- Thread starter
- #11
- 736
i know the aig ul I only shows to 65 and no more.
but does skipping premium and making it up "void" the illustration?
but does skipping premium and making it up "void" the illustration?
Simple Dumb Question - Life Insurance Guarantees
- Thread starter Milkman1265
- Start date
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- life insurance
- 15,041
Yes. The assumptions upon which the illustration was based are no longer valid. That premium was not paid on time and thus was unable to earn interest.
Some GULs do include a "catch-up" provision, some don't. Read the contract to find out and/or call the home office.
- Thread starter
- #13
- 736
man life insurance has more technical terms than p&c.
so much to learn before advising clients...
so much to learn before advising clients...
supersupps
Guru
- 534
I think I need to learn the UL market.. any offers?
- 8,707
Sure but it will cost more than dinner for 2 at KFC.
- 15,041
Peter says the lobsters in Maine are good and cheap. Sounds like a flight to Maine is in your future.
- 8,707
I am not a fan of lobster (please I don't want to hear it). Plus why are we mentioning lobster, dinner for 2 is not going to cut it...Heck we all know that once he is done Luke will be the go to guy offering UL and IUL contracts to agents and consumers alike.
- Thread starter
- #18
- 736
someone once explained to me UL is long term "term" you miss a payment you lose your insurance
- 15,041
That is a fair description of GUL. Generally there is no cash value to sustain the policy if a premium is missed. A current assumption UL, IUL and VUL should have sufficient cash value to allow a missed premium after it has been in force for a few years.
- 24,978
I agree that is a pretty good quick description. However, many GULs will have some CV for awhile. Somewhere between 10 and 20 years.
