Bankers Life Clear Vantage

blue_wynd

Guru
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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.

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

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

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?
 
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?

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.
 
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.
 
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