Should I buy a whole life plan 25 years term from an agent around your age or an agent whose age is 20 years more than yours? - Seedly
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Zach Ng

Asked 4w ago

Should I buy a whole life plan 25 years term from an agent around your age or an agent whose age is 20 years more than yours?

Hi guys. I am 30 yo and I have my own trusted agent around my age who I believe strongly that he will stay in the business for a very long time. My friend is 28 yo and is planning to buy a WL from his dad's agent (around 50 yo). No disrespect at all but I feel that his policy might not be well taken care off when the current agent retires because the one who would take over will not enjoy any benefit from handling the policy right?

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Hey there!

There are many schools of thought regarding this. Some people feel that you can only get your insurance from acquintances, some feel you can only get it from people 20 years your senior since they have been in the business long enough.. The list goes on.

In general, a good agent will be someone who can offer objective advice based on a client's needs and budget and lifestage. Granted that an agent who has been doing this long term has more experience, it's important to find someone who can journey through a client long term.

He may want to look for someone his age/life stage since its highly likely agents in their 50s at some point will retire in the near future. So this is to offer some perspective and narrow down some options. But of course, it all depends on what your friend is looking for as well. A young agent who is driven to serve, caring and objective in offering financial planning may be an option.

Financial planning is an integral part of life. You can reach me here to find out more.​​​

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Zach Ng

4w ago

Hi Yi Ning, thank you!!

You should consider getting your insurance policies from a trustworthy agent. In detail, I have highlighted some key criteria here (Step 3): Orphan Clients Insurance: What You Should Do

Unfortuantely none of these criteria is restricted by age and here is a reason why: an older agent may retire and not take care of your needs anymore. In like manner, a young agent may realise that this career is not right and leaves the industry. Or, a misfortune happens and both agents passed away. In case you feel that I am joking, I can assure you that it is not. This is because I have been in this industry for almost a decade now and I have seen too many of such cases.

Therefore, the most reasonable way to do this is to work with someone whom shares mutual respect and trust. At the end of the day, no partnership is forever. Of course, it is a bonus if you manage to find a trusted agent that has done proper succession planning. This will ensure your long-term welfare.

I share quality content on estate planning and financial planning here.

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One way to go about it is to make sure the transfer of agent in the future is responsibly done. His dad's agent has been around for awhile so he probably would stay for as long as he could. The downside is that the agent would proably retire before a claim would be made.

The downside of having a younger agent on the other hand is that they may leave the industry midway. The upside of having an agent similar to your age would be that he or she more likely understands your needs since both are in similar life stages.

At the end of the day, its all about who you are comfortable with. ​​​

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Zach Ng

4w ago

Hi Nigel, thank you!!

Hi Zach,

Actually when the agent retires, what happens is that the client details would be passed to another agent either within the same agency, or within the company if the agency is no longer around. But in the event of that happening, it would mean that the trust needs to be re-built, and as a client, they might feel like they are just being pushed around any where.

I do agree that having an agent around your age does help, cause you guys are likely going through the same phase of life together, so the policies they would recommend you, are also likely policies that they would consider themselves. But of course in that regard, we do need to have a close knitted relationship and understanding of each other as well.

However of course there are agents who might be older than the clients, but because they are older, they have greater insight on what makes better sense during that phase of life they are in as well. So there is no correct answer as well in that sense.

What would be ideal is to actually meet both of them separately and see which agent he is more comfortable with and have better chemistry and trust, as I do feel those factors are the more important element of this relationship.

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Zach Ng

4w ago

Hi Li Xing thank you!!