself. Let's fast forward to Jr's 17th b-day; coomments from the 4th salesman on the acct since it was open, "well, the divvy assumptions fell short of expectations and your going to have to pay the prem til you are 99 or 115 or 121 years old.".
Yes, I think industry is slimy at best, unless I can get a policy that works for MY Family I will also buy a 30 yr term so I don't finance your 4th car payment, or 2nd home payment from a policy that benefits you, the salesman, on the front end, the insurance co the life of the policy, and maybe me.
What a bz, sell shXt products and then complain when the custy asks a question. That, my lowly salesman, is Funny.

 

[Bluefin646]

What a bz, sell crap products, then poke fun at custy that is trying to max his out his policy. There is the problem with your 'industry' summed up in one simple example.

 

[Larry Tew]

What a bz, sell crap products, then poke fun at custy that is trying to max his out his policy. There is the problem with your 'industry' summed up in one simple example.

Nice try. Ain't buyin' the whole "custy" thing. Besides, are you saying that prior to my post, you were looking for intelligent ways to "max out" your policy? (BTW, in 31 years I've NEVER had a client use the term "max out his policy".) And now AFTER my post, that great policy you want to max out has magically turned into a "crap product"? That's interesting, since I usually have the opposite effect with my custies.

This was about as subtle as a 20/20 indexed annuity sting. Look, just have a laugh like I did. I would never want to offend an actual custy here on the board or certainly in real life. Nothing personal.

 

[Bluefin646]

Well, u just re-affirmed my original belief that WL, unless perfectly set-up by the client, demanding the most from the policy, is the ONLY way to get an efficient policy. By default, your goals are inverse to mine. You lQQking to max out "yield to Larry" which automatically lowers the client yield over "rest of life". Flawed industry that needs willing clients to believe that a dividend is a real "return" vs return of overpayment.
Unfortunate that my first post was screened out.
Why, under any circumstances, would u offer a more efficient policy that works smarter for a client, that also has a lower commission to Larry ? The answer is.........we have a winner, NEVER!

 

[VolAgent]

Well, u just re-affirmed my original belief that WL, unless perfectly set-up by the client, demanding the most from the policy, is the ONLY way to get an efficient policy. By default, your goals are inverse to mine. You lQQking to max out "yield to Larry" which automatically lowers the client yield over "rest of life". Flawed industry that needs willing clients to believe that a dividend is a real "return" vs return of overpayment.
Unfortunate that my first post was screened out.
Why, under any circumstances, would u offer a more efficient policy that works smarter for a client, that also has a lower commission to Larry ? The answer is.........we have a winner, NEVER!

Did you manage to pass third grade before they kicked you out of school at age 18? What is your agenda? You obviously have limited knowledge of insurance and with your closed mind, you aren't here to learn.