Life Insurance Sales – Boss Giving Me Wrong Information?

Hey – I’m an agent who just started working for a full-service life insurance company (Commission only with lots of bonuses). I have my Life and Health license and am currently studying for my SIE license.

The company stresses building my business by talking to friends and getting referrals from them (or signing them up). Makes sense. But I feel like Life Insurance is only necessary for parents and many of my friends are in their 30s, single, no kids and just looking for help on saving for retirement since they make 100k/year.

So the best way to helping people retire would be to invest in Mutual Funds. But I can’t do that without my SIE, Series 6 and Series 63. So my boss told me to talk to my friends about using the Cash Value on a Whole Life Plan as a retirement plan. That if someone pays into a Whole Life Plan, they can choose the smallest death benefit (since it doesn’t matter to someone single with no kids) and the money they put into the plan can use the Cash Value (which will grow with interest over time) as a retirement plan.

Does that sound like a good idea? It feels backward. When my boss says it and shows me the numbers, it makes sense, but I’m wondering if it’s better to talk to my friends once I have all the proper licenses to help them save for retirement by mutual funds.

Furthermore he says “You could put money into an IRA but there’s a $6k cap, with Whole Life there’s no cap. Plus the money in an IRA is taxable where the Cash Value on Whole Life is not”

Idk if my boss is telling me to sell whole life as a retirement plan, since that’s all I can do right now or because it’s a smart thing to do since the premiums will be lower now (since they’re younger and healthier) and then once they do have kids all they have to do is raise the death benefit. That cash value will grow with interest over time and if you’re single with no kids making 100k you can probably afford to put away 5k a year and have it grow in cash value with interest. I want to do the right thing by my clients.

Thanks for taking the time to read my long post.