by Guest » Sun May 01, 2011 02:06 pm
I want to buy a $1,000,000 life insurance policy. I'm 30, male, and healthy. My agent said that I could buy on for less than $300/month and the premium would stay level for the rest of my life guaranteed. Is this true?
Posted: Mon May 02, 2011 06:31 am Post Subject:
Sure, a whole life policy would do that. Why do you think you need $1,000,000 in life insurance? What kind of needs analysis did the agent do for you?
Posted: Mon May 02, 2011 02:51 pm Post Subject:
I wouldn't let the agent do a needs analysis. I don't need a salesman telling me how much to buy.
He said that it wasn't a whole life policy. He said that a whole life policy would be more than twice as expensive.
Posted: Mon May 02, 2011 07:47 pm Post Subject:
I wouldn't let the agent do a needs analysis. I don't need a salesman telling me how much to buy.
Really? That's a bit arrogant, if you ask me. My licensing from the CA Dept of Insurance (as does the agent's with whom you met) REQUIRES that I make "SUITABLE" recommendations for insurance to my clients and prospective clients. I value my license and cannot do that without making a needs analysis.
And I don't "SELL" insurance, I provide solutions, which sometimes include insurance as part of the prescription. But, just as I would not TELL my physician what I needed instead of getting his opinion, I would not buy insurance without first getting a professional recommendation as to what I needed.
$1,000,000 of life insurance may or may not be proper for your situation. On what basis did you decide that was how much your situation requires? A TV or radio commercial? Or did you do your own analysis?
He said that it wasn't a whole life policy. He said that a whole life policy would be more than twice as expensive.
OK, fine. What kind of insurance was it? A universal life policy with a "secondary guarantee"? Non-tobacco premiums for $1,000,000 for a 30-year old in California would be in the $280-$350 per month range.
That policy will probably never develop significant cash value, so if using money from the policy to fund your retirement or some other cash-consuming purpose was a part of the discussion, you were the recipient of misinformation. The guarantee is only that a death benefit will be paid as long as 100% of the scheduled premium is paid, and, generally, that no loans are taken from whatever cash value may accrue.
But you know all that.
Posted: Mon May 02, 2011 11:32 pm Post Subject:
You seem testy today Max. He's just asking a question and the answer is that yes, you can get a policy with a $1M benefit guaranteed for life for less than $300 per month. That assumes you are in perfect health and can qualify for the best risk class. The premiums are guaranteed to never increase as long as you pay the premiums in full and on time, don't miss any payments, and don't take any loans from the cash value.
Posted: Tue May 03, 2011 12:36 am Post Subject:
True, as I mentioned. Just rubbed me the wrong way about "I don't need a salesman telling me how much to buy."
You and I both know that we -- agents in general -- don't just conjure up a death benefit out of thin air.
Were you out of the path of all the twisters in your part of the country last week?
Posted: Tue May 03, 2011 01:45 pm Post Subject:
And I don't "SELL" insurance, I provide solutions, which sometimes include insurance as part of the prescription. But, just as I would not TELL my physician what I needed instead of getting his opinion, I would not buy insurance without first getting a professional recommendation as to what I needed.
Give us a break, Max. You don't get paid for providing solutions. You get paid to sell life insurance. If the person doesn't buy life insurance, you don't get paid. You aren't licensed to sell investment products nor can you charge to give investment or financial advice.
Either the person buys life insurance from you or you don't get paid.
To continue your physician analogy, would you ever rely on the recommendation of a surgeon who only gets paid if you elect to have surgery?
Life insurance isn’t rocket science. Plenty of people can figure out their need for life insurance without our help. Max, when you do a needs analysis for somebody, isn’t the only thing that you can promise is something along the lines of, “This is made with certain assumptions and these assumptions will be wrong.”?
I’m not ripping on you for being a life insurance salesman. I’m ripping on you for trying to make it sound like you are something more than a salesman. Selling life insurance is a noble profession.
I have no question that you only sell when it is appropriate. This just makes you an honest salesman. It doesn’t change your job from salesman to “solution provider”. When your clients pay you to provide solutions whatever they may be, then you are a “solution provider”. Until then, you are a salesman, and for that, you should be damn proud instead of hiding from it.
Posted: Tue May 03, 2011 09:44 pm Post Subject:
I'm not something MORE than a salesman, I'm something different. Being an insurance agent is a noble profession, and so is being a PROFESSIONAL sales person. Most sales people are not professionals, and you can tell because they ask YES or NO questions and don't listen to what people say.
And yes, I receive a commission when someone obtains coverage through me. But if I'm selling anything, it's my knowledge and experience, not products. It's up to the companies to do that. And no client has ever paid me for their insurance, they only pay the insurance company. The company pays me later.
When I want to get out of a boring conversation, that's when I say something like, "I sell insurance, what do you do?" End of conversation.
And as far as what my physician gets paid by my HMO for an office visit . . . I get a bigger commission on the monthly premium. Well, I used to before Obamacare cut my commissions by 40% or more.
Posted: Wed May 04, 2011 04:58 am Post Subject:
So, when your knowledge and expertise leads you to the conclusion that a person shouldn't buy insurance, how much do you make?
When your knowledge and expertise leads you to the conclusion that a person should buy insurance, but your sales skills aren't strong enough to get the person to follow through, how much do you make?
When your very knowledgeable friend, Mr. Estate Planner Attorney calls you to his office and says that his client needs a $5,000,000 policy for his buy/sell agreement and you put it in place, how much do you make?
When your knowledge and expertise leads to a $100,000 term sale, how much does the insurance company pay you? When it leads to a $10,000,000 WL sale, how much do you get paid?
Max, I hate to break it to you, but you are a product salesman and not a knowledge salesman.
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