Bankers Life Clear Vantage

Dec 21, 2013

  1. blue_wynd
    Offline

    blue_wynd Guru

    Posts:
    674
    Likes Received:
    3
    Hi,

    Anyone familiar with Banker's Life IUL? Product name is ClearVantage, a index flexible premium adjustable life. A friend, small business owner, was pitched the product. I am not good on IULs, but looking at the cap rate of 10, doesn't seem like the best IULs.

    Anyone got a better option? For those familiar on Bankers life clearvantage, a little about the good and bad? He is in late 20s and non smoker, no health issues.

    ----------

    The quote I am looking doesn't mention what index it will be using.
     
  2. DFW
    Offline

    DFW Expert

    Posts:
    46
    Likes Received:
    0
    I would look at Midland. They have a very strong IUL product.
     
    DFW, Dec 21, 2013
    #2
  3. axeman462
    Offline

    axeman462 Guru

    Posts:
    1,673
    Likes Received:
    33
    State:
    Florida
    I am very familar with it, as I used to work for BLC. i still have the software on my computer. Their IUL was probbly the best product they had, but unfortunately it is still not that competitive.
    I am not quite as schooled on IULs as some of the agents here, and I currently do not sell IULs, but lets just compare it to one product I do have in my bag; RNA CV UL:

    Male age 28.
    Bankers IUL:
    Annual prem: $1,000
    Guarranteed CV in yr 10: $5,906
    Assumed CV in yr 10: $8,664
    (NOTE: software on my computer assumes: 6.89% and a participation rate of 100% (If i am not mistaken their part rate is closer to 40% right now, which would bring the assumed numbers much lower))

    RNA CV UL:
    Ann prem: $862.08
    Guar CV in yr 10: $7,109
    Assumed with the current rate: $7,861

    Both are set for $100k in death benefits male age 28 non-smoker.

    bottom line: you can do better. And with much stronger guarantees.
     
  4. blue_wynd
    Offline

    blue_wynd Guru

    Posts:
    674
    Likes Received:
    3
    Thanks,

    They still got the participation rate at 100%, same 6.89 assumption. I figured as much based on what I read here and there, he would be better off in another IULs from a different company. Any recommendations?
     
  5. axeman462
    Offline

    axeman462 Guru

    Posts:
    1,673
    Likes Received:
    33
    State:
    Florida
    This thread has comparisons of a few different IULs:

    http://www.insurance-forums.net/for...-marketing-organization-iul-chart-t59554.html

    I dont deal much with IULs enough to give you good enough advice on them. But that thread is a good start.
     
  6. jacobtn
    Offline

    jacobtn Guru

    Posts:
    2,400
    Likes Received:
    30
    State:
    Tennessee
    Anything offered by Bankers is going to be crap.
     
    jacobtn, Dec 24, 2013
    #6
  7. nylife11023
    Offline

    nylife11023 Super Genius

    Posts:
    247
    Likes Received:
    0
    I don't have any experience with Bankers but if you research this board there is a lot of negative postings about the company. I seem to remember that they got into trouble from a New York Times article published about them a couple of years ago.
     
Loading...