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re: Life Insurance
Posted on 2/23/10 at 9:53 pm to LSUPIMPRGB
Posted on 2/23/10 at 9:53 pm to LSUPIMPRGB
Just ignore calminvestor. He clearly has a hidden agenda. Why do you think he's advertising the same book and mutual fund company in all his threads? The dude is here only to try to convince people to buy the book he is selling and put their money into the ONE investment company he is recommending, all while putting a blanket statement on the life insurance industry, which he has no clue about.
2
Posted on 2/23/10 at 9:57 pm to LSUPIMPRGB
it's because you care.
Wonder why more whole policies are sold than term? Probably because most others like yourself "care". Cry someone else that sad song. I'm not buying it and I hope others don't either.
Wonder why more whole policies are sold than term? Probably because most others like yourself "care". Cry someone else that sad song. I'm not buying it and I hope others don't either.
Posted on 2/23/10 at 9:58 pm to LSUgolf04
I agree LSUgolf...but I'm here to defend myself.
Posted on 2/23/10 at 9:58 pm to calminvestor
Probably different by company
For mine
Term - 40% + (20% 1st year rep) year 1, 2% additonal years up to 10
Custom (Universal) - 52% (+26% 1st year rep) year 1, 6% additional years up to 10
Whole Life - 60% (+30% 1st year rep) year 1, 8%, additional years up to 10.
Also if we hit a volume goal by month we get a 10% bonus. No idea what my district manager, or the regional manager make off of each sale either.
If I sell a 1,200 AP (whole life) I'd make 720+360+120 = 1100. Then I'd make 8% residuals the following year.
If you make $200 per 1,200 AP... you would need to make at least 4 sales a week to break 50-60k....
4 sales a week.. would require based on standard industry numbers (closing 50%, 30% cancellations, etc) so you'd need a minimum of 10 appointments a week. Not sure how you derive your market, but I'm lucky to get 15% of referrals to schedule an appointment (no answers, already have plans, etc) so for 10 appointments in a week I'd need at least 70 names a week.
If I have to go through 70 phone sales per week and 10 appointments per week and get 4 sales per week only to make $800.. no thanks.
For mine
Term - 40% + (20% 1st year rep) year 1, 2% additonal years up to 10
Custom (Universal) - 52% (+26% 1st year rep) year 1, 6% additional years up to 10
Whole Life - 60% (+30% 1st year rep) year 1, 8%, additional years up to 10.
Also if we hit a volume goal by month we get a 10% bonus. No idea what my district manager, or the regional manager make off of each sale either.
If I sell a 1,200 AP (whole life) I'd make 720+360+120 = 1100. Then I'd make 8% residuals the following year.
If you make $200 per 1,200 AP... you would need to make at least 4 sales a week to break 50-60k....
4 sales a week.. would require based on standard industry numbers (closing 50%, 30% cancellations, etc) so you'd need a minimum of 10 appointments a week. Not sure how you derive your market, but I'm lucky to get 15% of referrals to schedule an appointment (no answers, already have plans, etc) so for 10 appointments in a week I'd need at least 70 names a week.
If I have to go through 70 phone sales per week and 10 appointments per week and get 4 sales per week only to make $800.. no thanks.
This post was edited on 2/23/10 at 10:06 pm
Posted on 2/23/10 at 10:01 pm to calminvestor
quote:
Yes, whole life is always a bad financial decision. It's costly and it's track record really sucks.
I agree with this and I have no book to sell or website to pimp.
Posted on 2/23/10 at 10:01 pm to calminvestor
quote:
calminvestor
I think your name sums it up. Just so you know, my father-in-law sold me my policy....so yep, he cares.
As far as your investments, doubt they did as well over the past few years as my Whole Life Insurance Policy.
Now, to your question regarding loans on insurance policies, there are many, many people that have done this over the years. I, for one, haven't had to do this but I fully understand others that have.
We all have opinions on here.....at times, your opinion may be best. At times, it may not be. In this case, you can think what you want and so will others. No sense in telling someone they don't care about people when you don't know them.
Posted on 2/23/10 at 10:05 pm to calminvestor
Im not asking you to buy it, unlike you that is pushing your book and website as others have pointed out on here.
Its people like you who give some people a bad reputation because like I said, you talk shite about things you know nothing about. Stick to what you know and we'll all be better off.
Its people like you who give some people a bad reputation because like I said, you talk shite about things you know nothing about. Stick to what you know and we'll all be better off.
Posted on 2/23/10 at 10:07 pm to calminvestor
quote:
why would this be a factor?
shite happens
quote:
2)are you talking taxes?
No, ins proceeds go straight to beneficery, investments get held up in succesion, can take time, as well would be first in line for any liabalities held by succession
quote:
3)why do you think you need to borrow money at all?
shite happens, ever try to start a business?
This post was edited on 2/23/10 at 10:26 pm
Posted on 2/23/10 at 10:23 pm to Tigerpaw123
Thank you "Cash".
P.S. I work for myself. I don't work for Vanguard, nor am I taking proceeds from any book. I'm simply recommending books I read in my downtime. For those that think this is not possible because I doubt your intent, please go to Amazon.com and type in "The Smartest Investment Book You'll Ever Read" - then please see if I am affiliated with this. Then you may come back to this site, apologize, and thank me for the previous sincere advice.
P.S. I work for myself. I don't work for Vanguard, nor am I taking proceeds from any book. I'm simply recommending books I read in my downtime. For those that think this is not possible because I doubt your intent, please go to Amazon.com and type in "The Smartest Investment Book You'll Ever Read" - then please see if I am affiliated with this. Then you may come back to this site, apologize, and thank me for the previous sincere advice.
Posted on 2/23/10 at 10:24 pm to LSUgolf04
I do find it funny that all the life insurance salesmen are piling on Calminvestor for having an agenda.
Posted on 2/23/10 at 10:32 pm to Cash
Not *all* I can't even sell in Louisiana. I've been pretty candid on the Money board.
I don't think he has an agenda, but I think there's a certain percentage of people who just assume "all whole life policies are shite" which would certainly be false.
Got a client age 65 who is a type I diabetic, I tried to get him to convert to whole a few years ago (before being diagnosed as a diabetic too).
Now he's paying 500/month in premiums for 20 year term because of his rating table.
Not many "investments" can pay out 100k for a one month premium of $50. Insurance serves a purpose totally independent of investments.
There are a lot of people, especially now, who are very averse to risk. If the rest of your finances/retirement plan is in place, whole life COULD be a perfect option to secure premiums you can afford until you clear your debt.
I don't think he has an agenda, but I think there's a certain percentage of people who just assume "all whole life policies are shite" which would certainly be false.
Got a client age 65 who is a type I diabetic, I tried to get him to convert to whole a few years ago (before being diagnosed as a diabetic too).
Now he's paying 500/month in premiums for 20 year term because of his rating table.
Not many "investments" can pay out 100k for a one month premium of $50. Insurance serves a purpose totally independent of investments.
There are a lot of people, especially now, who are very averse to risk. If the rest of your finances/retirement plan is in place, whole life COULD be a perfect option to secure premiums you can afford until you clear your debt.
This post was edited on 2/23/10 at 10:34 pm
Posted on 2/23/10 at 10:32 pm to Cash
I don't sell life insurance or any other type of insurance.
Posted on 2/23/10 at 10:37 pm to JB Bama
quote:
Not many "investments" can pay out 100k for a one month premium of $50. Insurance serves a purpose totally independent of investments.
If he invested properly during his previous 40 years he wouldn't need an "investment" to pay for his life insurance premiums because he wouldn't need life insurance.
Posted on 2/23/10 at 10:41 pm to Survivor 2010
quote:
Got a client age 65 who is a type I diabetic, I tried to get him to convert to whole a few years ago (before being diagnosed as a diabetic too).
If he is 65 and still has a need for life insurance he should have had a better financal advisor, not an insurance salesman. For the record my wife was an insurance rep, and we never bought anything but term.
Posted on 2/23/10 at 10:45 pm to Cash
quote:
If he invested properly during his previous 40 years he wouldn't need an "investment" to pay for his life insurance premiums because he wouldn't need life insurance.
That's a big arse if to look back on sometimes...
Posted on 2/23/10 at 10:48 pm to GoTigers23
To be fair the guy has his son, his son's 2 kids, and his mother-in-law all living with him.
I've only been at this a year, but it was quite obvious the guy hadn't had a financial advisor and his family was draining his income.
I've only been at this a year, but it was quite obvious the guy hadn't had a financial advisor and his family was draining his income.
This post was edited on 2/23/10 at 10:49 pm
Posted on 2/26/10 at 12:31 pm to Alan Chavez
Definitely. You may need the option later in life, you may not. But make sure the option is there. In regards to all the bs going both ways on this thread, find a reputable company, and learn about each, and the benefits of being ABLE to convert if needed.
Someone mentioned if they had a gazillion dollars in the bank, they wouldn't need life insurance. Heres my question to that...the estate tax on a gazillion dollars is 45% of a gazillion. If you wanted to get be able to transfer your gazillion to the family, rather than Uncle Sam, how would you do it? The only real solution, and a huge part of Estate planning, involves permanent life insurance. Its wealth transfer solutions.
Let me ask another question, if your auto insurance, could "grow", give you benefits, and eventually it would be paid off (meaning you could keep the insurance, but could stop paying for it), would you pay more for it than standard auto insurance?
Someone mentioned if they had a gazillion dollars in the bank, they wouldn't need life insurance. Heres my question to that...the estate tax on a gazillion dollars is 45% of a gazillion. If you wanted to get be able to transfer your gazillion to the family, rather than Uncle Sam, how would you do it? The only real solution, and a huge part of Estate planning, involves permanent life insurance. Its wealth transfer solutions.
Let me ask another question, if your auto insurance, could "grow", give you benefits, and eventually it would be paid off (meaning you could keep the insurance, but could stop paying for it), would you pay more for it than standard auto insurance?
Posted on 2/26/10 at 1:42 pm to calminvestor
quote:
Yes, whole life is always a bad financial decision. It's
I also agree with this...and I'm not pimping a book or website.
Posted on 2/26/10 at 3:05 pm to LSUPIMPRGB
Anybody that uses the words "never" and "always" needs to read more of those books that is going to make them a gazillon dollars. It doesn't take a great financial mind to understand that there is not a cookie cutter strategy that works perfectly for everybody. Good thing for you guys your awesome strategy is going to make you a gazillon dollars.
Posted on 2/26/10 at 4:02 pm to JB Bama
quote:
I've only been at this a year, but it was quite obvious the guy hadn't had a financial advisor and his family was draining his income.
Sadly the only inheritance many families get is a life insurance payout. Many blue collar workers I know don't have any retirement in place and the ones that are retired mostly live off of social security. People like that if they can afford the premium will definitely have a need for a life insurance policy for the rest of their lives. I see this all the time with shipyard workers.
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