I didn't sell life insurance but I worked for a life insurance company in their call center for 3 years or so - so I know a little bit about this. You should really try to buy a whole life insurance policy but the window of opportunity to do that is not great and has to be done when you are in your 20s. It is hard, though, trying to talk some 20 year old something into purchasing a policy where they are going to have to pay hundreds and hundreds of dollars every month when they feel they are invincible. Unless you can convince them that it is an investment, like contributing to a 401(k), then it is a tough sell. That's where term life insurance comes in - you can purchase a policy for a lot of money and not have to pay the monthly premiums that you would if you had a whole life policy. But you are not building up any cash value and when the term comes up, you are looking at astronomical rates to renew. It wasn't uncommon for me to talk to someone on the phone whose term policy was coming due and their monthly premium was going from 40 dollars a month to like 4,000 dollars a month on a policy that was anywhere from 200 to 400 thousand. The best thing you could do is if your term policy was coming due is to take the money that you were spending every month on the premium and putting that amount into a savings account. But term policies are really for those people that have children that haven't left the house or they have a mortgage that is not paid off - its protection in case something happens to the breadwinner that the family won't lose the house or the kids still go to college. Once you have your house paid off and your kids out of the house and on their own, you don't really need a term policy.
Any investment advisor worth their salt will tell you to buy term and invest the difference you'd be paying in whole life. The growth & cash value of whole life is far too conservative for a 20 year old.
Good, long-time friend of mine does it. Ex-CF member actually. PM me if you want and I can connect you.
This is a really solid investment, especially if you are single and willing to get out once you reach your financial goal. I know a couple of people that did very well selling drugs for a finite period of time. One of them hit raves and parties and sold E 20 years ago to kids, they would get to the field or party spot early, sell their entire supply and get the hell out. Saved up over 100K in one summer as a 23 year old college student. He put that money into a 401K and it has blossomed over the last couple decades. Another one I know spent the money to buy a house.
That is the smartest way to sell it. If you get pulled over with $1000 in cash on hand, it’s suspicious. But meth heads don’t typically have crypto wallets.
