GUL question

[DHK]

before and after selling it?

Fixed it for you.

 

[Newby]

Most policies will endow at that point. Meaning they pay out the benefit to the Policy Owner while still living.

While nobody has reached 121 yet. Plenty have reached 100, and Im sure there have been polices that have endowed as a result of that.

You might want to review your insurance training again. You are completely wrong. Endowment does not mean they pay the policy benefit out although that is often a side effect of what I’m damn it really does mean. A policy has endowed when the cash value has increased in amount equal to the death benefit. A GUL policy is never going to do that. When it GUL policy surpasses the age of the guarantee it will terminate in there is no cash value, and there is no death benefit. This can happen at any age that you have set the policies guarantee up to it could be like age 75, 85, 95, age 100, 110 or 121.

 

[Allen Trent]

often a side effect of what I’m damn it really does mean.

Lol, looks like you had an auto correct side effect or were slurring your words in voice to text. Endowment got changed to I'm damn it

 

[rmhaire]

Lol, looks like you had am auto correct side effect or were slurring your words in voice to text. Endowment got changed to I'm damn it

That's an automatic speech impediment.

 

[Allen Trent]

That's an automatic speech impediment.

The President has a stutter that makes him say or do racist things, can you just leave him alone already.

 

[rmhaire]

The President has a stutter that makes him say or do racist things, can you just leave him alone already.

Duhhhh, OK

 

[scagnt83]

You might want to review your insurance training again. You are completely wrong. Endowment does not mean they pay the policy benefit out although that is often a side effect of what I’m damn it really does mean. A policy has endowed when the cash value has increased in amount equal to the death benefit. A GUL policy is never going to do that. When it GUL policy surpasses the age of the guarantee it will terminate in there is no cash value, and there is no death benefit. This can happen at any age that you have set the policies guarantee up to it could be like age 75, 85, 95, age 100, 110 or 121.

Not true for all GULs. Read the contract.

 

[Newby]

Not true for all GULs. Read the contract.

What part is not true?

Are you saying that some GUL’s will pay the amount of the death benefit if the person lives to the end of the guarantee if they makes every payment on time even though there is no money left and the policy does not endow (it does the opposite of endow)? It seems from memory that is true. But only on GUL’s that are to age 121 since the risk of that happening is so slight.

 

[Newby]

Lol, looks like you had an auto correct side effect or were slurring your words in voice to text. Endowment got changed to I'm damn it

Yes. Voice to text doesn’t work well for me. And always assumes a bit of cussing.

 

[scagnt83]

before or after selling it?

Amazing how difficult it is to get some carriers to locate a specimen contract or specimen rider/endorsement to read to see how it matches the marketing materials or the talking points of the wholesaler, etc

If a carrier makes it hard to get a specimen contract, to me, that is a huge red flag.