AARP Whole Life

[Newby]

Also the statement : Cash Value
Your coverage builds cash value over time that you can borrow against.

That doesn't say if they can borrow against it without lapsing the policy in the future.

With whole-life you can take loans and keep the policy in force if you keep your regular premiums up. With GUL that is usually not the case.

 

[ronmelton3]

Scott, Borrow in the life insurance business means to take money out without lapsing it. Borrow means you can pay it back.

Cash surrender means you take it out and end the policy rights.

There is a percentage that you can take out, be it ever small without lapsing the policy.

 

[Newby]

Right but you can also borrow from UL and pay it back but it still doesn't have the guarantees of WL.
I'm going to have to look at the next AARP policy closely. I always assumed they were WL if they weren't term. But now I think JD is correct. Or it could be possible there are 3 versions.
They are a slippery group and they definitely don't want seniors to understand what they are buying.

 

[ronmelton3]

They are a slippery group and they definitely don't want seniors to understand what they are buying.

AMEN brother!