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By Ed Hinerman on December 3, 2012
Over my career in life insurance I’ve run across some really sleazy things done by life insurance agents that in no way helped the client but definitely made the agent a great payday. Our industry has some checks and balances in place to try to hold down unscrupulous replacement practices, but the truth is if ...read more
Posted in cash value, financial adviser, guarantee, insurance, life insurance, Met Life, universal life, variable universal life, whole life | Tagged $133k commission, 1035 rollover, 8% annual growth not guaranteed, cash value, dividend paying company, guaranteed cash value, guaranteed death benefit, insurance, life insurance, MetLife, paid up additions, policy will lapse, sleazy life insurance agents, universal life, unscrupulous agents, values are not guaranteed, variable universal life, whole life
By Ed Hinerman on November 7, 2012
Whether there is anything to the Mayan calendar that predicts the end of the world next month or not, there is one thing that is an absolute life insurance fact. Because of actions by the NAIC, National Association of Insurance Commissioners, with the strict enforcement and January 1 deadline to for life insurance companies to ...read more
Posted in budget, cash value, high net worth, indixed universal life, insurance, life insurance, no lapse guarantee, rate increase, universal life, variable universal life, whole life | Tagged Actuarial Guideline 38, AG38, AG38 won't affect in force, external guarantee, external reserves, great deals to be had, high net worth life insurance client, indexed universal life, insurance, internal cash value expensive option, life insurance, NAIC, National Association of Insurance Commissioners, no lapse guaranteee UL, not on policies in force, raise rates, rate increases, traditional universal life, variable universal life, whole life |
By Ed Hinerman on February 2, 2012
I’m on about my 15th drum now. I’ve beat so many of them to death about life insurance guarantees that I have a restraining order keeping me away from the local drum shop. Life insurance companies have been selling assumptions on whole life and universal life forever. What they say about assuming couldn’t hold more ...read more
Posted in conversion, insurance, life insurance, universal life, whole life | Tagged conversion, conversion to a permanent product, guarantees, indexed univeral life, insurance, life insurance, low interest rate environment, no lapse guarantee UL, no longer show assumed values, pay 1% on 1035 exchange, permanent defined, reasonable sustainable assumption, representing something that isn't guaranteed, selling assumptions, universal life, whole life
By Ed Hinerman on January 19, 2012
As a business person I have become accustomed to wanting to deduct everything I can. If there was a way to deduct the air that is used in my office every day I would be installing an air gauge. Life insurance benefits are income tax free which is like the 8th wonder of the world ...read more
Posted in business life insurance, buy/sell life insurance, Infinite banking, insurance, life insurance, whole life | Tagged business life insurance, CEO's, death benefit income tax free, Executive bonus plan, executives, fully tax deductible, infinite banking, insurance, key employees, life insurance, premium tax deductible as bonus, retirement, Section 162, selectivelly offered, supplement benefits, whole life
By Ed Hinerman on January 11, 2012
A few days ago another agent took offense to my obviously uneducated view that indexed universal life is a poor excuse for a life insurance product, especially in the context of infinite banking. He commented on a post by starting with “I’m sure your completely well-intentioned, but you ought to be more careful of publically ...read more
Posted in cash value, guarantee, indixed universal life, Infinite banking, insurance, life insurance | Tagged assumptions, budget, divident paying whole life insurance, guarantee the most cash value, guaranteed, illustration IUL and whole life comparison, indexed universal life, indexed universal life insurance, infinite banking, insurance, investments, IUL, life insurance, Primerica agent, retirement funds, whole life, wrong cash value product
By Ed Hinerman on November 4, 2011
I confessed last week that I may have finally found something less than dreadful to say about whole life insurance. This day that no one ever saw coming, came through the back door a few weeks ago when I got a call asking specifically for a quote on a participating whole life insurance policy. I ...read more
Posted in Infinite banking, insurance, life insurance, term insurance, whole life | Tagged all 50 states, Colorado, dividends, excess cash, financial tool, financial vehicle, guaranteed cash value, impaired risk life insurance, infinite banking, insurance, Kate Gardner, life insurance, MEC, modified endowment contract, Nelson Nash, paid up additions, par whole life, participating whole life, short pay policy, whole life |
By Ed Hinerman on September 21, 2011
If you’re in your 30′s life insurance backdating is not an issue that you probably need to know about or even consider simply because, at your age, the cost of insurance doesn’t change much, if any, from year to year as you get older. Not so when you’re talking about vintage over 50 life insurance ...read more
Posted in conversion, insurance, life insurance, Lincoln National, over 50 life insurance, rate increase, term insurance, universal life | Tagged actual age, age nearest, backdating, backdating life insurance, backdating to save age, conversion, estate tax, higher rates, insurance, life insurance, Lincoln Financial, no lapse guarantee, old pricing, permanent insurance, significantly higher price, universal life, whole life |
By Ed Hinerman on August 18, 2011
I can hear the whole life insurance guys once again musing about what kind of a nut case would recommend term life insurance during crazy economic times. Well guys, I’m back!! For those over 50 and over 60 life insurance may be the only way to salvage the vestiges of a retirement fund that is ...read more
Posted in insurance, life insurance, term insurance, whole life | Tagged 2008, economic shakeup, insurance, life insurance, over 50 life insurance, over 60 life insurance, reitrement fund, tax free death benefit, term life insurance, whole life
By Ed Hinerman on August 9, 2011
The 70% savings lure in life insurance advertising is probably been so used that it is a brand by itself. Never mind the companies the promote it, who wouldn’t want to save 70% over what they are currently paying for a comparable life insurance product. So, the good news is that it’s real. Let’s look ...read more
Posted in insurance, life insurance, mortality, mortality risk, term insurance, whole life | Tagged 70% savings, guaranteed level term, high blood pressure, Independent agent, insurance, life insurance, perfect health, right agent, right company, sleep apnea life insurance, whole life
By Ed Hinerman on June 21, 2011
The debate will probably continue well past me and all of those joined in the discussion at this time, is term life insurance an appropriate financial planning tool? The debate used to be term insurance versus whole life insurance. Then came universal life insurance with its’ own spin on cash value and the debated diverted ...read more
Posted in cash value, insurance, life insurance, term insurance, universal life, whole life | Tagged budget, cash value, flexibility, insurance, layering, life insurance, life insurance need, permanent insurance, replacement of income, term insurance needs, term life insurance, universal life, whole life
