Quote:
Originally Posted by MoneyGuy
I sell insurance and make a lot more money if I sell whole-life or UL, but I've never sold a WL policy and have only ever sold one UL policy (the client insisted). I've had this argument with commission-hungry colleagues. Buy term and invest the difference is almost always the best strategy. There are exceptions, as there are to every rule, of course.
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What is the point of WL or UL? I have a Performax Gold (something) through Manulife that I've been funding since about 2010 or 2011 for a "guaranteed max of 15 years" to have life insurance for the rest of my life. Am I just throwing money away to the company for convenience sake then? The borrowing against and cash balance crap is all just slick packaging or something? Blah blah something cash balance, coverage grows starting from the 15 years exponentially after funding completes etc.
I'm not challenging you or angry, I'm just curious why you rarely sell it. I started funding this thing straight out of school (parents insisted) and had no idea what I was getting to (well... I still probably don't).
Is there some specific pro to it vs the super obvious con (pun not intended) of the higher costs that I'm not catching in my read through the responses in this thread?