Your Favorite Term Life Carriers, and Why?

[ktri14]

New York Life. Ohio National. Lafayette Life. When clients need coverage for family protection, I always plan for them to convert it to custom whole life down the road, for retirement and lending purposes. I think the above three have the absolute strongest whole life policies.

If the client just needs the Term for a specific and temporary reason, then we go with whatever is the best deal for them.

 

[Bob_The_Insurance_Guy]

A lot of great information...

I personally, call all my Life FMO's, tell them the details of the client, then have them email me the top two or one plans they have. Then I make my determination from there.

That being said, Ohio National, Securian, and recently Prudential have been the tops of the list, for the reasons previously stated.

 

[Baseball7]

Is this a bad idea in light of the carrier conversation here? 30yr ROP Term where I plan on taking the premium in the end and using it for FE(savings)or SPWL at that point.

 

[Tahoe Ray]

Is this a bad idea in light of the carrier conversation here? 30yr ROP Term where I plan on taking the premium in the end and using it for FE(savings)or SPWL at that point.

I could get plenty of disagreement on this but I don't like ROP term for most.

It can be 2-4 times the price of traditional term, so if I'm positioning term as usual (income replacement, debt payoff, business solutions) then the price isn't typically worth the upside (replacement cost of 2-4% return) vs investing the difference.

That being said, some people, even those that might be better served with traditional term, love the ROP concept. I don't argue with them.

You can always show both. Make your recommendation but ultimately your clients are grown adults and can make their own decisions.

There are benefits to both types.

 

[WinoBlues]

Is this a bad idea in light of the carrier conversation here? 30yr ROP Term where I plan on taking the premium in the end and using it for FE(savings)or SPWL at that point.

You can do that. Or buy a company that has a RdPdUp option at the end of the level term period. Like Cincinnati Life. Or if health is an issue maybe UHL.

Or maybe use UoO's GUL with the ROP option. In that case if you choose to keep the full face amount you can just continue paying.

Or use Protective's Choice "term" and use the DT that is available after the 30 years.

Edit: on the UoO GUL, not sure if it can be done, reduce the face and premium at the end of the 30 years.

 

[KaseyNM]

I personally hate RoP, but that is because I view it as a gimmick.

You are basically paying extra for insurance on your insurance.

 

[WinoBlues]

I personally hate RoP, but that is because I view it as a gimmick.

You are basically paying extra for insurance on your insurance.

How do a gimmick?

While I do not sell FU ROP much anymore due to the rate increases a few years ago. I have a number of them on the books about 10 years old or so. The value is/was in the RdPdUp policy in the end, in my opinion.

 

[Foreverfury]

Phoenix Life Safe Harbor. Living benefits, baby!

 

[pcbinsurance]

Man, I've read about as much spam as I can digest today. Give it a rest.

 

[xomarnie]

ONL for the reasons outlined above
NA for clients who I think would be more likely to convert to IUL rather than WL
Pru for people with health challenges as they tend to be the most lenient

Above is quoted from the beginning of this thread... Now who can tell me what NA and Pru stand for??

Sorry, I'm a newbie!