Most Competitive IULs (Indexed Universal) and Quoting Software?

[slyrock1]

The only quotes I can run are on Gaurunteed ULs and I want to mess around with some of the number and possibly include a primary insured term rider that will lessen the annual premium so that a potential client of mine ($500,000 policy looking to go with NYL for $4,000/year) will have enough incentive to choose what I present instead.

Who has the best and lowest rates available, and is there a software program that I can download to run different scenarios using some of the various insurance companies' products and offerings?

Thanks guys!

 

[scagnt83]

The only quotes I can run are on Gaurunteed ULs and I want to mess around with some of the number and possibly include a primary insured term rider that will lessen the annual premium so that a potential client of mine ($500,000 policy looking to go with NYL for $4,000/year) will have enough incentive to choose what I present instead.

Who has the best and lowest rates available, and is there a software program that I can download to run different scenarios using some of the various insurance companies' products and offerings?

Thanks guys!

First, there are no good "IUL" software systems.

The thing to do is to get the carrier issued software and use that. It is the best and most accurate. Some carriers have better systems than others (such as LFG & ING)


It doesnt sound like you know much at all about IUL or UL in general.
The term rider is not needed to overfund a UL/IUL policy like you do on a WL.
Actually, the cost of the Term Rider will probably be more than the initial COI of the IUL.


What is the purpose of this policy? Is it to max the CV or max the DB?
If you want to max CV the lowest rate policy is irrelevant.


The top IULs for CV at the moment are NA, LFG, Penn.
Others will disagree, but when you take into account the specifics of the contract & the strength of the company then they tend to be the top 3.


I would be careful selling a product you know so little about. It is a complicated product. Lots of options to choose from. And you can really screw some things up if you dont know what your doing.

But without knowing the need of the client its a hard question to answer.

(next time I would post life insurance questions in the life insurance section. you will get more/better responses)

 

[MINewBeginning]

How does LFG and Penn compare to NA?

I'm looking for a company to compete with NA, mostly concentrate on building cash value.

 

[scagnt83]

How does LFG and Penn compare to NA?

I'm looking for a company to compete with NA, mostly concentrate on building cash value.

Right now NA is top notch for CV. Both for accumulation and distribution.
LFG has strong distribution due to their loan provisions.

If your in a competitive situation I would offer the same product and compete on knowledge/service as opposed to product.

 

[scottstreet]

"First, there are no good "IUL" software systems.

The thing to do is to get the carrier issued software and use that. It is the best and most accurate. Some carriers have better systems than others (such as LFG & ING)"

This leads me to a chicken and egg question. If you have not submitted business with a company how do you get access to their carrier software to see if you want to? Most company do your appointment with the first submitted business. So if your first business with that company is something like IUL that you want to play with prior to client presentation, how do you go about this? TIA, Jim

 

[scagnt83]

"First, there are no good "IUL" software systems.

The thing to do is to get the carrier issued software and use that. It is the best and most accurate. Some carriers have better systems than others (such as LFG & ING)"

This leads me to a chicken and egg question. If you have not submitted business with a company how do you get access to their carrier software to see if you want to? Most company do your appointment with the first submitted business. So if your first business with that company is something like IUL that you want to play with prior to client presentation, how do you go about this? TIA, Jim

Yeah it is a pita.

You can bother your upline until they send you the software. But some dont like to do this.

Sometimes if you call the internal sales desk of the carrier they will send it to you or provide you with a temp login for the website so you can download it yourself. If they know that your considering them for a case they are often helpful.

 

[slyrock1]

Thanks SCagent. Big help. I'm mainly looking for a policy with low maintenance costs, and, as a result, higher long-term cash value projections. Interests rates, of course, will play a major role - but I'd like to keep the inherent costs of the policy as low as possible moving into the future.

I know with the term rider, you can earn a higher DB amount while paying less of a modal premium in the initial stages, and the cost of that rider tends to creep up on the policy-holder later on down the road.

That's why I'm looking for software that will allow me to play around with different scenarios - partial withdrawals, surrender years, interest rates, maintenance fees, etc...

I'll be sure to contact the companies you mentioned. What about Aviva?

 

[BNTRS]

How does LFG and Penn compare to NA?

I'm looking for a company to compete with NA, mostly concentrate on building cash value.

Quite well.

The problem with Penn at the moment is that ridiculous 10% premium load in year 1

LFG has far far far better underwriting and processing of new business, but NA's PITA internal workings are often worth the trouble given the performance.

There's also Nationwide, American General, and Minnesota Life. American General actually has a really competitively priced product, but the cap on the 1 year pt-2-pt is a really low 10%.

This leads me to a chicken and egg question. If you have not submitted business with a company how do you get access to their carrier software to see if you want to? Most company do your appointment with the first submitted business. So if your first business with that company is something like IUL that you want to play with prior to client presentation, how do you go about this? TIA, Jim

They'd rather you not compare them, and this system works pretty well wouldn't you agree?

I'm actually going to caution against getting everyone's software. They can conflict with each other and wreak havoc on your computer (been there done that). Winflex has gotten pretty good (though could still be improved) at being a source to compare.

What about Aviva?

You'll get destroyed trying to compete NYL with AVIVA. I'd buy NYL Term insurance and invest the difference before I bought an Aviva policy. Those poor policy holders have been punted around like a hackie-sack on a college campus.

 

[scagnt83]

I agree with everything that BNTRS said except the part about winflex being "pretty good". (at least for IUL)

And you couldnt pay me enough to sell Aviva IUL these days.

 

[bigjake]

Thanks SCagent. Big help. I'm mainly looking for a policy with low maintenance costs, and, as a result, higher long-term cash value projections. Interests rates, of course, will play a major role - but I'd like to keep the inherent costs of the policy as low as possible moving into the future.

I know with the term rider, you can earn a higher DB amount while paying less of a modal premium in the initial stages, and the cost of that rider tends to creep up on the policy-holder later on down the road.

That's why I'm looking for software that will allow me to play around with different scenarios - partial withdrawals, surrender years, interest rates, maintenance fees, etc...

I'll be sure to contact the companies you mentioned. What about Aviva?

Try NA, the licensing is simple and there are at least two IMOs I now who will help you with the illustrations. You won't go wrong with it. They may even suggest another top rated carrier as well.