Single Premium Whole Life Using PUA Dump-in

shooter

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100+ Post Club
I could us some help from anyone that has worked
with a Mutual carrier to help me understand how
PUA dump in works.

I am looking at an illustration where the total dump-in amount
is 91,500 and the premium is 8500.
The 8500 buys 25,000 on a 45 male.
The dump in brings the total face to 317,000.

Does the insured have to pay the 8500 premium each year?
It didn't show any more premiums going in.

The first year cash value was 96,500
The tenth year was 129,000
All these numbers come from the guarantee column.
The project is more.

Other info on illustration Div option-PUA
Riders LTC-ABR-Spua

I am very interested in single premium Whole Life.
The Hybird types that can be used for Long Term Care
and others for cash accumulation and Death Benefit.

That's how the conversation began.
Any informative post would help clear my mind
so I can grasp the concept.

I don't always trust regional managers or IMO's reps.
I prefer to ask unbiased individuals on this board.
With these company types every thing is awesome
and you can't go wrong this product.

Thanks experts,
Shooter
 
I could us some help from anyone that has worked
with a Mutual carrier to help me understand how
PUA dump in works.

I am looking at an illustration where the total dump-in amount
is 91,500 and the premium is 8500.
The 8500 buys 25,000 on a 45 male.
The dump in brings the total face to 317,000.

Does the insured have to pay the 8500 premium each year?
It didn't show any more premiums going in.

No, otherwise it would not be a Single Premium WL. This additional PUA will help improve the interest and dividend performance on the product.

The first year cash value was 96,500
The tenth year was 129,000
All these numbers come from the guarantee column.
The project is more.

Other info on illustration Div option-PUA
Riders LTC-ABR-Spua

LTC - Long Term Care
ABR - Accelerated Benefit Riders
SPUA - not quite sure what that one is.

I am very interested in single premium Whole Life.
The Hybird types that can be used for Long Term Care
and others for cash accumulation and Death Benefit.

That's how the conversation began.
Any informative post would help clear my mind
so I can grasp the concept.

I don't always trust regional managers or IMO's reps.
I prefer to ask unbiased individuals on this board.
With these company types every thing is awesome
and you can't go wrong this product.

Thanks experts,
Shooter

Because of the young age of 45, the $91,500 buys nearly 3x the death benefit + add in the PUA and you've got the $317k DB.

The main downside I could see, is that any gains withdrawn will be taxable to you. SPWL is taxed like non-qualified deferred annuities - last in (gains), first out (taxable upon withdrawal). Plus a 10% penalty on the gains before age 59 1/2.

This is a product that you buy... and leave alone. It's primarily designed for wealth transfer purposes - to transfer and increase a sum of money to be passed on to a specific beneficiary.

If you're buying it for LTC, I wonder if there's any way to increase that benefit over time? I'm not an expert in that area, but I'm reasonably sure that benefits for LTC may be taxable, but they would be offset by tax-deductible LTC expenses, so it'll probably be a "wash".
 
SPWL can be a good fit for the right situation for sure. If you could post the illustration it would probably help folks be able to help you better.
 
I tried to attach a copy of the illustration.
Let me say I do not work for any IMO, or carrier.
I received this from the IMO.IMG_0810.JPG

Shooter
 
What company and product is that? A true SPWL has no additional premiums due...its a single pay. You can design an annual pay policy to be a short pay 1, 3, 5yrs...or even to be a single pay, but I don't think that is the case here. The base premium is too high. Hard to say for sure with only the one page...which is testing my vision LOL. From what I can see the numbers look pretty good on it. I'm guessing it will be a MEC like DHK said, but that is ok ... all MEC's aren't a bad thing (as some make them out to be). Does the client have any liquidity with this policy in the case of an emergency? (other than surrender?)

How does the LTC rider work on that policy? I see ABR which is probably accelerated benefits, and SPUA which is the rider for the single $ dump in I assume.
 
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