Advantages of whole life
Whole life as a strategy
Points to remember
- Remember that it is a fixed-premium product. Clients must commit a portion of their budget to fund it as required; they cannot vary payment according to their cash flow.
- The cost structure of the policy is the key to getting the most benefits. If your client does not qualify for the lowest cost due to a history of illness or a dangerous hobby, it may not be a suitable product for you to recommend. Therefore, be sure your client is prequalified for coverage before submitting an application.
- Legal, financial and tax considerations must be addressed when developing a product portfolio and planning to receive distributions.
- As a professional advisor, you can provide the much-needed guidance your clients will need.