Replacing a variable Whole life on a 25 year old

Aug 6, 2019

  1. inreverse
    Offline

    inreverse Guru

    Posts:
    820
    Likes Received:
    53
    State:
    Minnesota
    parents are paying the premium, but they are not happy with the return so far.
    Looking at 50 k death benefit would like something with living benefits.
    Any suggestions from you real life guys?
     
  2. Newby
    Offline

    Newby Guru

    Posts:
    14,507
    Likes Received:
    1,661
    State:
    Indiana
    Just be real careful. You aren't licensed to make recommendations on investments (unless you are.) They need to come to that decision on their own.

    I would just show them what they can buy from me. Let them do their own research and deciding about whether to keep their variable or not.
     
    Newby, Aug 6, 2019
    #2
  3. DHK
    Offline

    DHK Guru

    Posts:
    8,500
    Likes Received:
    2,378
    State:
    California
    You can propose an alternative, but you cannot make a "recommendation". See the sticky thread in the annuity forum for some excellent ideas and guidelines.

    If you're going to do a 1035 exchange from the old policy, make sure you check the licensing requirements of the new company. Some may accept and some won't without securities licensing.

    Just remember that a "variable whole life" is a VUL that also gets a non-guaranteed annual dividend from the insurance company. Otherwise, they're essentially the same thing.
     
    DHK, Aug 6, 2019
    #3
  4. risingsun
    Offline

    risingsun New Member

    Posts:
    9
    Likes Received:
    3
    Variable whole life? I think you need to go back to basics of life insurance
     
  5. DHK
    Offline

    DHK Guru

    Posts:
    8,500
    Likes Received:
    2,378
    State:
    California
    Variable whole life exists. It is offered by mutual insurance companies and they are participating in the company's dividend performance. That's primarily what makes them different from VUL - which does NOT receive dividends from the mutual company.

    My father has one from MassMutual. Here's a link for prospectuses from Northwestern Mutual and a few of their variable whole life policies.

    Variable Life Prospectuses, SAI, Annual and Semi-Annual Reports | Northwestern Mutual
     
    DHK, Aug 6, 2019
    #5
  6. WinoBlues
    Offline

    WinoBlues Guru

    Posts:
    19,535
    Likes Received:
    3,246
    State:
    California
    ?

    Sold my first one in the 80s
     
  7. Tahoe Ray
    Offline

    Tahoe Ray Guru

    Posts:
    2,915
    Likes Received:
    627
    State:
    Nevada
    That's an actual product...
     
  8. DayTimer
    Offline

    DayTimer Guru

    Posts:
    1,793
    Likes Received:
    2,961
    State:
    Pennsylvania
    Talking to yourself it seems.
     
  9. Lloyds of Lubbock
    Offline

    Lloyds of Lubbock Super Genius

    Posts:
    158
    Likes Received:
    77
    State:
    Florida
    I think Variable Whole Life was on the market before VUL.
     
  10. risingsun
    Offline

    risingsun New Member

    Posts:
    9
    Likes Received:
    3
    What was the name of the carrie
     
Loading...