Whole Life Term Life Universal Life

[thethrowdest]

Be more specific.

Does compulife also do whole life as well?

 

[Newby]

Define whole life. I consider no lapse UL to be whole life. I have others who say so, whole life is different. They prefer the generic term "permanent life" to describe what I have typically called whole life. Question: What are you referring to when you say whole life? ---------- No Larry, this is pretty darn simple. Someone calls me a liar. I have every right to ask what lie I am supposed to have told. I realize you don't need any specifics to confirm your conclusions, but then not everyone has the same ill will toward me as you do. And please, save me from the patronizing BS.

That's pretty neat. You could also call it a mutual fund. Or an IRA. As long as you are calling it something that it's completely not just go all the way. Most of your customers wouldn't know.

Whole-life MUST have a guaranteed endowment age. That's what whole-life is. GUL is not the same product as whole-life.

 

[Robert Barney]

Re: I Need a Term Life Quote Engine for my *** Website

Whole-life MUST have a guaranteed endowment age.

OK, so I put the above line into google, looking for something that said essentially the same thing.

Crickets.

So you will be happy to now provide me a link to something authoritative that says the same thing.

I see I have NO TAKERS as to where the term "whole life" came from.

I went to wikipedia to find this:

Whole life insurance, or whole of life assurance (in the Commonwealth of Nations), sometimes called "straight life" or "ordinary life," is a life insurance policy which is guaranteed to remain in force for the insured's entire lifetime, provided required premiums are paid, or to the maturity date.[1] Premiums are fixed, based on the age of issue, and usually do not increase with age. The insured party normally pays premiums until death, except for limited pay policies which may be paid-up in 10 years, 20 years, or at age 65. Whole life insurance belongs to the cash value category of life insurance, which also includes universal life, variable life, and endowment policies.​

https://en.wikipedia.org/wiki/Whole_life_insurance

Let me shorten up the key part, which I agree with. It says:

Whole life insurance, or whole of life assurance, is a life insurance policy which is guaranteed to remain in force for the insured's entire lifetime.​

So that seems to agree with me. "Whole Life" comes from the logic that a whole life policy is a policy in force for the "whole" of your "life".

Now forgetting the last line of the paragraph, what we have in this paragrpah is a description of whole life without ANY reference to endowment, and a description which can be used to describe a no lapse UL to age 121.

So the rest of you better get busy and correct the Wikipedia definitions and descriptions, because apparently I'm not the only person who is misleading the general public when I use the term "whole life" to describe ANY policy that remains in force for the "whole" of a person's "life".

 

[Robert Barney]

Re: I Need a Term Life Quote Engine for my *** Website

Bob, you are wrong. I do and have sold both Whole Life and UL/GUL for many years.

I was referred to to person that had been sold a Term to age 95 policy 10 years ago. She was confused why the premium was suddenly blowing up. The scumbag agent even left his quote sheet that said term to age 95. Nowhere did he write down 10 year level premium. .. Technology correct I guess. Misleading non the less. I looked him up and he is no longer an agent. Good for the public I think.

Then he/she joined the ranks of the other 95% of agents who don't make it past 5 years. Given the revolving door of agents passing through the life insurance industry, I think the industry has to assume some collective responsibility for creating a business model where just about anyone can qualify for a license to sell life insurance, and where the basis of recruitment does little to determine the fitness of those we unleash on the public.

As to the specific example of a product called "Term to age 95", you will note that when Compulife/Term4Sale quotes a product, the product name is shown clearly, and where I consider the product name not very clear about what the product is, will add a descriptive note. I do so because I share your concern.

But while we are on this nomenclature tangent, tell me, do you think Protective Life's Custom Choice UL - 10 Year No Lapse is a term product or a permanent product? After all, it's UL and I have been told that UL is a permanent product.

 

[WinoBlues]

Re: I Need a Term Life Quote Engine for my *** Website

Then he/she joined the ranks of the other 95% of agents who don't make it past 5 years. Given the revolving door of agents passing through the life insurance industry, I think the industry has to assume some collective responsibility for creating a business model where just about anyone can qualify for a license to sell life insurance, and where the basis of recruitment does little to determine the fitness of those we unleash on the public.

As to the specific example of a product called "Term to age 95", you will note that when Compulife/Term4Sale quotes a product, the product name is shown clearly, and where I consider the product name not very clear about what the product is, will add a descriptive note. I do so because I share your concern.

But while we are on this nomenclature tangent, tell me, do you think Protective Life's Custom Choice UL - 10 Year No Lapse is a term product or a permanent product? After all, it's UL and I have been told that UL is a permanent product.

I have no idea how long he was an agent so I can not speak to that of course. Whether long or short he was either ignorant or dishonest.

When I used Compulife, I used it for quotes not marketing. It did not seem to be built for that.

Protective is a term like UL with a guaranteed period of level premiums. It is also not a whole life policy even if it is a universal life policy. A duck is a duck as much as it may want to be a Swan.

GUL is GUL not Whole Life.

 

[Newby]

Re: I Need a Term Life Quote Engine for my *** Website

OK, so I put the above line into google, looking for something that said essentially the same thing.

Crickets.

So you will be happy to now provide me a link to something authoritative that says the same thing.

I see I have NO TAKERS as to where the term "whole life" came from.

I went to wikipedia to find this:

Whole life insurance, or whole of life assurance (in the Commonwealth of Nations), sometimes called "straight life" or "ordinary life," is a life insurance policy which is guaranteed to remain in force for the insured's entire lifetime, provided required premiums are paid, or to the maturity date.[1] Premiums are fixed, based on the age of issue, and usually do not increase with age. The insured party normally pays premiums until death, except for limited pay policies which may be paid-up in 10 years, 20 years, or at age 65. Whole life insurance belongs to the cash value category of life insurance, which also includes universal life, variable life, and endowment policies.​

https://en.wikipedia.org/wiki/Whole_life_insurance

Let me shorten up the key part, which I agree with. It says:

Whole life insurance, or whole of life assurance, is a life insurance policy which is guaranteed to remain in force for the insured's entire lifetime.​

So that seems to agree with me. "Whole Life" comes from the logic that a whole life policy is a policy in force for the "whole" of your "life".

Now forgetting the last line of the paragraph, what we have in this paragrpah is a description of whole life without ANY reference to endowment, and a description which can be used to describe a no lapse UL to age 121.

So the rest of you better get busy and correct the Wikipedia definitions and descriptions, because apparently I'm not the only person who is misleading the general public when I use the term "whole life" to describe ANY policy that remains in force for the "whole" of a person's "life".

Bob, you're killing me! Wikipedia is for looking up who Paris Hilton is. Not things you are professionally licensed for. Did you not pass your insurance licensing exam? You know what whole life is. You are playing ignorant. Renewable Term fits your (and Wikipedia's) definition of whole-life.

 

[rousemark]

Re: I Need a Term Life Quote Engine for my *** Website

The thread has gone off on a new tangent.

The point of the thread is helping *** find a term life quoter (Bob has said not to use his).

We are now discussing an anomalous UL policy. Why not start a new thread for that discussion?

Dan

That's OK.. Bob is just showing all these agents just how incompetent they are because they think that Universal Life is not Whole Life.. or is that term? Always get those pesky little differences mixed up.. Oh, doesn't really matter 'cause they are really all the same. Scumbag agents just made up all those different product names to confuse the clients..