Tips for Buying Permanent Insurance?

[DHK]

Glad to see you back!

- You are young (30 year old), so you can run some risk, I would prepare an ENERGY companies portfolio for you, you give the number you want to place into that invetment.

Be careful when writing out any kind of investment strategy online. I do not know if you are properly licensed and registered for such advice not only in your home state, but also in the state where the intended poster lives (in this case - Texas).

This post *may* be okay as you are not recommending any specific securities, or even getting specific into the type of "energy companies" (Solar? Oil?), but I would be careful. Posting like this *could* be considered "advertising" by a compliance department and without pre-approval could subject you and your firm (if registered) to fines and/or other consequences.

 

[scagnt83]

- Because of you age, I would give a $400,000 WL, MassM include at no cost LTC on it

That is incorrect.

There is both a hard cost (in the premium) and a soft cost (less dividend to CV) to the LTC Rider with Mass.

 

[regularAgent]

I was out of town, I will take care of what you said.

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I'm not sure, about the lower div. in a WL with LTC in MassM. since a LTC is free or built-in product for their WL, with any rider there always price to pay but he can always ask.
In NYL, the LTC is over a rider and has some cost (Very high but less than buying the product on it own). I will check about the efect over the Div.

 

[scagnt83]

I'm not sure, about the lower div. in a WL with LTC in MassM. since a LTC is free or built-in product for their WL, with any rider there always price to pay but he can always ask.
In NYL, the LTC is over a rider and has some cost (Very high but less than buying the product on it own). I will check about the efect over the Div.

LTC is not built in and it is not free. You are incorrect. Ive sold Mass WL for 8 years now. I know this to be an absolute fact.

The LTC Rider is an optional election. It is not automatically added to the policy.

There is a cost that is added to the Premium for the LTC Rider. This cost is broken down in the illustration.

The LTC Rider is technically a Dividend Option. Dividends are diverted from Paid-Up Additions, and used to fund the LTC Rider. So there are fewer Dividends going to build Cash Value.

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Also, Mass does not offer a spousal or child Rider. So that recommendation would be incorrect as well. However, Guardian does offer those two Riders.

 

[regularAgent]

Yes you are righ I had check.
Adding the LTCAccessSM Rider to a MassMutual Whole Life
Legacy 100SM (Legacy 100) insurance policy can help you
address both your life insurance protection and long term care
needs with a single policy.

Policy dividends – The payment of benefits under the
LTCAccess Rider will not impact your policy dividends,
which will continue to be based on the full Face Amount
of your policy. Dividends are not guaranteed.

http://swanwealth.com/pro/wp-content/uploads/sites/2/2015/07/2012-NEW-LTC-Client-Guide.pdf

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Let have a look at MassM policy scagnt83. This guy said he and his wife had a good income, just like an excecutive. and he wants $2MM in protectin, well here is the policy that correspond. Made trough his employer, better if he is self employ.

MassMutual Introduces Two New Group Life Policies for Executives
........The new Executive Group LifeSM fixed and variable insurance policies offer executives and highly compensated employees the potential to secure higher death benefits than typically available through group term life insurance policies. ........

....Guaranteed Issue underwriting available to age 70 for basic employer-paid coverage and for coverage amounts up to $3 million

.....Comprehensive riders* include Accidental Death Benefit Rider, Children’s Level Term Rider, Spouse Level Term Insurance Rider, Waiver of Monthly Charges Rider, Accelerated Benefits for Terminal Illness Rider, and Overloan Protection rider..........

This is no more that an exceutive bonus It can be paid like this:

......Premiums for the policies, which are sold exclusively through the workplace, can be employer-paid, voluntary or contributory....

https://www.massmutual.com/about-us...es-two-new-group-life-policies-for-executives

 

[scagnt83]

Let have a look at MassM policy scagnt83. This guy said he and his wife had a good income, just like an excecutive. and he wants $2MM in protectin, well here is the policy that correspond. Made trough his employer, better if he is self employ.

MassMutual Introduces Two New Group Life Policies for Executives
........The new Executive Group LifeSM fixed and variable insurance policies offer executives and highly compensated employees the potential to secure higher death benefits than typically available through group term life insurance policies. ........

....Guaranteed Issue underwriting available to age 70 for basic employer-paid coverage and for coverage amounts up to $3 million

.....Comprehensive riders* include Accidental Death Benefit Rider, Children’s Level Term Rider, Spouse Level Term Insurance Rider, Waiver of Monthly Charges Rider, Accelerated Benefits for Terminal Illness Rider, and Overloan Protection rider..........

This is no more that an exceutive bonus It can be paid like this:

......Premiums for the policies, which are sold exclusively through the workplace, can be employer-paid, voluntary or contributory....

This thread is about individual policies.

You posted about individual policies.

I responded regarding individual policies.

I would suggest you refrain from giving advice & info about products that you are not educated on. It could be dangerous for consumers who read your post and think that you know what you are talking about.

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Also, group products have minimum participation rates. Meaning you need a certain amount of employees enrolled in the Plan for it to be sold.

There are zero group policies that cover just a single Owner. By definition, that is not a group policy.

Minimum I know of for Life Insurance is 3 lives minimum.

 

[regularAgent]

This is not a policy offert to a group scagnt83, is an individual policy offer by the employer to one by one EXECUTIVE CLASS employee, whoever he may consider they may be, of course for some particular pourpose (.......). contrubuitory or not. the word contribuitory speak by itself.

The name: The new Executive Group LifeSM fixed and variable insurance policies
is just refering to a group of products develop by MassM..

I have never seen a life insurance product being sold as group..

Sure executive bonus was of my favorites product my collegue. I think I know something about it.

As far as can see we shouldn't being giving any kind of advise to other people client, that is a big mistake.
The guy who initiated this threat, sure is now more confused that he has ever being. and so is going to be his agent who is not aware of what is going on here.

 

[DHK]

Nope. This is not a group OF policies. This is group life insurance.

How can I tell?

https://www.massmutual.com/about-us...es-two-new-group-life-policies-for-executives

1. Executive Group Life. It's right there in the name.
2. Guaranteed Issue underwriting available to age 70 for basic employer-paid coverage and for coverage amounts up to $3 million (coverage amounts are based on a formula and apply to all insureds within the defined group).
3. Employer-paid coverage and supplemental coverage will be combined on one certificate.

Group Life Insurance

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And this is different from voluntary payroll deduction plans that you might be familiar with at NYL.

 

[scagnt83]

This is not a policy offert to a group scagnt83, is an individual policy offer by the employer to one by one EXECUTIVE CLASS employee, whoever he may consider they may be, of course for some particular pourpose (.......). contrubuitory or not. the word contribuitory speak by itself.

The name: The new Executive Group LifeSM fixed and variable insurance policies
is just refering to a group of products develop by MassM..

I have never seen a life insurance product being sold as group..

Sure executive bonus was of my favorites product my collegue. I think I know something about it.

As far as can see we shouldn't being giving any kind of advise to other people client, that is a big mistake.
The guy who initiated this threat, sure is now more confused that he has ever being. and so is going to be his agent who is not aware of what is going on here.

You are partially correct... it is a group based individual policy.

It uses group underwriting and group requirements (ie. minimum participation requirements AND minimum premium requirements).

Life Insurance is sold as a Group Contract every day of the week. Very common.

Its clear you have never sold this product or know how it works. Im not sure why you keep trying to convince us otherwise. Its ok to not know about a product. And its ok to be wrong. Its one of the best ways to learn. But use it to learn, dont deny it and just keep going.