Sagicor - Is Their NLUL Truely Guaranteed?

[Spikes]

After researching Sagicor's NLUL, I've come across conflicting information:

Illustration Software - Gives the monthly premium required to maintain a level death benefit guarantee for the lifetime of the insured. (very easy to understand, says the death benefit is guaranteed)

however..

The Policy - States the "Extended No Lapse Guarantee" is subject to the "No Lapse Guarantee Values Test" which takes into consideration the "No Lapse Guarantee cost of Insurance."

I couldn't find anywhere on the policy that states specifically, if you pay "X" amount per month and don't fall behind, your death benefit is guaranteed. From reading through it, this policy just sounds like every other universal life policy that is subject to cost of insurance.

What am I missing here? Is this truly a level premium, level benefit universal policy?

 

[pelican88]

After researching Sagicor's NLUL, I've come across conflicting information:

Illustration Software - Gives the monthly premium required to maintain a level death benefit guarantee for the lifetime of the insured. (very easy to understand, says the death benefit is guaranteed)

however..

The Policy - States the "Extended No Lapse Guarantee" is subject to the "No Lapse Guarantee Values Test" which takes into consideration the "No Lapse Guarantee cost of Insurance."

I couldn't find anywhere on the policy that states specifically, if you pay "X" amount per month and don't fall behind, your death benefit is guaranteed. From reading through it, this policy just sounds like every other universal life policy that is subject to cost of insurance.

What am I missing here? Is this truly a level premium, level benefit universal policy?

Did you try calling Sagicor and asking them?

 

[Gooner]

After researching Sagicor's NLUL, I've come across conflicting information:

Illustration Software - Gives the monthly premium required to maintain a level death benefit guarantee for the lifetime of the insured. (very easy to understand, says the death benefit is guaranteed)

however..

The Policy - States the "Extended No Lapse Guarantee" is subject to the "No Lapse Guarantee Values Test" which takes into consideration the "No Lapse Guarantee cost of Insurance."

I couldn't find anywhere on the policy that states specifically, if you pay "X" amount per month and don't fall behind, your death benefit is guaranteed. From reading through it, this policy just sounds like every other universal life policy that is subject to cost of insurance.

What am I missing here? Is this truly a level premium, level benefit universal policy?

From my understanding, as long as premiums are made on time, the no lapse guarantee stays in effect. The only time it will be subject to that clause is if a payment is late.

Look up TwiLight on here...he'll give you the most complete answer.

 

[Thedude]

From my understanding, as long as premiums are made on time, the no lapse guarantee stays in effect. The only time it will be subject to that clause is if a payment is late.

Look up TwiLight on here...he'll give you the most complete answer.

I believe you are correct.

 

[Spikes]

Did you try calling Sagicor and asking them?

I did. I actually spoke with one of their regional sales reps and he couldn't even give me a direct answer when I was reviewing the policy over the phone with him. He said it is explained "in the policy" but when you actually read it, what is explained is that it's not guaranteed. He kept on referring back to the insurance illustration where it does clearly say it is guaranteed. However, it is not as clear once you dive into the policy

My biggest issue is their rates are EXTREMELY low when you compare them to other non-med UL companies who don't even offer GUL. So how do they keep the rates that low?

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From my understanding, as long as premiums are made on time, the no lapse guarantee stays in effect. The only time it will be subject to that clause is if a payment is late.

Look up TwiLight on here...he'll give you the most complete answer.

I PM'd twilight August 17th because I saw he usually responds regarding Sagicor. Haven't heard anything yet. Honestly, I think I have this company stumped.

 

[Gooner]

I did. I actually spoke with one of their regional sales reps and he couldn't even give me a direct answer when I was reviewing the policy over the phone with him. He said it is explained "in the policy" but when you actually read it, what is explained is that it's not guaranteed. He kept on referring back to the insurance illustration where it does clearly say it is guaranteed. However, it is not as clear once you dive into the policy

My biggest issue is their rates are EXTREMELY low when you compare them to other non-med UL companies who don't even offer GUL. So how do they keep the rates that low?

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I PM'd twilight August 17th because I saw he usually responds regarding Sagicor. Haven't heard anything yet. Honestly, I think I have this company stumped.

Asking a company rep is the same as eating a bullet....you don't want to do it. Twilight has his info on his profile...call him...he will answer or call you back. Ask for Pat

 

[SPUR CITY]

After researching Sagicor's NLUL, I've come across conflicting information:

Illustration Software - Gives the monthly premium required to maintain a level death benefit guarantee for the lifetime of the insured. (very easy to understand, says the death benefit is guaranteed)

however..

The Policy - States the "Extended No Lapse Guarantee" is subject to the "No Lapse Guarantee Values Test" which takes into consideration the "No Lapse Guarantee cost of Insurance."

I couldn't find anywhere on the policy that states specifically, if you pay "X" amount per month and don't fall behind, your death benefit is guaranteed. From reading through it, this policy just sounds like every other universal life policy that is subject to cost of insurance.

What am I missing here? Is this truly a level premium, level benefit universal policy?

YES...............................

 

[sirherbie]

How is their non med cheaper than others ?Their underwriting for preferred is crazy strict . Ht/wt tables tough. Many times 2 blood pressure meds disqualifys you . Is it guaranteed and if so why is it not in the policy ? Nobody I've seen guarantees it in the policy as the premiums you pay could change altering the policy . Sagicors Gul is guaranteed in the illustration . But you must pay those premiums each and every month .

 

[jboussea]

How is their non med cheaper than others ?Their underwriting for preferred is crazy strict . Ht/wt tables tough. Many times 2 blood pressure meds disqualifys you . Is it guaranteed and if so why is it not in the policy ? Nobody I've seen guarantees it in the policy as the premiums you pay could change altering the policy . Sagicors Gul is guaranteed in the illustration . But you must pay those premiums each and every month .

how is their underwriting for standard.. are they as strict as North American?

 

[GalvIns]

I'd take a look at Anico's GUL.

It has the guaranteed no-lapse as well as ROP.

10 Year Minimum Premium Guarantee:
This policy will not lapse during the first 10 years it is in force, even if it does not have sufficient Surrender Value to cover the monthly deductions, if the minimum premium requirement is paid. If you take a loan or withdrawal during the first 10 policy years, this guarantee may not keep your policy in force without the payment of additional premiums. If the policy lapses and is
reinstated this guarantee will be permanently lost.

No-Lapse GuaranteeAccount (NLG Account):
After the 10th policy anniversary, this policy will not lapse, even if it does not have sufficient Surrender Value to cover the monthly deductions, if the NLG Account is greater than or equal to zero. The NLG Account value is determined by the NLG charges and credits, fully described in the policy. The value in this account is not available to you, rather its only purpose is to determine if the policy remains in-force. Note, the intended guaranteed death benefit duration of 66 years shown in this proposal may vary due to changes in premium frequency, timing or amount from the planned premium shown, withdrawals, decreases in Specified Amount or the addition or removal of Riders. The NLG Account will not prevent lapse if there is an outstanding loan. If there is an outstanding loan, then the policy will lapse unless the Surrender Value is sufficient to cover the monthly deductions. You may make additional premium payments necessary to keep the NLG Account positive at any time the policy is in-force. However, if the policy lapses and is reinstated, this provision will be permanently lost. The NLG Account includes a late-payment forgiveness feature to help keep your account on track by treating any premium received within one policy month of the premium due date as though it was received on the premium due date for the purposes of
calculating the NLG Account value.