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.
IPB 115: Annuities Today, Life Insurance Tomorrow
IPB 113: The Stumbling Blunders of Accordia Life Insurance Company aka Global Atlantic
IPB 108: Should it be Fee Only vs Commission Financial Advisor?
IPB 107: When Interest Rates Go Up, Bonds Go Down. What Does It Mean for my Life Insurance?