Cash accumulation for supplemental retirement

[SamIam]

My two favorite carriers I've been primarily using for this is North American and Minnesota Life. What carries do you like best and I'm not asking based on commission I'm asking based on what's best for the consumer. If you do what's best for the consumer you will make more in the long run.

 

[ATM]

Midland, because it is the same product as North American but you can deal directly with them, and Symetra. IMO, the two best products but I don't like trying to work with Symetra.

 

[hunschuld]

Midland and Allianz. I really like the index lock feature on the Allianz product and its guaranteed max loan rate is lower than Midlands.

 

[WMSG]

Midland and Allianz. I really like the index lock feature on the Allianz product and its guaranteed max loan rate is lower than Midlands.

Thanks for the insight. Does the Allianz product you are using offer a fixed or variable loan rate option? What is the guaranteed max loan rate?

Also, while I haven't checked recently, have you seen any banks that are offering a "cash value line of credit" on a UL policy? Thanks in advance.

 

[pfg1]

I use Penn, though I rarely do IUL.

 

[ATM]

Thanks for the insight. Does the Allianz product you are using offer a fixed or variable loan rate option? What is the guaranteed max loan rate?

Also, while I haven't checked recently, have you seen any banks that are offering a "cash value line of credit" on a UL policy? Thanks in advance.

I believe Allianz offers both fixed and variable rates. Their max rate is 5% (really 5.3% APR).

I just hate them from past experience and will never consider them in the future.

 

[hunschuld]

Thanks for the insight. Does the Allianz product you are using offer a fixed or variable loan rate option? What is the guaranteed max loan rate?

Has fixed or variable and you can switch once a year without paying back the outstanding loan. Max rate is 5.3% current rate is 4%

Also, while I haven't checked recently, have you seen any banks that are offering a "cash value line of credit" on a UL policy? Thanks in advance.

I was mainly using Wells Fargo and Wintrust. Wells is out now and I haven't talked to Wintrust about a case in a year or so. I just did one with a local bank but I think it will be a one time thing.

 

[hunschuld]

AtM would you mind sharing you Allianz experience. I won't write their annuity products because of how they handled rate renewals a few years ago but I have not had any Life issues however I always have a little voice in my head because of the annuity experience.

 

[WMSG]

I was mainly using Wells Fargo and Wintrust. Wells is out now and I haven't talked to Wintrust about a case in a year or so. I just did one with a local bank but I think it will be a one time thing.

And it was on UL? IUL? That marketplace is getting very scarce...although more and more banks, every single time I turn around, I am seeing new banks getting into the lending marketplace for cash value line of credit for whole life policies. I suspect this will have an impact on various companies as they will no longer be generating revenue from policy loan interest.

Thanks again.

 

[hunschuld]

UL, I did it myself I have an old Pacific Mutual versa flex with a 4.5% guaranteed minimum rate. Bank line is flexible currently under 3%. Bank was happy to take the policy as sole recourse for a loan.

If more Banks get into the business it will definitely hurt WL companies. With new bond rates running .6% to 1.3% they desperately need to make loans at 7% to 8% to have any hope of getting a portfolio rate anywhere near to what is needed to meet their policy dividend projections