This product Bankers sells ??

[yabadabadoo1026]

Came across another UL yesterday--this one not the indexed kind---from Voya which she was in a time crunch not allowing me to review it well so hope to get back----obviously now I need to run some illustrations of UL and GUL to get a better understanding of how to assess one fast. It said 5 year guarantee which of course is nothing but it was Greek to me otherwise never really studied one which I will educate myself on now. Of course I know it changes/lapses when CV zeros and the little drawing offered up in the thread helped me explain it to give her enough concern to get an invite back I'm sure--------does that annual statement which she was unfamiliar with and that i told her to order up indicate when its due to lapse?

 

[rousemark]

Came across another UL yesterday which she was in a time crunch not allowing me to review it well so hope to get back----obviously now I need to run some illustrations of UL and GUL to get a better understanding of how to assess one fast. It said 5 year guarantee which of course is nothing but it was Greek to me otherwise never really studied one which I will educate myself on now. Of course I know it changes/lapses when CV zeros--------does that annual statement which she was unfamiliar with and that i told her to order up indicate when its due to lapse?

Not all will lapse at 0 CV... Some will guarantee to remain in force for x number of years even if CV is as long as all premiums are paid on time.

 

[yabadabadoo1026]

Not all will lapse at 0 CV... Some will guarantee to remain in force for x number of years even if CV is as long as all premiums are paid on time.

thanks Rouse, when I run and study some illustrations I will get an understanding hopefully but till then what is the quick and easy way / ie schedule to look at to see when it plays out. Yesterday had a schedule showing decrease CV by year which I suspected it played out when that got to 0, now you telling me different so that schedule is not the key??

 

[WinoBlues]

thanks Rouse, when I run and study some illustrations I will get an understanding hopefully but till then what is the quick and easy way / ie schedule to look at to see when it plays out. Yesterday had a schedule showing decrease CV by year which I suspected it played out when that got to 0, now you telling me different so that schedule is not the key??

What Louis said.

Not all ULs die at zero cash values, not all lose guarantees if you miss multiple payments or reduce face amounts.

Fastest way to get an idea of what they have is to get a look at the illustration. It should be part of the policy packet. Look for the guarantee column. See when the death benefit goes to zero. Also many annual reports will have verbiage as to when the policy will force surrender or if it runs to maturity.

There a ton of ULs out there that need to be replaced. However, there are also a ton that are vastly superior to a "FE" Whole Life. Kinda like which is the better medicine for you Metformin or Adair?

 

[shonceman]

thanks Rouse, when I run and study some illustrations I will get an understanding hopefully but till then what is the quick and easy way / ie schedule to look at to see when it plays out. Yesterday had a schedule showing decrease CV by year which I suspected it played out when that got to 0, now you telling me different so that schedule is not the key??

The cash value column won't tell you whether the policy has a no lapse guarantee. Look at the death benefit column. It will usually show the year when the policy will lapse if premiums aren't adjusted. The policy data page in the policy itself may also have a line where it says how long it's guaranteed to remain in force.

 

[yabadabadoo1026]

The cash value column won't tell you whether the policy has a no lapse guarantee. Look at the death benefit column. It will usually show the year when the policy will lapse if premiums aren't adjusted. The policy data page in the policy itself may also have a line where it says how long it's guaranteed to remain in force.

thanks guys for the input-----yesterdays Voiya on the policy page did say 5 year guarantee but that doesn't necessarily mean it plays out then/ lady has had it 8 years. I remember a schedule that had CVs and death benefit the later showing 2 columns--guaranteed and non guaranteed and I don't recall it ever reducing from the initial but perhaps I didn't focus enough on that and will upon return after she gets that annual statement as well. With but a 5 year guarantee I would expect it would play out for sure/ maybe I didn't turn the page cause she was rushed. LOL told her at door I just need 10-15 minutes and then got the usual " this is about insurance---------ohhhhh I have a lot of insurance" and then the can or worms was opened when he finally found the policy--------2 such in 1 week so I will be learning this with some illustrations for sure. Thanks for the input

 

[shonceman]

Here's a screen shot of an illustration page from a policy that's guaranteed to remain in force for 20 years (in this case, to age 90). So you'll see an asterisk in the death benefit column at age 90, or year 21 linked to a note that says "*Policy will expire during this year unless a higher premium is paid." The cash values on current interest zero out in year 11. But the policy will remain in force through year 20 as long as the client continues to make timely premium payments.

 

[Life Hawk]

thanks guys for the input-----yesterdas Voiya on the policy page did say 5 year guarantee but that doesn't necessarily mean it plays out then/ lady has had it 8 years. I remember a schedule that had CVs and death benefit the later showing 2 columns--guaranteed and non guaranteed and I don't recall it ever reducing from the initial but perhaps I didn't focus enough on that and will upon return after she gets that annual statement as well. With but a 5 year guarantee I would expect it would play out for sure/ maybe I didn't turn the page cause she was rushed. LOL told her at door I just need 10-15 minutes and then got the usual " this is about insurance---------ohhhhh I have a lot of insurance" and then the can or worms was opened when he finally found the policy--------2 such in 1 week so I will be learning this with some illustrations for sure. Thanks for the input

Just found a UL (maybe two not sure yet) yesterday. ~10K CV, husband gone, no children, looking into SPWL... no more life insurance payments... mom lived to 94.

When you hear an older person say they have a bunch of insurance, get our your shovel and start digging. So often I find ways to save money.

 

[rousemark]

Keep in mind, that contrary to what a lot of agents tend to believe, or at least tell clients, the Guaranteed column does not mean anything.. Almost impossible to happen as illustrated. It is based on minimum interest and maximum cost (including cost of insurance) from day 1. but the companies are paying more interest and charging less than the ma cost when the policy is issued. Even if interest rate is dropped to the guarantee, few companies have raised the internal cost to the maximum.

 

[yabadabadoo1026]

Here's a screen shot of an illustration page from a policy that's guaranteed to remain in force for 20 years (in this case, to age 90). So you'll see an asterisk in the death benefit column at age 90, or year 21 linked to a note that says "*Policy will expire during this year unless a higher premium is paid." The cash values on current interest zero out in year 11. But the policy will remain in force through year 20 as long as the client continues to make timely premium payments.
View attachment 4281

shonceman, thanks so much for this-----------had I seen such I would have come to the correct conclusion/ it clearly says it on the illustration and see now how the CV can expires before the policy lapses. Was this an illustration you pulled on carrier site or was this a schedule included in the policy---------this says at top 20 year UL which I guess suggests when it lapses out / don't recall her pages saying anything as definitive as this---just say 5 year guarantee on policy page. Thanks again you and others for the guidance