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I've done about 30 policy reviews on VUL's over the past year and it's horrible.
The policies I reviewed were all older than 8 years and some were as old as 15 years. Most of them had less cash value than premiums paid. None of them had greater than 3% TOTAL return. During the review process I requested the illustration used and signed at point of sale. They ALL illustrated between 10-12% gross return. None of the clients had any idea their policies were in jeopardy of lapsing let alone that fact that there would likely be NO retirement income generated... the end goal of the sale.
Now I'm sure there are some agents that are selling VUL's and doing regular reviews and keeping their clients advised... But I haven't found one yet!
The policies I reviewed were all older than 8 years and some were as old as 15 years. Most of them had less cash value than premiums paid. None of them had greater than 3% TOTAL return. During the review process I requested the illustration used and signed at point of sale. They ALL illustrated between 10-12% gross return. None of the clients had any idea their policies were in jeopardy of lapsing let alone that fact that there would likely be NO retirement income generated... the end goal of the sale.
Now I'm sure there are some agents that are selling VUL's and doing regular reviews and keeping their clients advised... But I haven't found one yet!
