Lloyds of Lubbock
Guru
- 714
most often, of the way it was designed (by the agent), the way it was sold, the way it was funded, and the way it was serviced and managed (actually, the way it wasn't, LOL).
BINGO!
BINGO!
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Why just have policyowners increase the funding?I replace 5-7 UL policies every single week due to a lack of funding. Agents have got to start selling UL policies properly and fully explaining - in layman’s terms - how they work to their customers.
Falling short of expectations and lapsing are two entirely different subjects.
While your policy may not offset or distribute as much income as illustrated, if you pay the premium the policy will not lapse.
not with how some agents position WL & how much will be distributed to the client in supplemental retirement checks, etc. Just look at how a client that bought a Ohio National Policy 5 years ago will look long term. Sure, it wont lapse if base premium paid, but many were projected to not pay premiums after a period of time & take out enormous amounts of cash. I agree with many points in the book, I am just saying that WL is not immune from falling short of projections & no one is buying those WL plans for the guaranteed minimum face & paying premiums. If they were, they would likely be buying a no lapse UL/IUL or a non participating WL that buys more face .Apples and bowling balls. Clearly you see the difference.
Why just have policyowners increase the funding?
not with how some agents position WL & how much will be distributed to the client in supplemental retirement checks, etc. Just look at how a client that bought a Ohio National Policy 5 years ago will look long term. Sure, it wont lapse if base premium paid, but many were projected to not pay premiums after a period of time & take out enormous amounts of cash. I agree with many points in the book, I am just saying that WL is not immune from falling short of projections & no one is buying those WL plans for the guaranteed minimum face & paying premiums. If they were, they would likely be buying a no lapse UL/IUL or a non participating WL that buys more face .
not with how some agents position WL & how much will be distributed to the client in supplemental retirement checks, etc. Just look at how a client that bought a Ohio National Policy 5 years ago will look long term. Sure, it wont lapse if base premium paid, but many were projected to not pay premiums after a period of time & take out enormous amounts of cash. I agree with many points in the book, I am just saying that WL is not immune from falling short of projections & no one is buying those WL plans for the guaranteed minimum face & paying premiums. If they were, they would likely be buying a no lapse UL/IUL or a non participating WL that buys more face .
I replace 5-7 UL policies every single week due to a lack of funding. Agents have got to start selling UL policies properly and fully explaining - in layman’s terms - how they work to their customers.