Is this agent's explanation of my whole life policy accurate?

[WinoBlues]

Is there a difference between the "complete" and current "annual/quarterly statement"? The IUL agent insists that my "annual/quarterly statement" is in accurate and not able to tell me the truth about my policy.

He is ignorant about UL at best.

Order an inforce based on current premium.

 

[The Benefit Coach]

Based on the screen shot that's what you have. It says based on current assumptions, at guaranteed rates paying the scheduled premium your policy will stay in force until age 120. Now there wasn't any mention of any changes to the scheduled premium from what you're now paying, so I'm assuming it stays level. The illustrations of a GUL don't look like those of traditional ULs. When a traditional UL runs out of cash value, it either lapses or you end up with the equivalent of a very expensive one-year term policy. When a GUL runs out of cash value, nothing happens, it's remains in force due to the guarantee. With a GUL cash value is irrelevant. The primary objective of IUL policies is to build cash value. With what you say you're looking for your policy to do, an IUL shouldn't even be up for consideration.

I'm with WinoBlues on this one. The IUL guys sees the zero balance in the cash value column and thinks it lapses the policy because that what the policy he's trying to sell you does.

When the only tool you have is a hammer, everything looks like a nail.

 

[scagnt83]

Were they selling GULs 8 years ago?

Absolutely