In some cases, a term life insurance policy could make better financial sense than a whole life policy, experts say. Clients who only want a death benefit should opt for term life. “It’s better to have adequate coverage through a term policy than not enough coverage in a whole life policy,” said John Thornton, executive vice president, Amalgamated Life. Because term policies are almost impossible to get after age 65, and pretty cheap before age 50, says Thornton, younger clients should lean toward a term policy. Clients could take the savings from a term policy over a whole life policy and put it into a growth stock mutual fund and receive a better return, said Chris Hogan, lead financial counselor, The Lampo Group. And clients who like versatility can upgrade or change to a new term policy without a medical exam, Thornton said.
ThinkAdvisor's TechCenter is an educational resource designed to give you a competitive edge by keeping you abreast of new tech innovations and need-to-know information that can be applied to your business.
You're invited to the industry's best annuity training!
Find out how to adjust your clients' retirement plans ahead of potential changes.
Helping this growing, underserved market could be the key to massively expanding your production in 2017 and beyond.
May 24, 2017
Join this complimentary webcast to listen in on a roundtable discussion on the current state of the industry, as well as receive tips and strategies...
May 11, 2017
Mega trends continue to impact the wealth management industry. Trends such as new digital competition, increasing compliance standards, fee pressures, and an aging advisor population....
May 03, 2017
Join this complimentary webcast to understand how to better connect with consumers so you can develop high-value packages that work for both sponsors and beneficiaries...