Scroll down for a discussion on Suze Orman within the Life Insurance Forum.
Originally Posted by DHK
And agents turning against other agents is why people are afraid of insurance agents.
people are afraid of insurance agents because ...
And agents turning against other agents is why people are afraid of insurance agents.
people are afraid of insurance agents because insurance agents turn against other insurance agents. i'm back in bizarro world.
Do you guys think before you type this stuff or are you so emotionally vested in the lines you've told yourself about the products you sell that you can't respond logically.
Ps
I have hundreds of clients.
None of whom own wl ins thankfully.
WL, UL, and term policies all have there pros and cons. They are used for different situations with different people. There is no right answer for everyone...they are tools and should be used in the appropriate situations
people are afraid of insurance agents because insurance agents turn against other insurance agents. i'm back in bizarro world.
Do you guys think before you type this stuff or are you so emotionally vested in the lines you've told yourself about the products you sell that you can't respond logically.
Ps
I have hundreds of clients.
None of whom own wl ins thankfully.
You have hundreds of clients. Your public profile says you work mostly with seniors. Do you not sell any final expense policies?
people are afraid of insurance agents because insurance agents turn against other insurance agents. i'm back in bizarro world.
Do you guys think before you type this stuff or are you so emotionally vested in the lines you've told yourself about the products you sell that you can't respond logically.
Ps
I have hundreds of clients.
None of whom own wl ins thankfully.
You have hundreds of clients. Your public profile says you work mostly with seniors. Do you not sell any final expense policies?
You have hundreds of clients. Your public profile says you work mostly with seniors. Do you not sell any final expense policies?
Xrac, i do not sell any final expense policies.
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Originally Posted by Marpol
WL, UL, and term policies all have there pros and cons. They are used for different situations with different people. There is no right answer for everyone...they are tools and should be used in the appropriate situations
Marpol, you're right on the money. but one of the dudes somewhere in this thread said that 'everyone should own wl'. i almost tossed the cookies when i read that.
Last edited by GonnaFlyNow : 09-09-2009 at 10:10 AM.
Reason: Posts merged
Marpol, you're right on the money. but one of the dudes somewhere in this thread said that 'everyone should own wl'. i almost tossed the cookies when i read that.
That's me. I think everybody should own a final expense policy. It's a lot cheaper than paying for a funeral with cash. It's the only kind of insurance that is GUARANTEED to pay off EVERY SINGLE TIME. And most final expense policies are WL policies. A small, $25k face policy is not going to prevent most (if not all) clients the ability to save for the future, invest in their 401ks, pay off credit cards, send their kids to college, etc. If it does, the client needs to make some tough choices. They'll move forward with whatever strategy is important to them. At that point, I'm hoping for the client to realize that "Shoot, I better pay off these credit cards first". I'm not a big fan of lapses at all.
GFN, you could do a world of good and make good money by cross-selling your hundreds of clients a FE policy. But I'm guessing I'm barking up the wrong tree. Understand, however, you're leaving your book open to those agents who understand how FE and WL work and will present these concepts to your clients. Think like a business person. Do you really want to build bridges over the moat that you've dug to protect your castle?
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Originally Posted by GonnaFlyNow
people are afraid of insurance agents because insurance agents turn against other insurance agents. i'm back in bizarro world.
Do you guys think before you type this stuff or are you so emotionally vested in the lines you've told yourself about the products you sell that you can't respond logically.
Ps
I have hundreds of clients.
None of whom own wl ins thankfully.
I guarantee some of your clients own WL. They're lying to you (or you're lying to yourself). They don't tell you they do because they don't want you to make them feel like an idiot. If you stop trying to talk above them or as if they are beneath your expertise, they'd open up to you and tell you these things.
Last edited by Death Cab For Tootie : 09-09-2009 at 11:52 AM.
Reason: Posts merged
I think GFN, like alot of people, feel really smart at the momment. Time goes by and all those "smart" plans don't quite work out like they did on the software program.
Experience can be a harsh teacher. Wish her luck and let time do the rest.
I think GFN, like alot of people, feel really smart at the momment. Time goes by and all those "smart" plans don't quite work out like they did on the software program.
Experience can be a harsh teacher. Wish her luck and let time do the rest.
doing something is always better than doing nothing.
A 23 year old buying a wl policy in order to leap to financial security is better than a 23 year old not saving any money.
My only point is that there are usually many ways that are much better ways to save (or invest) your money than wl.
The fact that you guys still think that wl is a good savings (or investment) vehicle is staggering. i didn't think there were still people like you in this business.
doing something is always better than doing nothing.
A 23 year old buying a wl policy in order to leap to financial security is better than a 23 year old not saving any money.
My only point is that there are usually many ways that are much better ways to save (or invest) your money than wl.
The fact that you guys still think that wl is a good savings (or investment) vehicle is staggering. i didn't think there were still people like you in this business.
Prove WL is much worse (or even marginally worse) than any other risk-free account (savings/CDs/MM Funds) and I'll continue to take your point of view seriously. Otherwise, move on. You're in way over your head. You are worse than someone who knows they don't know. You think you know and you don't know what you don't know. The fact that you're even comparing WL to investing shows you have no idea what you're talking about.
Prove WL is much worse (or even marginally worse) than any other risk-free account (savings/CDs/MM Funds) and I'll continue to take your point of view seriously. Otherwise, move on. You're in way over your head. You are worse than someone who knows they don't know. You think you know and you don't know what you don't know. The fact that you're even comparing WL to investing shows you have no idea what you're talking about.
Wl is MUCH worse than savings, CD's or MM funds.
Wl is not risk free.
There are no savings accounts, CDs or money market funds that can lose most of what you put into it.
Dave, and Suze and Dr. Lara, etc... give simplistic answers to complex problems. In their world, one size fits all.
They are good at marketing themselves. They speak with an authoritative voice (regardless of what they say or know). People accept them as experts and buy all the stuff they sell. Easy money for them.
I won't answer that question until you can tell me what a Whole Life policy is and what it does.
your the wl expert, so i hope that the ny state dept of ins website's def is good enough for you. here goes:
Traditional Whole Life. Traditional whole life policies are based upon long-term estimates of expense, interest and mortality. The premiums, death benefits and cash values are stated in the policy. A participating whole life policy pays dividends. The dividends represent the favorable experience of the company and result from excess investment earnings, favorable mortality and expense savings. Dividends can be paid in cash, used to reduce premiums, left to accumulate at interest or used to purchase paid-up additional insurance. Dividends are not guaranteed.
Is that a good definition?
If someone has a policy like that, can they lose money?
They have this thing on there called GUARANTEED ASSUMPTIONS and NON-GUARANTEED ASSUMPTIONS.
GUARANTEED means... what?
NON-GUARANTEED assumptions are based on current dividend scales which are NOT guaranteed in the future.
Here's how someone can lose money in whole life: quit paying the premiums too soon after you buy the policy. Now you've lost the premiums you've paid. No market volatility, no interest rate fluctuations, no increasing costs of insurance, nada. Just pay the premium on time and you have the death benefit.
Keep paying the premiums and eventually you'll actually make a RETURN AND have an increasing death benefit paid for by the dividends paid back to your policy based on the profitability of that company.
Take a look at a whole life policy sometime and get educated. Note: it doesn't matter which company.
Then learn about any/all failed insurance companies and find out if any of them defaulted on paying out a death benefit - even if they went belly up.
Learn about the HISTORY of whole life, and the HISTORY of UL, VUL or whatever else you are/were selling. Learn that whole life was created out of CONSUMER DEMAND because the term kept expiring.
Learn about the term "bought the farm" sometime.
Of course, you might only want to learn these things if you actually plan to sell &/or own a whole life policy for yourself.
Re: Suze Orman
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