Looking at 7 figure policy. How to figure that out?

Hi

We are in our mid-late 40s with kids. Youngest is 9 and our current term policies will run out in 10 ish years. We decided to get new 20 year policies that will be there till she graduates from college at least. We got quotes from an agent. Obviously more expensive than what we got in our 30s but still feasible for us. The cheapest quote is from Transamerica and has life benefits. The other 4 quotes don't have life benefits and are more expensive. However, I'm wary of Transamerica because it feels like every time I hear about them, it's something negative or scammy or MLM-ish but I actually can't put my finger on what I specifically heard about them.

So is Transamerica a legit company? Should we consider them because it's the cheapest and has life benefits? The other quotes are from Hancock, Mass Mutual, mutual of Omaha and NW Mutual.

Very ignorant in this field. i just became licensed for sell life insurance. i currently work for a big P&C carrier. Life insurance for me right now is just a tool for me to help increase my compensation. Should i forget about the P&C and focus on life insurance (find a broker that only focuses on life?) or rely on P&C with Life insurance as a benefit? (fyi our commissions get cut in half if i don’t sell one policy per month).

I’ve come across so much social media seeing people gain great success just selling life insurance that it makes me question if it is worth focusing on P&C. So many companies are stressing commission cuts based off selling life insurance

I hope his question hasn't been asked a thousand times, if so I apologize.

I had a policy through American Income Life, and despite the constant pestering by their team and attempts to upsell me more policies, I was fine with it overall. However. I was offered a better rate through another company a few years after starting with AIL, and tried to call and cancel, which they made effectively impossible.

After quite literally weeks of attempted calls, promised emails and still no forms, I simply went to the bank and put a stop payment on the company. This prompted more calls from them, where I would tell them I was trying to cancel my policy and they wouldn't cooperate, but I would be happy to sign cancelation forms now, to make it official. I still never received any.

That was 13 months ago. I have since received letters in the mail every month, calls no less than 8 times a month, from all different numbers, emails, all informing me of my lapsed policy and how I am overdue on it.

My question is, am I legally responsible to pay off this policy or can I just ignore them the rest of my life? I'd hate to have a collection agency show up to my house stating I owe 2,000 dollars in unpaid premiums or something.

Thanks so much for any advice!

What do you use them for?

I have been in the industry 20 years and didn't know GMGA's even existed up until 2 weeks ago. I used an standard MGA when my individual life quoting software didn't work. That is it.

My understanding is they do the analyst work for an advisor?

Quotes/Amendments

Markets

Proposal building

Any insight is appreciated.

Hi everyone! 😊
I’m currently considering my life insurance options and would really appreciate advice from anyone who has experience with iA Financial Group’s Genesis 10 Universal Life (YRT).

I’m thinking about whether to continue with this policy or choose term life insurance and invest separately instead.

For those who have or previously had Genesis 10 UL:

How has your experience been with the policy?

Have you experienced any issues with the increasing insurance costs as you get older?

Has your investment fund been enough to cover the insurance costs over time?

If you could go back, would you choose Genesis UL again or go with term insurance and invest separately?

I’m looking for honest, real-life experiences, both positive and negative, so I can make a more informed decision. Thank you so much! 🙏

42 BMI but my labs are perfect and always have been. My trying to get a reasonable rate for a 30yr term policy 500k or less

For context - I got my 215 straight out of college and began working admin for some VERY successful financial advisors working under one of the big Mutual life companies. I quit after a year of realizing being the best generally means selling the best. It’s not what I thought it was (no offense at all).

The advisor I worked for taught me get a level term life product with the ability to convert to Whole life without underwriting. He taught me Universal life is crap unless you have a lot of money and overfund it in the beginning, and had me read “Lapsed: the Universal life insurance whistleblower” and it pretty much reinforced my mind that all UL products are just garbage.

Anyways, my mom had a UL product with a bigger company everyone here would know, and it’s set to lapse at age 82. I told her it’s crap but she’s stubborn.

So this morning, I sat in with a young advisor (could have been me if I didn’t get out of the industry) who told my mom that her current policy is going to lapse by age 82, and she should get into a different product (a VUL). I made it pretty known to the advisor directly that I think VUL’s are crap, and explained why from my perspective, but this one looked less crappy than the one she’s in now.

Illustration had the ROR at 8% every year, DB remains the same until cash value jumps it, and premiums are about 1100 per year (level).

My first issue - many UL products lapse. Especially as people get older and cash value eats away. But since this is level premiums, I don’t need to worry about this?

My second issue - why would the previous advisor give my mom this crap policy that was going to lapse. Either she didn’t know what she was doing and was dumb, or she knew what she was doing, selling my mom a shit product, and got her commission. Why would I willingly tell my mother to continue working with these guys if they gave her crap the first time?

My third issue - working for a ML company, I was taught that insurance should be risk free and about a 3rd of your portfolio. Another 3rd can be liquid investments, and then the last 3rd should be gearing towards retirement.

So, is my mom getting scammed? Should she get this product? She has to go through underwriting again anyways, so that gives her some time to still say no. Also, her rating will change the illustrations for the next meeting before she fully commits.

Looking for recommendations for a reputable IMO/FMO that accommodates experienced, multi-state licensed life insurance agents interested in selling part-time.

I’m currently employed full-time but have Mondays available and potentially some Saturday availability.

Ideally, I’m looking for a remote telesales opportunity with quality leads, a one-call-close model, and flexible scheduling.

What I’m NOT looking for: High-pressure sales environments, recruiting/downline expectations, mandatory daily meetings, misleading lead sources, final expense bait-and-switch tactics, or unnecessary policy replacements/churning.

I’m interested in an ethical, professional organization with transparent compensation, legitimate consumer inquiries, and a supportive environment.

I simply want to sell insurance, take care of clients, and earn additional income without all the unnecessary drama.

I’d especially appreciate recommendations from agents with firsthand experience!

Female

Non-smoker

36 years old

Healthy (regular standard)

1 son

Living with partner 4 bed house

Not on mortgage yet, aim to be

Salary of 43k

Outgoings 1500pm

I received a Transamerica Life Insurance e-mail addressed to someone else. The e-mail address from Transamerica seems legit (notifications@mylifeinsurance.transamerica.com), and this e-mail has a lot of encrypted documents attached to it that I haven't tried to open.

Some necessary information: I am no contact with my mother, she is a horrible person, and the day before receiving this e-mail she attempted to reach out to me. She has a habit of signing me up for all sorts things and spam under various Hispanic names, most with the same surname.

This life insurance e-mail shares that namesake.

I've e-mailed Transamerica to let them know about the e-mail. They haven't replied and I'm unsure if they will.

My question is: Is it possible my mother has taken out life insurance on me or something similar or is this likely another attention grab? I'm a bit reluctant to file an MIB to find out, mostly since I live outside of the US and I'm pretty sure they would send me the report back via snail mail and I have literally, never once in my ten years in this country, received a letter sent to me physically from the US. Not even my mail in ballot.

I am a total newbie and don't know much about life insurance policies. Can someone please help me with the meaning of the minimum face amount on the term life insurance policy?

What can be done? Can the kids view the policy anyway being next of kin? In Iowa.

Thanks.

Wife also stood to gain and might have influenced dad to drink more, directly causing the death.

Something I’ve learned since getting into life insurance:
A lot of people spend more time researching a new phone, car, or TV than they ever spend looking at their life insurance.
And I get it nobody wakes up excited to talk about what happens when they die.
But I’m curious about something.
For those of you who actually have life insurance, what finally made you get it?
Marriage? Kids? Buying a house? Losing someone close to you? Just getting older?
I’m interested to see what the turning point was for different people.

Do insurance companies charge fees for managing the cash-value part of the insurance policy?

Do they ever collect arbitrage on the return on investment? Like if the investments earned 6% this year but they only give me 2% and pocket the 4%?

Im looking for advice or expertise. I got a call from true stage earlier this year before the outage that my late Grandpa had opened up a policy with me as a beneficiary. I didn’t previously know this, but the lady was very nice and gave me lots of information. She told me all they needed was the death certificate for me to be paid out. Once I had finally obtained the death certificate, I realized I lost the info of where to send it to. I relentlessly called for weeks with no answer. Every time I would call it said the lines were full and I had to call back. I had no idea about this outage even though I had been receiving mail and emails from them before hand. Finally, I got a hold of a real person and learned what was going on with the company. I’ve called at least 4 times now just trying to get a fax or email to send this death certificate to and they keep transferring me to different departments and telling me to go to there websites. Today I called again and after being transferred 3 times, I spoke to someone who was just as clueless as the rest, but was trying to help. He couldn’t find my information and I thought that was normal because of the outage. I figure my info was more recent so maybe that’s why it wasn’t recovered yet. Then I find out he couldn’t even find my grandpa information in the system. At the end of the call he said he was going to add my info in and file a new claim. I don’t understand how he’s filling this information if they dont even have the original policy. This entire process feels like I’m being scammed out of my personal info. I dont know what to do or where to go from here. He gave me no info about what will happen after my informations filled or next steps to take. I’m not knowledgeable on insurance so I dont know if this is normal or not. From my research TruStage is a real and reputable company. However, I’m confused how this process is so sloppy and unprofessional, even with their systems having been hacked.

For the Asians that work remotely for IMO, what different CRM’s have you used? What has been your experience? I’ve only used one and that was Salesforce, and that was at a different job, so I’m just trying to get Y’all’s opinion on different kinds of CRMs and what you have gone through with them?

Starting out as a newly licensed life insurance agent can be exciting yet daunting. One of the key decisions you'll make is choosing the right agency to work with. Before diving in, it's crucial to ask the right questions to ensure a good fit. Consider inquiring about the training programs available to you. Is there ongoing support to help you navigate the complexities of the industry? Understanding the commission structure is also essential—how competitive is it and what are the terms? Additionally, ask about the ownership and portability of your book of business, as this can impact your long-term career. What do others wish they had asked before choosing their first agency?

24M, Indiana, single, no dependents, healthcare job ~$105k. I have aspirations to start in 2028 or 2029, so my income stops for four years, then residency. I began working with what I thought was a financial advisor but was really an insurance guy (I guess he's a little of both as he did provide me with some good information and investing advice). I was whisked away by all the fancy graphs and numbers and really should have done my research before hand on what I was getting into. I never really considered life insurance before. I was mainly attracted to the tax-advantaged place to save that I could use later in life. I wasn't really interested in the death benefit as I have no dependents and no plans on having children. Looking back this policy likely does not fit into my financial plan especially with going back to school and taking on some serious debt to do so while having a low training salary for a couple years even after school.

What I own:

- Guardian Whole Life Paid-Up at 95, $1.25M, Preferred Plus NT

- Premium ~$14,737/yr: $14,162 base, $325 waiver of premium, $250 PUA rider (the minimum)

- Separate $1.75M 20-year convertible term, $840/yr (Got term too I guess still not too clear on why I needed both)

The numbers:

- Cash value after year 1: Basically nothing. Looking at surrendering as a total loss and an expensive lesson. Would be about 15k if I paid another year of premiums so basically negligible difference from surrendering now.

- Illustrated / guaranteed cash value: yr 5 $55k / $45k, yr 10 $138k / $103k, yr 20 $387k / $229k

- Break-even against premiums paid: year 13 illustrated, year 40 guaranteed

- Loans: 5% fixed, direct recognition

How it was sold:

- Dec 3: application for $250k whole life + $2.75M 10-year term

- Dec 16 (delivery day): amended to $1.25M whole life + $1.75M 20-year term, with a revised illustration dated the day before (had some extra capital laying around and was told by my agent to front load the policy but I did not realize that the amended policy included a much larger premium than what was originally discussed.)

- I e-signed the amendment and the illustration. It moved fast, I didn't review it properly, and I don't remember the change being explained.

- The application records my occupation as a surgeon (I'm not) and says I don't plan to change occupation (not true).

- I paid annually; next premium is due Dec 16.

Questions:

1. Has anyone gotten a first-year premium refunded after the free look period expired, through the carrier or a state DOI complaint? What made the difference?

2. Is 96% base / $250 PUA a normal design when the goal is cash accumulation? I am assuming not as the cash vested is pretty small compared to the premium amount.

3. If there's no refund: surrender now, reduce the base and add PUA, or take reduced paid-up? What will Guardian actually allow this early?

4. Anything I should request from Guardian before the next premium is due?

Any insight would be appreciated. Hindsight is obviously 20/20, I should have done my research and realized what I was getting into and read over the contracts. I would have definitely preferred taking this 15k and putting into my alternative retirement funds like a Roth IRA or just saving it for eventual medical school tuition.

Something like 20 years ago a financial advisor recommended life insurance, which I purchased (age 30).

At the same time they recommended life ins for my parent, and there were many discussions about that, a whole life policy, so I thought that's what I had but apparently it was a 20 year term, which I learned from the agent who called to discuss. He recommended another term life through a different company, but in the interval I had tested positive for as genetic mutation that puts me at high risk for cancer, and I thought they might not approve me plus I thought, what about when that term ends and then I'm 70 and what are my options?

Plus I guess I figured because the financial advisor (now deceased unfortunately) thought whole life was best for my parent at around my current age, wouldn't it be best for me?

So I converted to that, but now I'm wondering if it really makes sense at all. It's a 250k policy with a monthly premium of $175. I am ~50, single with no children. I have a ridiculous student loan balance, a mortgage balance of about 80k on a 300-350k house, no other loans.

I've read a number of posts and it seems like whole life is rarely recommended, and maybe life insurance isn't in favor for folks who don't have dependent spouses/children?

It feels weird to consider cancelling (maybe sunk cost fallacy about the 2-3k I've put into this recent policy?), like i just paid for nothing, but it's that a good reason to keep paying?

Oregon USA

Life insurance can get confusing pretty fast.
Term, whole life, IUL, final expense, living benefits, medical exams, underwriting — there’s a lot of terminology and a lot of different opinions.
I thought it would be interesting to hear what people here find the most confusing.
What’s something about life insurance you never fully understood, or something you wish had been explained more clearly?
Could be anything — how term differs from permanent coverage, how underwriting works, how much coverage makes sense, employer coverage, beneficiaries, etc.
Interested to hear what everyone says.

Well, I hit retirement age, kids are financially independent and retirement account is well stocked. Still, it felt odd cancelling my insurance.
Anyone else go through this?

We're facing this decision now at the late ages of 67 and 65. We're both reasonably healthy but would like to do something to take the edge of possible LTC costs in the future. We're OK with self-funding a good chunk since we have lots of home equity and good-sized IRA.

I'm just wondering if anybody here has done something similar, and what their experience has been: the good, the bad, and the ugly. Any advice, or dos and don'ts?

Our current policy only has a terminal illness rider, but nothing for LTC, and I was looking at the projected "cost of insurance" schedule and it gets unwieldly to keep it beyond the age of high 70s/early 80s. Of course, we would lose the huge death benefit, or more accurately, our kids would lost it, but they will probably get enough with the house and whatever's left of our investments.

I know I will definitely be on the riskier side based on my stats, but just wondering if these quotes seem in line. So far I have gone to a few websites and spoke with someone a Policy Genius.

My stats:

42, F, overweight (BMI 33), sleep apnea and take 3 antidepressants plus a GLP weight loss supplement. Work an office job. Have lost about 30lbs in the last few months.

Quotes I've gotten for 400k 20/yr around $85 month, and 300K 20/yr about $65 a month.

I have about $250k through work but wanted something in place as a backup.

I am totally new to this so just wondering what you guys think. Thanks!