AboutWillard R. Brumbaugh, LUTCF, CSFP Expertise I can handle questions concerning life insurance, it`s tax implications, how to determine what is appropriate, and how it fits in one`s estate and retirement planning.
Experience For 2 1/2 years I was an expert on AskMe.com, where for most of that time I was ranked #1. I have been a moderator (instructor) for the Life Underwriters Training Council. I have been licensed since 1969.
Organizations I belong to: National Association of Insurance and Financial Advisors - California
and the Inland Empire Estate Planning Council.
I hold the professional designation of Life Underwriters Training Council Fellow.
Question I am interested in life insurance and the Bank on Yourself concept and am working with a life insurance agent at the moment.
However, I am being asked to fill out and sign a life insurance application as a "pre-approval" with an insurance company. I am told that this is to find out approval rating and that no policy will be issued until I decide.
At this point I am not yet fully committed to setting up a policy since I haven't seen or discussed what my policy would look like. I am somewhat suspicious of sending in this application. Can you please comment on this practice? Should I be concerned?
Thanks.
Answer Dear Claude,
The BOY concept is a sound concept for the right people. However I believe that some of the agents that sell life insurance this way are not qualified to serve in a fully professional manner. For this reason I would like to talk to you directly.
I am in earnest to talk to you about this because I am currently working on a botched case that has cost the person I am helping $90,000. I am not saying that the agent that you are working with is working against your best interest. I am just saying that I want to be sure that I advise you appropriately.
