Best IUL for Young Adult? (Under 35)

Jun 25, 2015

  1. go4life
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    go4life Expert

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    I refer to choose North American Company.
     
    go4life, Mar 6, 2016
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  2. BYSFG
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    BYSFG Super Genius

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    Im current with the LSW product but that was the only one I knew for sure that had that rider. Thanks for pointing out MN Life. Now that makes 2, but I guess its not surprising that this type of rider or similar is not widely implemented.
     
    BYSFG, Mar 7, 2016
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  3. jboussea
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    jboussea Guru

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    what is it about certain plans that it's better for under 35 but they're not as good for people over 35? does the cost of insurance get too high?

    and based on your previous posts , i'm assuming allianz and minnesota are the better plan for over 35?
     
  4. scagnt83
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    scagnt83 Worldwide Expert of Everything

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    Age is not really the deciding factor in choosing an IUL. Under 35, over 35... whatever.

    The main two IULs that I sell are NA/Midland and LFG.

    Allianz has an excellent product and I have recently come around to it over the past year or so.

    Axa has a strong product and I hear competitive UW. But they have had issues lately with raising expenses within policies sold not all that long ago.


    The biggest factor is UW. There is no one single "best IUL". A lot of it depends on the UW factors. You need to be comfortable with 2 or 3 products that can cover most any reasonable UW situation.


    NA, LFG, Allianz, Penn Mutual, Minnesota Life, Axa. Take your pic. Age is irrelevant. Illustrations for all of those will be very close to each other for most situations.

    LFG offers table shaving which is a great thing for older ages or health issues. NA does it too but only for the Rapid Builder.
    LFG has awesome customer/agent service and support. NA's customer support has gotten terrible and is now worse than getting a colonoscopy.
    Penn is an awesome carrier all around and very strong financials. Allianz is very strong and great service/support.
    I dont do business with Axa or Minn but Ive heard good things about both.
     
  5. jboussea
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    jboussea Guru

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    Great feedback again thanks a lot..

    What do you think about lfg s whole life product ..got a client with questionable health (overweight and some digestive issues) .. I don't know if he ll qualify for the big mutuals ...
     
  6. scagnt83
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    scagnt83 Worldwide Expert of Everything

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    LFG does not have a WL product. LFG is Lincoln National Life. They sell UL and Term. They did sell a WL policy years ago but it hasnt been available for years now.

    LFG does offer a table shave program up to T2 or T3 for GUL and UL/IUL.
     
  7. scottstreet
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    Tyler, any carrier advice for a prospective insured with a breast cancer hisory? Diagnosed 41.5, stage 0 , ductal carcinoma In Situ, lumpectomy, 6 weeks low dose radiation, 5 years tamoxifen age 44 now. FNS perfect health otherwise P-best 6 mos. prior to diagnosis.
    Unfortunately current ins is with Pru and CV products suck.
    Thanks, Jim
     
  8. scagnt83
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    scagnt83 Worldwide Expert of Everything

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    I dont have any personal experience with clients who survived breast cancer. Maybe others can chime in with some better help.

    Some carriers offer an informal "pre-sale" underwriting evaluation for larger cases. Usually its based on DB. I think LFG does it for cases $1mm and above. But you can always call the sales desk and they should be able to pull up UW requirements or even speak to UW for you. You can also often find UW guides for carriers with a google search.

    I would look at carriers that offer table shave programs. LFG, NA (Rapid Builder IUL), and I think that Allianz might table shave too (not 100% sure on allianz).

    Personally, I would probably start with LFG and see how it looks for her. Their sales desk is usually pretty helpful too.
     
  9. neetsiepk
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    neetsiepk New Member

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    You used Preferred Plus, AXA used Preferred.
     
  10. ATM
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    ATM Super Genius

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    I own a Transamerica policy and would recommend to anyone in the industry not to sell, not to buy, and not to do any sort of business with them.

    TA stopped sending premium notices on old UL policies. How many policy holders do you think will pay a premium when no bill arrives?

    How many old UL policies will last very long with no premium?

    How many more will last very long after TA raised internal charges? (they have)

    Any company that would do such things should not be on the receiving end of your business unless you have very, very good E&O. You will get sued and your clients who own these crappy policies will have been hosed when they die with no coverage because they were too sick to buy new coverage or couldn't afford the much higher premiums when their polices finally did lapse.

    TA sells a lot of IUL because they have an exclusive deal with Primerica. That doesn't mean it's a good product. It is high cost, charges an asset fee, doesn't waive policy charges when on chronic illness benefit, and only allows for fixed rate loans. Much better options are available.
     
    ATM, Oct 17, 2018
    #40
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