We are often asked about 10 Pay Whole life policies as a strategy to accumulate cash value at a more rapid rate. So, today were getting into why this might not be the best idea.
As a quick review a true 10 Pay Whole Life Insurance requires just 10 premium payments. After those 10 payments it is contractually paid up requiring no further premiums. Agents and brokers often use this product for its higher than average cash accumulation capabilities and for the very short time period of premium commitment.
Brantley is a practicing life insurance agent and has been for nearly 18 years. After years of trying to sell like his sales managers wanted him to, he discovered that people want to buy life insurance if you actually explain the benefits.