Many agents don’t understand the importance of the Guideline Single Premium (GSP). This is the amount of premium you want to be grandfathered to put into the policy within the first 11 years. However, most older clients fund their policy to the max, often in less than 11 years.
For example, a 60-year-old client repositioning $100,000 aims for the least amount of insurance possible. In 1980, the minimum death benefit for a 60-year-old was about $1,250,000 with a $500,000 premium. But buying the least amount of insurance gives you the best net internal rate of return.
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