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In Reply to: Re: Re: Re: The LEAP System posted by Agent on August 10, 2001 at 22:55:23:
: No companies that I know if will offer 100% back of the premium. Also it doubles your payments.
A number of companies offer a return of premium DI, but you are right, it costs a lot more up-front.
Rule #1 when dealing with insurance -- THERE'S NO FREE LUNCH! Period.
: I would look at the claims payment of the 2 companies. I have seen complaints about the gaurdian. Why did your agent have you apply at two seperate companies, since many times you have to send in your first months premium?
Trial apps. Done all the time to take a best offer. Companies don't like it...but too bad!
Personally, I rarely take cash with app. Go COD and reverse the "offer/acceptance" issue.
: Agent
: : : Frank:
: : : what company is offering you the LEAP System, Personal Financial Engineering? Tell us more so we can respond.
: : No company is "offering" the LEAP to me. The woman I am working with is an Independant and is also a Registered Investment Advisor. Since my last post I have applied ofr $1,500,000 of life insurance coverage with Canada Life, and Guardian, and Layfayette Life -- she said it would be prudent to take the best offer.
Why? Best offers are done where there is some underlying question of risk classification. In any event, the three companies mentioned are not Whole Life "leaders". Why these three companies?
A Whole Life "guru" on this board needs to jump in and help you. Also, you should go to ROCK;s "The Visible Policy" site to get a better understanding of how Whole Life works. Have you considered Universal Life as a cost-efficient alternative. Do you want the pay the highest amount possible...or the least amount possible -- for the same thing? Look at a few of my "hindi" posts, and start asking some questions. In any event, you are not using your normal consumer buying process with life insurance, Frank. Remember, the insurance industry makes its money, and trains its agents to make their money, by getting people to overpay. It sounds like you are a "windfall" for them, Frank. No offense, but I believe you are being taken advantage of big time...and highly recommend you seek a second professional opinion...or even a third or fourth!
It will take a little bit of your time, but could easily save you tens of thousands of wasted $$$.
I will subsequently purchase two poliices -- one whole life -- a high early cash value contract she called it,
Lots of stuff on this and a few other boards about Whole Life. Again, do you really understand what you are getting into, Frank? Early cash values simply means that YOU are PAYING MORE the first year than you need to...and the AGENT therefore is getting a HIGHER COMMISSION than normal too. Guardian agents in particular are notorious for doing this...and also for saying you can get all your money back at age 65 (an extremely misleading concept, at best). So, Frank, whose idea was it to overpay -- yours or the agent's? Let me guess....
and a term policy so as to reach my full human life value.
The insurance industry assumes, and trains its agents to assume, that you are going to die tomorrow and somebody needs the protection. However, I assume you are going to die of old age and just want to live better in the meantime. Which assumption would you like to follow, Frank?
What company is the term with? Are you getting a "stripped out" term policy...or an appropriate, quality term policy with you in control rather than the insurance company? Frank, has the agent shown you how to --
1. Increase your spendable income from your
401(k)-type plan by 40% to 90%?
2. Increase your spendable income from non-qualified assets by up to 100%?
3. Match the tax-free benefits of the Roth IRA with no government penalties and no contribution limits?
4. Create tax-free interest on your CD's or annuities?
5. Turn the proceeds from the future sale of your home, business, rental property or inheritance into tax-free income?
6. Prevent the double taxation of your Social Security income?
7. How to get a tax credit for all the term insurance premiums you'll ever pay?
If not, then maybe it's time for a second opinion!
I like it and I agree.
Do you understand it? If not, how can you "like it"? Compared to what? Is the agent selling you insurance...or helping you buy it? Big difference! From what you have said, you are being sold something you don't fully understand. Consider this "brain surgery", Frank, and get a second opinion before it's too late!
I also invest a substantial ( low 6 figures ) sum of money with her in a WRAP account. I also applied for disabliity insurance with Guardian and Ohio National -- I don't know which one is better yet. The Ohio Nat'l will give me back all of my premiums if I never have a claim, but Guardian she says is a better DI carrier. Which one is?
Principal has what's probably the best disability income policy in the industry. Low premium...
solid benefits...own occ to age 65.UNUM/Provident is good too. The companies you mentioned are a bit expensive.
Again, Frank, shop around and get at least a second opinion before spending real money on this kind of "trust me relationship" sale! You are, unfortunately, not being a good consumer, or a good steward with your insurance provisions.