Policy Owner Dies - No Will
- Thread starter myinsurebiz
- Start date
- 11,275
- Thread starter
- #33
- 5,935
Interesting day . . . Learned about GUL's and FIUL's . . .
- 11,275
That does not fill me with confidence in how you might sell them.
I STRONGLY recommend you look at scagnt83's posts on how to structure an IUL policy the right way to generate retirement income. I also recommend that you learn how to present the CONCEPT of an IUL as capturing the upside index volatility without the downside... even though illustrations will show a "straight 7%" per year.
Otherwise, you're going to be a very dangerous agent... and your clients will be the ones that lose.
https://www.ethics.net/a/misrepresentation-and-ignorance-a-dangerous-blend-for-ethics
I STRONGLY recommend you look at scagnt83's posts on how to structure an IUL policy the right way to generate retirement income. I also recommend that you learn how to present the CONCEPT of an IUL as capturing the upside index volatility without the downside... even though illustrations will show a "straight 7%" per year.
Otherwise, you're going to be a very dangerous agent... and your clients will be the ones that lose.
https://www.ethics.net/a/misrepresentation-and-ignorance-a-dangerous-blend-for-ethics
- Thread starter
- #35
- 5,935
I'm leaning towards using the income or growth benefit of the FIA, that is funded with Qualified money, to fuel the FIUL and create the Long Term Care benefits, while protecting the transfer of assets with the least taxation as possible . . . Unlimited possibilities . . .
^ ^ ^ when I can figure this all out + dumb it down so the construction company owner can easily understand it - a Win Win!
- 11,275
And THAT is exactly why I'm afraid for you and your clients.
You CANNOT fund an FIUL with qualified money. It ends up being a DISTRIBUTION from the qualified plan (taxable with possible penalties). Do you know enough of the tax code and enough of qualified plans to do this right and ethically? Do you know how to calculate a 72t? Do you know the terms, conditions to do this right - and how it would screw up your client if you do it wrong?
My feeling is that this is above your pay grade and you'll be a compliance nightmare.
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You don't know what you don't know.
Your clients would be safer with you selling final expense and term life. It's a lot harder to screw those up and open yourself up to E&O claims, although it can still happen.
- 24,967
Oh, GeezUs! You can not be real.
I find it hard to believe that an IMO partners with you.
- 11,275
Yeah, I'm thinking he's high on some kind of "commission crack"... or maybe even REAL crack.
Going forward, I'm only going to tell him every reason why his ideas and theories won't work to try to shake some reality into him. He's quite dangerous with what he thinks he knows.
I sure hope his E&O is paid up... but even then, some of his ideas might end up being so negligent, that a smart court would call it fraud and he'd have no coverage and no defense for his recommendations.
Going forward, I'm only going to tell him every reason why his ideas and theories won't work to try to shake some reality into him. He's quite dangerous with what he thinks he knows.
I sure hope his E&O is paid up... but even then, some of his ideas might end up being so negligent, that a smart court would call it fraud and he'd have no coverage and no defense for his recommendations.
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The only reason to follow this guy's posting is that a train wreck is always entertaining-anyone who has ever offered annuities to clients with any success knows how tough it is to succeed. He will have moved on to something else very shortly, just as he has with each of his other 'programs'.
