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 Posted: Wed Oct 29, 2008 9:02 pm Post subject: |
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Mac, you obviously have missed the point that Sherlock agrees with you 100%.
| Quote: | | What I am trying to say is that a FE policy is for people only wanting a 3k-15k policy and maybe 25k depending on there health. |
Yes, an FE policy may be just what some people need. I just wanted to bring the "value" aspect into the equation. Be careful that you don't encourage people to spend $5000 for a $3000 benefit - that's just wrong.
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InsInvestigator
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| Posted: Wed Oct 29, 2008 9:06 pm Post subject: |
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| 100k polices are most of the time term which will expire in 30 years so then what. |
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Mcampbell
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| Posted: Wed Oct 29, 2008 9:20 pm Post subject: |
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What if you had a UL, EIUL, UL/Term blend, WL, or WL/Term blend?
Actually, according to the NAIC, 39.6% of all policies written in America since 1983 are some type of UL. Although term insurance certainly has a firm foothold in the American marketplace, I don't think the phrase "most of the time" applies here.
Mac, I, and most of the others on this site, are not - honest to God - here to challenge you, your products, sales methods, or argue about anything. We are here to provide a service and hopefully give those with less experience a better understanding of the insurance world. If you had come to one of my seminars, I doubt I would have had the opportunity to speak with you on this level. I'm glad I did.
I've been in the business a long time and I still learn things from others on this site. Always try to keep your eyes and mind open to ever aspect of this business and don't get bogged down with what others say, do, or think.
I can tell that you'll be a great agent because you seem to care.
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InsInvestigator
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| Posted: Wed Oct 29, 2008 9:35 pm Post subject: |
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Im afraid that I dont fully understand the conversation here. Ok yes it is true some people with FE policys end up paying more for their policys than the death benefit. This still doesn't mean that they have gotten no value from the policy. They were also covered fully from day one what if they paid in only one premium and then died, and the beneficary still got the face amount of the policy? would you then have the discussion that the contract isn't fair to the issueing company? No you would not. Also, as far as term policys go, Northwestern Mutual said that less than 1% of their term policys ever pay a death benefit. So Less than 1 out of every 100 every receive any benefit what so ever from their policys, are these term policys bad for the consumers also? Maybe a savings account would be better, then if you save 45.00 for 12 months and die your family could have all of $540.00 to bury you right?
Ok maybe Im being too foward here, however the Industry is a valueable asset. Yes some people benefit more than others, Sometimes the company makes lots of money from a client, sometimes yes sometimes, they lose. Usually when the company looses, they do BIG TIME.
Thanks
Scott |
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psrayburn
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| Posted: Wed Oct 29, 2008 9:39 pm Post subject: |
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The 100K policy I'm referring to is a VUL.
Yes..there could be a need for the FE. Never said there wasn't. The scenario we were discussing was a healthy person - someone who should have no problem qualifying for a preferred rate on a VUL.
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LifeIsGood
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| Posted: Wed Oct 29, 2008 9:41 pm Post subject: insurance |
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| Never heard of a FE policy. Can someone explain this to me? |
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sdchargersfan
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| Posted: Wed Oct 29, 2008 9:43 pm Post subject: |
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Final Expense. Policy geared directly to take care of funeral costs. Good for someone who might not be able to qualify for regular life insurance (uninsurable). No med test, 4 questions on the phone and policy can be issued.
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LifeIsGood
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| Posted: Wed Oct 29, 2008 9:47 pm Post subject: insurance |
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| Thanks for the clarification. I never knew there was such a thing. Does the cost just depend on how much of FE you want? Is this a 'savings account' kind of thing......just keep saving until you get so much into the 'account? can anyone tell me their exsperiences( good or bad) on FE? |
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sdchargersfan
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| Posted: Wed Oct 29, 2008 9:47 pm Post subject: |
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| Very easy for a client. They don't have to take a exam or go see a DR. They are normally for clients that want 3k- up to 25k. You can do a lot of FE over the phone and in 20 minutes have a policy number. Not for everybody as you can see but has its rewards. |
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Mcampbell
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| Posted: Wed Oct 29, 2008 9:50 pm Post subject: |
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| You pay a premium for what coverage you need. Like if you want 3k you pay a small premium until you die. Like INS said its hard to get a client on board that is 40 for FE. They could pay for 40 years but you never know when you'll die. If you want to read up on it I can send you info. |
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Mcampbell
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| Posted: Wed Oct 29, 2008 9:50 pm Post subject: inasurance |
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| I can see how this WOULDN'T be for everyone. Would the 'rates' be cheaper than Life Insurance? |
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sdchargersfan
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| Posted: Wed Oct 29, 2008 9:50 pm Post subject: |
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Yes. Check back on the first page of this thread. There are discussions about policy value and premiums, and more talk about what exactly this policy can do for you.
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LifeIsGood
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| Posted: Wed Oct 29, 2008 9:53 pm Post subject: |
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Rates...well, for a healthy person, we used an example of a 25K FE policy for 75.00 per month. I can get that same healthy person a 100K VUL for 82.00 a month.
For a healthy person who isn't concerned about passing the med tests, I personally don't think an FE would be ideal. However, for someone who isuninsurable, the FE would be good - no meds, etc.
For the uninsurable person, having something..anything..to help the family with expenses is a good thing.
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LifeIsGood
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| Posted: Wed Oct 29, 2008 9:53 pm Post subject: insurance |
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| yes, MCAMPBELL....I would like you to send me some information on this. |
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sdchargersfan
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| Posted: Wed Oct 29, 2008 9:53 pm Post subject: |
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Hi Wendy, Good to see you. How have you been?
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