What's the best life insurance policy out there?

By Lew Nason

Insurance Pro Shop

There are a lot of people trying to tell you that their company and products are the absolute best. Don't believe them.

There are too many variables to say which product is the absolute best: Who has the best underwriting, historical performance, guarantees, financial ratings, riders, etc.? Which of these factors are the most important in deciding which product is the absolute best? Is whole life, with its guarantees, better than an indexed universal life?

I suggest you be very, very careful when touting a company or product as being the best. There have been too many companies and products that were touted as being the very best, were highly ranked financially and are no longer in existence. For example, two companies that quickly come to mind are Kentucky Central and Executive Life.

No one knows what company is going to have the best performing product over the next 20, 30 or more years. Too many companies have come out with a new product every year or so and have then lowered the returns, increased expenses, etc. on their existing products.

Consider, if you sell by price, products, riders, returns, etc., then won't there always be a better price, product, rider, return, etc. that will beat you and you'll end up being replaced?

Every agent and advisor has to decide for themselves who they want to represent and what product they most believe in. Your clients will follow you recommendations and stay with if you:
  • have done a thorough fact find and helped people to see and understand their problems
  • if you are doing what you really feel is right for the client, and you have gained their trust and respect
My advice to agents and advisors is to find a well-established company with good product line you can believe in. Over the long run there isn't that much difference in the actual performance of similar products.

Stop focusing on your products and returns and instead focus on helping your clients and prospects to spend, save, invest, insure and plan wisely for the future, to achieve financial independence. Become the trusted advisor people want to see. Do what is right for the client or prospect and they will follow your advice regardless of what company or product you recommend.

Lew Nason

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