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In Reply to: Re: Whole Life? What the hell?!!! posted by Andy on June 27, 2001 at 22:06:37:
: Conduct some research of your own before you pawn off drivel from some other source as your own opinion and argument. Simply because you were brainwashed by Primerica to sell term does not mean you have to beat whole life down. Agents offer both term and whole life. We recognize the advantages and disadvantages of each, and what makes an agent successful is not screwing the client, but servicing them
: We don't make money by selling one policy, we make it in the long run through a relationship with a client. That book should have told you. If you fully understood the power of whole life, then you'd be all for it. And I'm speaking from the vantage point of benefits, not commission.
: I know what it can do for a family and for retirement, and people owe it to themselves and their family to save for retirement. I cannot stress enough that after taxes, inflation and loading fees are taken out of your gains in the stock market, you're left with the same return on a whole life policy on average. Yeah, you may get years where the market jumps 20% as it has in the past, but may also suffer the huge lossess. What would people who have bought-term-and-invested-the-difference done then if they were to retire soon, say within 5 years? It would take double the gains to get back to where they initially were, or 40%!
: And then, the term runs out. What if they don't qualify medically? What then, pay the high rate when they should be saving to counteract those losses? You do know you can annuitize your gains with cash value to receive a payment stream to your liking, right?
: In addition, the gains are tax-deferred, nothing beats that except muni's. Sure, term helps some people, but that's like saying the shoe fits eveyone. It doesn't, and a respectable agent won't sell whole life if the client can't handle it.
: Until next time...
ok. yes. uhuh...yes.
i'm doing this for only one year. i don't know much except several families who are DEVASTATED by Whole Life. i have their names, numbers, everything.
don't tell me that YOUR brainwashing is better than my brainwashing.
Investing. so a 5% return offsets 12% avg? and if you borrow YOUR OWN money from the CV policy you pay betweent 7% and 9%... do the math, sir.
Tax deferred: ever heard of an IRA, 401(k), variable annuity (and by the way, our VA has no mandatory annuitzation, and some other nice features benefiting the client)
but i understand that you defend your Whole Life policy. you've been doing this for years and probably are just as brainwashed as i am .
i admit that. I believe most people don't fully understand what PFS REALLY does. i do admit that there are black sheeps out there. fortunately, my offices are clean, we're being watched by the nation as poster child for PFS and can't allow any slip-offs and we're proud to announce that we truly feel that we do what's right for the client 100% of the time.
I'm in my very early 20's. no college. no rich parents. for me it's either build a business that does what's right for people... or telemarketing for the rest of my miserable life.
PFS is my opportunity. if i ever find out that i can help more people being an agent for Prudential, State Farm, MET or anyone else, I will switch. Until then...
PFS or bust.