American National GUL

[suranceman]

So I have a woman in very good health in CA who was offered a GUL by american national. Anyone familiar with this specific product? I know GUL's have a guarantee provided the premium is paid on time.

This woman was going to go whole but the premium on this GUL was nearly half of what WL was. If anyone knows the potential pitfalls of this product, please let me know.

DOB is 1/6/1960 non smoking. only on HBP meds.

Thanks!

 

[VolAgent]

This isn't product specific...

In general with a GUL, you miss a payment or are late and the guarantee is GONE, GONE, GONE! Some do have options to restore it, so it is a good idea to research the product. With no guarantee, it is back to a current assumption UL, and generally a bad one at that.

If all she cares about is death benefit and is fairly responsible, the GUL can be a very good solution.

 

[FinalExpenseDojo.com]

It's a very good product. Comes with all 3 living benefits & they're approved in California. Many agents have been ditching Sagicor for this product due to underwriting being better. They approve a lot more folks at preferred.

 

[myinsurebiz]

They have a decent Term Hybrid with ROP too . . .

 

[GalvIns]

I specialize in this product.

The GUL is awesome, I teach my agents to pitch it as permanent term.

You're going to pay a little more in premium than you would with term, but you get the bad a$$ cash out rider at year 15/20/25. You don't get 100% ROP on year 15 but you do on year 20 and 25.

Like someone mentioned before, you get the ANICO living benefits, which are some of the most liberal in the industry. A solid formula to remember if you're pitching ANICO Living benefits goes as follows

There's Chronic/Critical/Terminal, everyone knows that, but it's more of an internal formula that spans those 3 categories.

If you're life expectancy is:
15-17 years = 25% advance on DB
10-12 years = 50% advance on DB
5-7 years = 75% advance on DB
12-24 months = 90% advance


I train my agents along these lines, If you go with term, you are going to pay the same price for the next 20 years and get nothing at the end of year 20. If at year 21 you need a new life insurance policy you are going to have to go through underwriting again and your new premium is going to be much higher than before.

So with the GUL, you'll pay a little more, but at year 25 you decide that you don't need the insurance anymore, get you a fat paycheck and move on, but in the situation that you feel like you might need your life insurance, just keep it and its permanent all the way 95-121, based on how long you think you will live. You can pick any age 95-121 and the rate change is minimal



It's also express underwriting under $250,000. Mib/script check only. Our average turnaround is about 72 hours if nothing shows up in the checks. A lot of it has to do with our caseworkers that check on our agents business, but ANICO is pretty good about being efficient.

ANDDDD, it's going to be simplified issue in 2017 =)