Over 150.000 insurance professionals and consumers come to the Insurance Forum every month. Click here to register for FREE


Go Back   Insurance Forums > Insurance Agents and Brokers Forum > Life Settlements Forum

Reply to New to the Industry. Whole Life     
Old 10-26-2012, 03:38 PM   #21
Guru
 
Join Date: Oct 2011
Posts:717
State: tlmarketing is an Insurance Agent from Pennsylvania
New to the Industry. Whole Life Re: New to the Industry. Whole Life
So I guess the answer is No to those four questions.

Actual - No...I don't think there is an actual requirement to do so.
Implied - By who, the life settlement industry? You sold them life insurance to benefit their beneficiaries, not a japanese based investment fund.
Moral - I would think not...someone profits on your death..
Fiduciary - Not anything I have read.
------------------------------------
  Reply With Quote to New to the Industry. Whole Life

Old 10-26-2012, 03:46 PM   #22
Guru
pcbinsurance on New to the Industry. Whole Life
 
Join Date: Nov 2011
Posts:4,728
State: pcbinsurance is an Insurance Agent from Florida
pcbinsurance is a member of 1000 posts VIP club
New to the Industry. Whole Life Re: New to the Industry. Whole Life
If you're so against the LS concept, why even comment on it?

Simply let your elderly clients let their policies lapse and don't think twice about it---and hope they don't find out they could have had a windfall had you only brought the subject up.
------------------------------------
  Reply With Quote to New to the Industry. Whole Life
Old 10-26-2012, 03:56 PM   #23
Guru
 
Join Date: Oct 2011
Posts:717
State: tlmarketing is an Insurance Agent from Pennsylvania
New to the Industry. Whole Life Re: New to the Industry. Whole Life
I'm not against life settlements...I've been involved in many cases.

I was just asking if agents have an obligation to mention it to clients thinking of lapsing their policies.
------------------------------------

Last edited by tlmarketing; 10-26-2012 at 03:58 PM.
  Reply With Quote to New to the Industry. Whole Life
Old 10-26-2012, 04:13 PM   #24
Guru
VolAgent on New to the Industry. Whole Life
 
Join Date: May 2009
Posts:12,987
State: VolAgent is an Insurance Agent from Tennessee
VolAgent is a member of 5000 posts Super VIP club
New to the Industry. Whole Life Re: New to the Industry. Whole Life
Originally Posted by tlmarketing View Post
I'm not against life settlements...I've been involved in many cases.

I was just asking if agents have an obligation to mention it to clients thinking of lapsing their policies.
Legally, I doubt it. But why wouldn't you? You help the client and potentially get paid again to help. After all, that is why we are insurance right? To get paid to help people.

------------------------------------
You can pay the premium or you can own the loss.
  Reply With Quote to New to the Industry. Whole Life
Old 10-26-2012, 04:18 PM   #25
Guru
 
Join Date: Oct 2011
Posts:717
State: tlmarketing is an Insurance Agent from Pennsylvania
New to the Industry. Whole Life Re: New to the Industry. Whole Life
It's become such a hassle that it's not worth the money in many cases....especially in current market, increased workload required of agent, potential liability, etc..
------------------------------------
  Reply With Quote to New to the Industry. Whole Life
Old 10-27-2012, 05:12 PM   #26
New Member
 
Join Date: Oct 2012
Posts:8
State: ReignNow is an Insurance Agent from Texas
New to the Industry. Whole Life Re: New to the Industry. Whole Life ReignNow is the thread starter for: New to the Industry. Whole Life

Originally Posted by pcbinsurance View Post
Typically, the beneficiary will only get the face value of the policy.

Who says Whole Life is "antiquated"??? Though I specialize in term life, there is still a place for WL in many, if not most, cases.
I had someone in World Financial Group say they never use whole life. They are more in a financial planning role though. So maybe thats why. They use Indexed Universal Life as planners.

But still, while who should buy whole life? Try to give a specific scenario.
------------------------------------
  Reply With Quote to New to the Industry. Whole Life
Old 10-27-2012, 05:15 PM   #27
New Member
 
Join Date: Oct 2012
Posts:8
State: ReignNow is an Insurance Agent from Texas
New to the Industry. Whole Life Re: New to the Industry. Whole Life ReignNow is the thread starter for: New to the Industry. Whole Life

Originally Posted by pcbinsurance View Post
Actual obligation? Implied obligation? Moral obligation? Fiduciary obligation?

Whatever you wish to call it. If you have an 80 yr old client who is going to let a policy lapse (and get nothing in return or very little) and you are aware of a possible solution that can help that client, are you going to let them know?

Check your State for licensing requirements if any.
I agree PBI.
From whole life basics to fiduciary duty? I will take credit for that. lol If the topic keeps changing like this I will be an expert on a couple of things
interesting though
------------------------------------
  Reply With Quote to New to the Industry. Whole Life
Old 10-28-2012, 07:25 PM   #28
New Member
 
Join Date: Oct 2012
Posts:8
State: ReignNow is an Insurance Agent from Texas
New to the Industry. Whole Life Re: New to the Industry. Whole Life ReignNow is the thread starter for: New to the Industry. Whole Life

Originally Posted by pcbinsurance View Post
Typically, the beneficiary will only get the face value of the policy.

Who says Whole Life is "antiquated"??? Though I specialize in term life, there is still a place for WL in many, if not most, cases.
Give me some instances in which you used whole life? Or anyone give me a good preference for whole over term?
------------------------------------
  Reply With Quote to New to the Industry. Whole Life
Old 10-28-2012, 07:27 PM   #29
Guru
tins on New to the Industry. Whole Life
 
Join Date: Jun 2011
Posts:3,533
State: tins is an Insurance Agent from Missouri
tins is a member of 1000 posts VIP club
New to the Industry. Whole Life Re: New to the Industry. Whole Life
Originally Posted by ReignNow View Post
Give me some instances in which you used whole life? Or anyone give me a good preference for whole over term?
Estate planning and final expenses, just off the top of my head.
------------------------------------
  Reply With Quote to New to the Industry. Whole Life
Old 10-28-2012, 07:28 PM   #30
New Member
 
Join Date: Oct 2012
Posts:8
State: ReignNow is an Insurance Agent from Texas
New to the Industry. Whole Life Re: New to the Industry. Whole Life ReignNow is the thread starter for: New to the Industry. Whole Life

Also on the question of life settlements. Couldn't you tell them to seek help from someone who does handle life settlements? Where is the liability in that? It seems, you don't have to handle that aspect of insurance if you don't want to.
------------------------------------
  Reply With Quote to New to the Industry. Whole Life
Reply to New to the Industry. Whole Life 

  Insurance Agent Forum > Insurance Forums > Insurance Agents and Brokers Forum > Life Settlements Forum


Tags
whole life




Similar Threads with New to the Industry. Whole Life
Thread Thread Starter Forum Replies Last Post
Has Anyone Built a Facebook Page for Their Business? AgentDrew Insurance Websites 114 05-30-2017 12:39 PM
Definitions: Whole Life Insurance Vs Permanent Life Insurance Robert Barney Life Insurance Forum 67 04-01-2015 01:10 PM
Officially A Life Agent - California on1sony Getting Started Selling Insurance 25 02-03-2015 10:12 AM
Texas Regulator Sues Life Partners STIBROKER Life Settlements Forum 11 06-22-2014 02:55 PM
Final Expense Leads atlantainsguy Final Expense Forum 71 10-09-2012 09:52 AM
Life Insurance Proposals: Vapor on Paper Brokers Alliance Life Insurance Forum 9 05-02-2012 07:37 AM
Is this enough ammo? on1sony General Insurance Agent Discussions 19 01-07-2011 07:41 PM



All times are GMT -5. The time now is 04:40 AM.

Forum enabled with vBulletin®
Copyright ©2000 - 2017, vBulletin Solutions, Inc.


Join the Forum - It's FREE

Share This Page



Weekly Poll

Where do we go from here? POLL
Nothing - No ACA fixes - status quo
29.82 %
HHS Rulings and band aid bills
17.54 %
Hail Mary repeal and/or replace bill
17.54 %
A bipartisan bill to fix ACA
35.09 %

Voters: 57. This poll is closed