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Reply to New to the Industry. Whole Life     
Old 10-24-2012, 12:25 AM   #1
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New to the Industry. Whole Life New to the Industry. Whole Life
If someone no longer needed a whole life policy what should they do? Life settlement? cancel it?
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Old 10-24-2012, 12:37 AM   #2
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Depends on many factors. Are they 65 yrs old or older and in poor health? What kind of cash value have they accrued? They could always use that to pay for a final expense policy.

What is the face amount?
What is the reason for no longer wanting the policy?
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Old 10-24-2012, 09:58 AM   #3
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lifesettlementadvisor on New to the Industry. Whole Life
 
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FYI - the insured doesn't have to be in poor health to qualify for a life settlement. Many more factors go into the valuation of a policy.

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Old 10-24-2012, 01:44 PM   #4
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I was not aware that a 65 yr old man in excellent health would qualify for a life settlement. Thanks for clarifying that for me.
It would be great if you could give us those factors you speak of so that we can better determine if this is an option for our clients-----Specifically the circumstances where a 65 yr old man in excellent health would qualify. Thanks in advance!
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Old 10-24-2012, 04:18 PM   #5
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Originally Posted by pcbinsurance View Post
Depends on many factors. Are they 65 yrs old or older and in poor health? What kind of cash value have they accrued? They could always use that to pay for a final expense policy.

What is the face amount?
What is the reason for no longer wanting the policy?
Thanks PBINSURANCE. I'm not trying to b an expert on whole life, cus i recently found out its antiquated and better options have developed. But I probably need to know for those who have already bought it. If a person passes away do they get the face value and cash value? in other words, face value + accrued cash value
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Old 10-24-2012, 04:35 PM   #6
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New to the Industry. Whole Life Re: New to the Industry. Whole Life
Originally Posted by ReignNow View Post
Thanks PBINSURANCE. I'm not trying to b an expert on whole life, cus i recently found out its antiquated and better options have developed. But I probably need to know for those who have already bought it. If a person passes away do they get the face value and cash value? in other words, face value + accrued cash value
Please, tell me how it is antiquated and what better options have been developed. I'm all ears.

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Old 10-24-2012, 04:41 PM   #7
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New to the Industry. Whole Life Re: New to the Industry. Whole Life
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.
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Old 10-25-2012, 04:59 AM   #8
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New to the Industry. Whole Life
Originally Posted by ReignNow

Thanks PBINSURANCE. I'm not trying to b an expert on whole life, cus i recently found out its antiquated and better options have developed. But I probably need to know for those who have already bought it. If a person passes away do they get the face value and cash value? in other words, face value + accrued cash value
You are getting terrible training. Cash value is only available while they are living. Never upon death.

Whole life is ALWAYS what people wish they had bought when they get to the 21st year of their 20 year term or when their underfunded UL "didn't perform as expected" IF their need for life insurance was actually permanent.

You need to get under someone who can train you on the basics.

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Old 10-25-2012, 07:15 AM   #9
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New to the Industry. Whole Life Re: New to the Industry. Whole Life
Originally Posted by ReignNow View Post
Thanks PBINSURANCE. I'm not trying to b an expert on whole life, cus i recently found out its antiquated and better options have developed. But I probably need to know for those who have already bought it. If a person passes away do they get the face value and cash value? in other words, face value + accrued cash value
Let me guess.. You have been "trained" by Primerica.
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Old 10-25-2012, 02:40 PM   #10
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lifesettlementadvisor on New to the Industry. Whole Life
 
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New to the Industry. Whole Life Re: New to the Industry. Whole Life
Originally Posted by pcbinsurance View Post
I was not aware that a 65 yr old man in excellent health would qualify for a life settlement. Thanks for clarifying that for me.
It would be great if you could give us those factors you speak of so that we can better determine if this is an option for our clients-----Specifically the circumstances where a 65 yr old man in excellent health would qualify. Thanks in advance!
You stated 65 yrs AND poor health. Just trying to clarify for others that all people who do life settlements are in poor health. Most are in good health, but older (75+) others are younger and good health with a convertible term policy.

It takes 20 minutes to call a life settlement broker, discuss your client's case with him and get a quick ballpark value. I never understood why someone wouldn't want to present all options to a client who can no longer wants/needs a policy.

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