by Guest » Fri Sep 07, 2007 09:20 am
Hi friends, I've heard that Equity indexed universal life insurance can be a very good investment option. I want to purchase a policy that will give me some investment benefits along with life coverage. Shall I consider buying EIUL or something else? Pls. suggest.
Jeremiah
Jeremiah
Posted: Sat Jan 21, 2012 09:02 am Post Subject: vul
I have a vul from ameritas from 1998. Overfunded it for years
tied to s&p 500. Manage it myself < over 46000 dollars and
counting. Also take loans for my business. Not trying to gloat but agents sre doing a HUGE disservice selling these to seniors. My father in law lost over 50k in cash
value from a vul sold by a FRIEND! Premiums so high he
cancelled the policy. Most agents sell these policies and
do not manage theme correctly if at all! Wonder if there is any integrity left in the industry.
Posted: Tue Jan 24, 2012 07:18 am Post Subject:
Most agents sell these policies and do not manage theme correctly if at all! Wonder if there is any integrity left in the industry.
While everything you have said is appropriate, in this statement you make one small error. The agent has no "responsibility" to manage the policy. That's the owner's job,
However, the agent is responsible for the suitability of any product placed in the hands of the client, especially VARIABLE insurance contracts. VUL policies are unsuitable for many persons, and suitable for some.
If your father-in-law's loss was recent, and was based on a vanishing premium illustration or an illustration based on unreasonable assumptions, it may be possible to get your father-in-law's loss restored.
email me.
Posted: Sun Feb 05, 2012 08:37 pm Post Subject:
Thank god I found this forum!!!
I had this agent pushing me on the index universal life policy I am 40 and i have to pay $ 1500 per month to get 1.2 million coverage, yes you are right he kept on mentioning the tax free advantage and I signed all this documents and gave him $1500 check. I have not done the medical exam and told him to cancel application yet he still is trying to push me my question is At this point I have not signed my life away right? Legally the documents can be cancelled right?
Posted: Sun Feb 05, 2012 11:00 pm Post Subject:
If the agent is being uncooperative, probably because he already spent his commission, you may call the insurance company directly and request the cancellation of the application/underwriting process. You will likely have to have a paramed exam -- you can also end the process by not cooperating with the exam requirement. Calling or writing to the company is the best method.
If you were given an illustration showing the payment of premiums for a limited time period then no premiums after that, I would like to get a copy of that illustration from you. Please email or pm me by clicking the links below.
Posted: Thu Feb 09, 2012 11:16 pm Post Subject:
Max, you are doing a disservice to the industry every post in which you just assume that the agent is doing something wrong without a complete set of facts.
Posted: Fri Feb 10, 2012 06:35 am Post Subject:
You should see the list of cases I now am working on for several attorneys. And a review of the number of agent actions taken by the CA Dept of Insurance in the last 4-5 years is proof that there are more than just a few bad actors out there.
Certainly, not all of us are out them harming the public, but each time one of them does, you and I both get the black eye for it. I don't like black eyes, and now I'm turning my attention to doing something about it -- for the benefit of the insurance consuming public.
Posted: Fri Feb 10, 2012 06:36 am Post Subject:
You should see the list of cases I now am working on for several attorneys. And a review of the number of agent actions taken by the CA Dept of Insurance in the last 4-5 years is proof that there are more than just a few bad actors out there.
Certainly, not all of us are out there harming the public, but each time one of them does, you and I both, and every other decent, hard working agent out there, get the black eye for it. I don't like black eyes, and now I'm turning my attention to doing something about it -- for the benefit of the insurance consuming public.
Posted: Thu Apr 26, 2012 10:59 pm Post Subject: Just my opinion!
I am no pro at this or an agent. But there is a lot of conflicting information on here. An IUL is a fine product for the right person, it depends on what you want to get out of it in the end. It could be great if you make the most of it and plan to fund it heavily. But if your intention is to fund it bare minimum throughout the life of the policy don't expect too much back. Always read the fine print! this sort of policy is for some one that will stay committed till the end of it. If you have any doubts about it then don't get one! There are heavy surrender fees early on (within the first 10 years, but will depend on your specific policy). If you don't understand it stay away from it. Like I said for the right person it could be great for the wrong person this could be a disaster!
Posted: Thu Apr 26, 2012 11:58 pm Post Subject:
Yes, every insurance product has its pros and cons. The insurance consumer generally lacks the necessary knowledge to appreciate their responsibilities to the more complex contracts of Universal Life/EIUL/VUL, and rely on their agent to put all that information on the table. If there is a problem, it's with the agent more than it is with the product.
Posted: Fri May 04, 2012 05:09 am Post Subject:
why do WRL agents ask for check before the premium's even in effect? just cut them a 2000 dollar check 7 days ago
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