New to the Industry. Whole Life

[tlmarketing]

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.

 

[pcbinsurance]

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.

 

[tlmarketing]

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.

 

[VolAgent]

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.

 

[tlmarketing]

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..

 

[ReignNow]

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.

 

[ReignNow]

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

 

[ReignNow]

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?

 

[tins]

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.

 

[ReignNow]

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.