Join Early Retirement Today
Thread Tools Search this Thread Display Modes
need help to see if insurance agent is selling me correct
Old 08-16-2010, 07:32 AM   #1
Recycles dryer sheets
Join Date: Jul 2010
Posts: 51
need help to see if insurance agent is selling me correct

hey guys,
i recently got in touch with an agent about life insurance. told him i wanted a 30 year term. he said ok..we talk for a while and he said he was sending me out the application for the term life insurance. i get it in the mail i take a look at it and it read that it is a " term UL 30 policy" but is was designed to meet the needs of a term life insurance purchasers. is this really a universal life policy in disguise? he tells me its a term life insurance but the description reads" this is not a term life, single premium, level-premium or vanishing premium is universal life insurance a type of term life insurance? it talks of policy loans and withdrawals but i don't think term life insurance policies can do that? what should i do?

dooo42 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 08-16-2010, 07:45 AM   #2
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 39,196
If it says it isn't term life, it isn't. You need to find another insurance agent - he's trying to pad his pocket at your expense, he's being deceptive and acting like the vision many of us have of insurance salesmen.

If he's being dishonest on this transaction, where else will he try to screw you?


Numbers is hard.

Retired in 2005 at age 58, no pension

REWahoo is offline   Reply With Quote
Old 08-16-2010, 07:51 AM   #3
ziggy29's Avatar
Join Date: Oct 2005
Location: Texas
Posts: 15,419
If it says "UL," they are trying to pull a fast one on you if they are claiming it's pure term life.

Another quick way to look is that if you've priced pure 30-year term and these premiums are considerably higher than most of the quotes, they're certainly trying to push something that's more than just term life. Frankly I wouldn't do business with anyone who engages in these business practices. As REW says, this is the sort of thing that gives insurance salesmen a bad name.
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
ziggy29 is offline   Reply With Quote
Old 08-16-2010, 08:51 AM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
Join Date: Aug 2006
Posts: 12,484
If the word "universal" is in the application, it's NOT term insurance, so don't sign it...............
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)

This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Insurance for getting health insurance REWahoo Health and Early Retirement 13 12-04-2008 10:36 AM
Finding an Agent for Health Insurance? more_or_less Health and Early Retirement 4 03-24-2007 02:36 PM
Car insurance saving idea: agent input pls poocher FIRE and Money 15 05-08-2006 08:51 PM
Insurance Agent can't collect on her insurance wabmester Other topics 14 08-24-2005 08:25 PM


All times are GMT -6. The time now is 11:24 PM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2016, vBulletin Solutions, Inc.