does anyone know someone currently collecting payments on an IUL?

[joseph vu]

does anyone actually know someone collecting monthly payments? just wondering how payments are distributed from your cash value account. also is there a way where you can word in contract to collect at an earlier year instead of 65.

 

[Allen Trent]

does anyone actually know someone collecting monthly payments? just wondering how payments are distributed from your cash value account. also is there a way where you can word in contract to collect at an earlier year instead of 65.

Distributions at time of policy purchase are purely hypothetical nit guaranteed & generally have to be requested when wanting to start. Generally, they are also not set up to be entirely systematic and need to be ongoingly requested. Each time a distribution is desired, it would need to be decided if it is a loan or a withdrawal.

I am speaking in general about WL, UL, VUL & IUL. Others with more IUL expertise may chime in regarding if there are any carriers that let you set up monthly or even annual systematic distributions when needed, but I am pretty certain none of them are part of the initial policy documents or even part of the policy language other than vague items that explain generically what a loan or withdrawal is