- 5,486
Is it truly guaranteed? I saw an agent post on FB that she sold a client an IUL That in in 25 years will provide $2000/month for life, whatever "life" may be.
Possible?
Possible?
Guaranteed Lifetime Income Rider on IUL
- Thread starter DayTimer
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- Thread starter
- #2
- 5,486
The carrier, I am told, is NLG.
- 3,990
Sure hoping that’s what mine does
- 11,275
You can't hope for a rider. You either have the rider or you don't.
I've *heard* of these riders, but I don't know anything about them.
I've *heard* of these riders, but I don't know anything about them.
- Thread starter
- #5
- 5,486
If I were looking to an insurance policy for retirement income, I wouldn't be hoping on an IUL to come through for me. I'd look to the guarantees of a a participating whole life product for that.
But I would like to know if these riders really are guaranteed. I know with complete confidence I could design a whole life policy with Ohio National or Pen Mutual to do this. I do not know an IUL could be trusted with the same level of confidence.
- 11,275
Okay - here's the document: http://static.fmgsuite.com/media/documents/84f4a785-9c90-45ea-bdfa-84a4b28aa1c2.pdf
The option is Death Benefit OR LIBR.
All they're doing is turning the policy into an annuity - which any policy can do via 1035 exchange.
The "fine print" says everything:
Tom Love would not approve.
Granted, the income is done via policy loans... per page 3, but the reduction of cash values would negate the ongoing compounding of the original asset.
The option is Death Benefit OR LIBR.
All they're doing is turning the policy into an annuity - which any policy can do via 1035 exchange.
The "fine print" says everything:
Tom Love would not approve.
Granted, the income is done via policy loans... per page 3, but the reduction of cash values would negate the ongoing compounding of the original asset.
- Thread starter
- #7
- 5,486
Okay - here's the document: http://static.fmgsuite.com/media/documents/84f4a785-9c90-45ea-bdfa-84a4b28aa1c2.pdf
The option is Death Benefit OR LIBR.
All they're doing is turning the policy into an annuity - which any policy can do via 1035 exchange.
The "fine print" says everything:
Tom Love would not approve.
Granted, the income is done via policy loans... per page 3, but the reduction of cash values would negate the ongoing compounding of the original asset.
Thanks @DHK. You have incredible forensic research skills. You sure you weren't a crime-fighting librarian before you came to financial services?
At any rate, this either/or is definitely knock out for me on this product. The "insufficient policy values" that would prevent the exercise of the rider could easily result from underperforming the illustrated values.
You see some stuff online comparing IULs w/ FIAs.
But...the taxes.
But...they have double the caps vs an FIA
But...the death benefit
But what the IUL doesn't have is substantial guarantees on future income like the FIA.
Both can be good, but I hate seeing product wars (carrier vs carrier OR strategy vs strategy).
- Thread starter
- #10
- 5,486
Why must we contact you for details? This is a forum. We are all set with our uplines and contracts and contacts. Post what you know here or STFU.
No more patience for recruiters.
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