Buying A Life Insurance Business??
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Why isn’t anyone talking about buying life insurance companies? 🤔
Got talking to a former insurance agent the other day and they explained it all beautifully:
If you’re healthy enough, life insurance is good for everyone one way or another. And for the company.
You have TERM LIFE INSURANCE which is like renting an apartment. It’s really cheap, its temporary and hopefully it pays out when you die because it’s enforced.
Then you have WHOLE LIFE or permanent insurance is like buying a house.
The premium is higher.
Its has a finite amount of time that you pay on it, but it lasts forever and it has equity that builds up in the form of cash value.
You can make those cash value or accumulations more aggressive or more conservative.
Whole life is essentially designed for the entire life of a person and pay out 100% when the person dies.
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My takeaway:
Most people don’t understand this
There’s a gap in knowledge and multiple younger generations to educate on this and acquire as customers
Most policies you set and forget. Very little maintenance.
Might be worth buying a book of clients, plugging an agent in place to operate and focus on marketing and outreach.
This is all a back of napkin idea though. Feel free to poke holes! 🕳️