I'll almost guarantee that those "horror stories" were from agents that didn't know what they were doing.
A properly designed IUL is pretty hard to make a mess of...
And yes, it does need annual (or at least biannual) reviews.
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Buy Term and Invest the Difference...NOT!!!
- Thread starter shonceman
- Start date
I'll almost guarantee that those "horror stories" were from agents that didn't know what they were doing.
A properly designed IUL is pretty hard to make a mess of...
And yes, it does need annual (or at least biannual) reviews.
- 5,947
Your correct... it seams like a great product... and very well could be but there are important factors that have to be considered...
...agent knowledge
...client understanding
...market changes
...product/purchase review
otherwise it can create a mess.
...agent knowledge
...client understanding
...market changes
...product/purchase review
otherwise it can create a mess.
- 6,027
How does one design a IUL "properly" ?
So - the Agent would review the IUL every year or two and make sure it was doing what?
This would be a good time to advise the client about additional products too - if needed . . .
Designing an IUL for cash accumulation isn't complicated but you need to know how to do it.
If you're new to this, just ask your IMO to help you.
If you're a DIY type, Scagnt83 has a ton of posts describing the proper structure.
You need to review it to make sure that it is performing as expected.
Companies will raise charges, lower caps, and can get bought out.
Ordering in force quotes can help you keep in front of these issues.
- 6,027
I'll get the training on the IUL - just boot strapping last few days. Was just introduced to Term and IUL with Living Benefits . . . Most def want to know how to do it. Seems you can mess the IUL up. Term seems to be simple.
If so - what does the Agent do?
- 5,947
I think if myinsurebiz is looking for something like a quick sale and very little oversight, this may not be the best product for him to market... I'd rather do Med Sups as opposed to this... very involved book of business
- 6,027
Not true. Care less about a "quick sale". I just have young couples and young people asking questions. I want to be able to offer them more than just a 20 year Term and say good luck . . .
Change funding, change DB, change carriers....this is a financial product that needs to be managed similar to an investment.
- 6,027
I believe I will show my younger / healthier folks the Ameritas FLX Term and FLX IUL options and let them choose what they want . . . May use Foresters as well - they seem to get it too . . .
I know nothing about either of those carriers in the IUL space. They're not players.
That being said, following a well structured plan will yield much better results than doing nothing at all.
In that case, the carrier/product is much less relevant.
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