If I could get a second set of eyes, it would be much appreciated. If this isnt allowed will most definitely take it down.
So here is the situation, a family member reached out regarding a separate policy which lead into another policy they had recently gotten as well. The way it was described back to me didnt sit right with me. Honestly just dont want them to be in a bind in the long run, not familiar with the crediting strategy - point no. 3. They are over a couple hours away so I was unable to do a policy review. Going forward, most is based on screen shots/pictures.
Im not contracted with the carrier of course. Definitely not familiar with them or the product itself. Will retain from naming it at the moment.
1. Policy is titled similar to, "Universal Life Insurance with Index Linked Interest"
Is it what its called or is it an IUL? Seems to have more characteristics of a UL.
2. Planned premium is is based on the "Monthly No-Lapse Period"
Heart dropped and practically yelled out "wtf" in the office when I saw the screen shot.
So its roughly $100/mo for 200k FA with another 200k Term (it seems)
Will lapse (0s across the board in point no. 4) if premiums/contributions arent increased. -Correct me if Im wrong.
3. Non Guaranteed was illustrated at 7.5% - Based off on Real Estate Index?
Numbers are astronomical though. Just not familiar with these Index? and how it performs...
4. Guarantee goes full "0s" across the board. This goes back to the point no. 1.
So, am I feeling right about this that this is dangerous for the client? Or could I be over reacting, maybe they have astronomical returns and a strong market etc etc.? Really want to straighten this for the sake of the family.
So here is the situation, a family member reached out regarding a separate policy which lead into another policy they had recently gotten as well. The way it was described back to me didnt sit right with me. Honestly just dont want them to be in a bind in the long run, not familiar with the crediting strategy - point no. 3. They are over a couple hours away so I was unable to do a policy review. Going forward, most is based on screen shots/pictures.
Im not contracted with the carrier of course. Definitely not familiar with them or the product itself. Will retain from naming it at the moment.
1. Policy is titled similar to, "Universal Life Insurance with Index Linked Interest"
Is it what its called or is it an IUL? Seems to have more characteristics of a UL.
2. Planned premium is is based on the "Monthly No-Lapse Period"
Heart dropped and practically yelled out "wtf" in the office when I saw the screen shot.
So its roughly $100/mo for 200k FA with another 200k Term (it seems)
Will lapse (0s across the board in point no. 4) if premiums/contributions arent increased. -Correct me if Im wrong.
3. Non Guaranteed was illustrated at 7.5% - Based off on Real Estate Index?
Numbers are astronomical though. Just not familiar with these Index? and how it performs...
4. Guarantee goes full "0s" across the board. This goes back to the point no. 1.
So, am I feeling right about this that this is dangerous for the client? Or could I be over reacting, maybe they have astronomical returns and a strong market etc etc.? Really want to straighten this for the sake of the family.