Highly Questionable Agent Trick
As long-time readers know, I’ve been highly critical of first-gen Universal Life policies. But, there are almost always exceptions, and our long-time client Marcus is one of those.
His plan, purchased 26 years ago at age 43, is essentially “paid up,” with $86,000 of cash value and 5% minimum guaranteed interest rate, with a net death benefit of about $336,000. He hasn’t paid premiums for many years, and it doesn’t look like he’ll need to.
So, for once, a Universal Life policy that actually works.
Which was why I was quite taken aback to receive a letter from our carrier’s Home Office that it’s being replaced. Now, there were no specifics on which Erie plan is being used, but given the circumstances, it seems certain that it’s their version of UL, which (according to a colleague who also represents Erie) tops out at a 3% minimum interest rate, a full 40% lower than his current plan’s.
Now why would an agent do this, and why would a client be foolish enough agree to it?
Well, a couple reasons come to mind:
First, perhaps this new plan incorporates additional features, such as a Long Term Care rider. My colleague informs me that this is, in fact, not currently available, so scratch potential validation #1.
Perhaps there’s a cost savings? Well, if my client has his home and auto coverage with Erie (a distinct possibility, since it’s not with our agency), then there’s an additional discount available on those two lines if he also buys a life policy.
Here’s the thing, though: his cash value means that the 2% difference represents about $1700 a year. That multi-policy discount is worth about 5%, which means that my client’s home and auto policies would have to be in excess of $34,000 (that’s thousand) a year to get close.
Un-hunh.
Now why am I so worked up? After all, I have literally zero skin in this game (we’re long past getting any commissions or residuals from this plan, and he has no other policies with us).
It’s simple, really: what’s right is right, and what’s wrong is wrong.
And this is egregious.
Source: http://insureblog.blogspot.com/2017/02/highly-questionable-agent-trick.html
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world. Anyone can join. Anyone can contribute. Anyone can become informed about their world. "United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
LION'S MANE PRODUCT
Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules
Mushrooms are having a moment. One fabulous fungus in particular, lion’s mane, may help improve memory, depression and anxiety symptoms. They are also an excellent source of nutrients that show promise as a therapy for dementia, and other neurodegenerative diseases. If you’re living with anxiety or depression, you may be curious about all the therapy options out there — including the natural ones.Our Lion’s Mane WHOLE MIND Nootropic Blend has been formulated to utilize the potency of Lion’s mane but also include the benefits of four other Highly Beneficial Mushrooms. Synergistically, they work together to Build your health through improving cognitive function and immunity regardless of your age. Our Nootropic not only improves your Cognitive Function and Activates your Immune System, but it benefits growth of Essential Gut Flora, further enhancing your Vitality.
Our Formula includes: Lion’s Mane Mushrooms which Increase Brain Power through nerve growth, lessen anxiety, reduce depression, and improve concentration. Its an excellent adaptogen, promotes sleep and improves immunity. Shiitake Mushrooms which Fight cancer cells and infectious disease, boost the immune system, promotes brain function, and serves as a source of B vitamins. Maitake Mushrooms which regulate blood sugar levels of diabetics, reduce hypertension and boosts the immune system. Reishi Mushrooms which Fight inflammation, liver disease, fatigue, tumor growth and cancer. They Improve skin disorders and soothes digestive problems, stomach ulcers and leaky gut syndrome. Chaga Mushrooms which have anti-aging effects, boost immune function, improve stamina and athletic performance, even act as a natural aphrodisiac, fighting diabetes and improving liver function. Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules Today. Be 100% Satisfied or Receive a Full Money Back Guarantee. Order Yours Today by Following This Link.
| Visits: | 1,708,137,086 |
| Stories: | 8,449,615 |
Whistler Blowers, Insiders
