ul vs whole life Saw this topic on another site. Which do you prefer to sell? Which do you or would you want to own?
Total Comments: 24
Posted: Wed Oct 29, 2008 03:25 pm Post Subject:
Hello Chargesfan
If you go to FindYourPolicy.com and at the bottom of the website on the front page are google ads. They are specific to life insurance companies on the internet and also to your area. You can call them and see what prices they come up with.
I hope this helps.
Michael
Posted: Wed Oct 29, 2008 04:03 pm Post Subject: insurance
Thank you, Mike. I'll look into that.
Posted: Wed Oct 29, 2008 04:10 pm Post Subject:
PM me with the following info of your son:
Birthdate, height, weight, smoker?, overall health (any diagnosed situations/medications), how much insurance, how much you want to spend.
Posted: Thu Oct 30, 2008 05:15 am Post Subject:
I like so sell 30 year level term. That is what I personally have myself. You get much more death benefit for your premium, I look at it as risk protection for my family rather that an investment, which is how UL and WL are sold.
Posted: Thu Oct 30, 2008 11:28 am Post Subject: insurance
Hey, BEATUP.......30 year level term? Please forgive my 'ignorance', however, that ALMOST sounds like that IS Life Insurance. What's the difference between the 30 Year and Life( term and whole.) I'm not too familiar with all of the 'Life Insurances' out there.
Posted: Thu Oct 30, 2008 02:26 pm Post Subject:
30 year term (also sold in 5, 10, 15, 20 year increments) is pretty much how it sounds. It's good for 30 years. If you die during that 30 years, your beneficiary gets the death benefit. If you live past the 30 years, you and your beneficiary get zippo.
The advantage, as mentioned above is that the premiums are less. However, there are two disadvantages.
1. If you want insurance (again) after the policy runs out, you have to buy a new policy - based on your new age and health. The rates will be higher because you are older and if there is something medically that popped up during the 30 years, you may be uninsurable and can't get anything.
2. The face value of the policy is all your beneficiary will get. There is nothing inside a term policy that will allow you to build cash value.
With a UL, VUL those two disadvantages go away.
1. The yearly premium, where more than with a term policy, will be what you pay - forever. The premium will never adjust because you are older. What you start paying, is what you will pay until you die. If something medically happens 20 years into the policy that now makes you uninsurable, your current policy will stay in place. It simply can't be terminated (unless you stop payments).
2. There is an ability to have "cash value" in the policy based on your investment choices. If your 200K VUL has done well in the market, you could have an extra, for example 50K in your policy. When you pass, your beneficiary will get the 200K and the 50K. However, a nice think about the cash value is that it is available to you before you pass. You can "borrow" against your policy - buy a boat, vacation house, pay for schooling, etc. You will have to pay it back but if you pass before it is paid back, the balance owed is simply taken off the death benefit.
Even using today's market crisis as an example, suppose your cash value drops to nada...no worries. Your death benefit is still 200K. It will alway be 200K (unless you borrowed and didn't pay enough back).
Posted: Thu Oct 30, 2008 06:53 pm Post Subject: inasurance
There sure is a difference between the two- Life and Term. I would like one that builds Cash Value. I sure can't predict what's gonna happen 20 years from now.
Posted: Thu Oct 30, 2008 07:11 pm Post Subject:
Smart woman...Term has an advantage if the policy is taken out on a child - then once he/she turns 18 (or so), it can easily be converted to a VUL/UL - with low premiums because the insured is still wayyyyyy young.
Posted: Thu Oct 30, 2008 07:56 pm Post Subject:
The thirty year term will give me risk protection while I am paying off my mortage and saving for retirement. When you look at the differences in premiums the WL and UL look like a poor investment to me. I would rather put the difference in premiums towards something that would build interes much more quickly.
Posted: Wed Oct 29, 2008 03:25 pm Post Subject:
Hello Chargesfan
If you go to FindYourPolicy.com and at the bottom of the website on the front page are google ads. They are specific to life insurance companies on the internet and also to your area. You can call them and see what prices they come up with.
I hope this helps.
Michael
Posted: Wed Oct 29, 2008 04:03 pm Post Subject: insurance
Thank you, Mike. I'll look into that.
Posted: Wed Oct 29, 2008 04:10 pm Post Subject:
PM me with the following info of your son:
Birthdate, height, weight, smoker?, overall health (any diagnosed situations/medications), how much insurance, how much you want to spend.
Posted: Thu Oct 30, 2008 05:15 am Post Subject:
I like so sell 30 year level term. That is what I personally have myself. You get much more death benefit for your premium, I look at it as risk protection for my family rather that an investment, which is how UL and WL are sold.
Posted: Thu Oct 30, 2008 11:28 am Post Subject: insurance
Hey, BEATUP.......30 year level term? Please forgive my 'ignorance', however, that ALMOST sounds like that IS Life Insurance. What's the difference between the 30 Year and Life( term and whole.) I'm not too familiar with all of the 'Life Insurances' out there.
Posted: Thu Oct 30, 2008 02:26 pm Post Subject:
30 year term (also sold in 5, 10, 15, 20 year increments) is pretty much how it sounds. It's good for 30 years. If you die during that 30 years, your beneficiary gets the death benefit. If you live past the 30 years, you and your beneficiary get zippo.
The advantage, as mentioned above is that the premiums are less. However, there are two disadvantages.
1. If you want insurance (again) after the policy runs out, you have to buy a new policy - based on your new age and health. The rates will be higher because you are older and if there is something medically that popped up during the 30 years, you may be uninsurable and can't get anything.
2. The face value of the policy is all your beneficiary will get. There is nothing inside a term policy that will allow you to build cash value.
With a UL, VUL those two disadvantages go away.
1. The yearly premium, where more than with a term policy, will be what you pay - forever. The premium will never adjust because you are older. What you start paying, is what you will pay until you die. If something medically happens 20 years into the policy that now makes you uninsurable, your current policy will stay in place. It simply can't be terminated (unless you stop payments).
2. There is an ability to have "cash value" in the policy based on your investment choices. If your 200K VUL has done well in the market, you could have an extra, for example 50K in your policy. When you pass, your beneficiary will get the 200K and the 50K. However, a nice think about the cash value is that it is available to you before you pass. You can "borrow" against your policy - buy a boat, vacation house, pay for schooling, etc. You will have to pay it back but if you pass before it is paid back, the balance owed is simply taken off the death benefit.
Even using today's market crisis as an example, suppose your cash value drops to nada...no worries. Your death benefit is still 200K. It will alway be 200K (unless you borrowed and didn't pay enough back).
Posted: Thu Oct 30, 2008 06:53 pm Post Subject: inasurance
There sure is a difference between the two- Life and Term. I would like one that builds Cash Value. I sure can't predict what's gonna happen 20 years from now.
Posted: Thu Oct 30, 2008 07:11 pm Post Subject:
Smart woman...Term has an advantage if the policy is taken out on a child - then once he/she turns 18 (or so), it can easily be converted to a VUL/UL - with low premiums because the insured is still wayyyyyy young.
Posted: Thu Oct 30, 2008 07:56 pm Post Subject:
The thirty year term will give me risk protection while I am paying off my mortage and saving for retirement. When you look at the differences in premiums the WL and UL look like a poor investment to me. I would rather put the difference in premiums towards something that would build interes much more quickly.
Posted: Thu Oct 30, 2008 08:09 pm Post Subject:
How does a 30 year term build interest?
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