What is the catch?
- Thread starter Agent16
- Start date
- 26,136
The Annual Report should have the guarantee as well. She gets one every year a couple weeks after the policy anniversary.
Last edited:
- 26,136
Not arguing for or against but, why?
- 26,136
I do it regularly. Sometimes I sitting with the owner, sometimes they are in a different state. Very normal.
- 17,072
I don't know anything about this case but company phone reps will give you verbal guarantees all day long when you call in. You need the in force illustration sent to you.
- 26,136
Just a note on inforce illustrations. I order a lot of them They can take weeks to get. Most of the guarantees can be found on most Annual Reports. That can be faxed or emailed while you are on the phone.
If you don't know how to read one your upline should be able to show you how to. Or post one here and some of these guys can help.
If you don't know how to read one your upline should be able to show you how to. Or post one here and some of these guys can help.
- 2,133
An email from an IMO whose newsletter I receive:
The COVID-19 Pandemic may just be claiming its latest victim, Guaranteed Universal Life.
GULs ever increasing popularity as a cost effective way to build a tailored permanent life life insurance -
especially for Baby Boomer looking for Life/Long Term Care Insurance options
- may soon be relic of the past.
A rash of price changes over the last 6 to 8 months due to 2020 mortality updates and the onslaught of new "lower than low" interest rates (thanks to Covid-19), has seen GUL Pricing increase by 10-40% (depending on age, class and carrier.)
And now the first possible signs of a critically ill patient, one of the largest providers of GUL, announced on Monday July 6th, 2020 that they were pulling their GUL off the market effective 07/13/2020! Click here to read the release from Prudential!
Question is, who will be next?
As always, once a large carrier chooses to lead the way, many others seem to line up and follow suit! Just a matter of time. As of the printing of this piece, and much like Pru has already done, GUL market leaders like Principal, Nationwide, Penn Mutual, Symetra, AIG, and several other carriers have increased their GUL pricing. Will they feel the heat and pull out of the market next? Word on "the street" is the few hold outs like Sagicor, are working on pricing changes that will be released as soon as possible.
CALL TO ACTION!
You must speak to your client and anyone you meet, and let them know that now is the time to take action. There are a few carriers who have done some repricing, and for now, seem to be committed to staying in the GUL business. You must tell them, that the time is now to:
The COVID-19 Pandemic may just be claiming its latest victim, Guaranteed Universal Life.
GULs ever increasing popularity as a cost effective way to build a tailored permanent life life insurance -
especially for Baby Boomer looking for Life/Long Term Care Insurance options
- may soon be relic of the past.
A rash of price changes over the last 6 to 8 months due to 2020 mortality updates and the onslaught of new "lower than low" interest rates (thanks to Covid-19), has seen GUL Pricing increase by 10-40% (depending on age, class and carrier.)
And now the first possible signs of a critically ill patient, one of the largest providers of GUL, announced on Monday July 6th, 2020 that they were pulling their GUL off the market effective 07/13/2020! Click here to read the release from Prudential!
Question is, who will be next?
As always, once a large carrier chooses to lead the way, many others seem to line up and follow suit! Just a matter of time. As of the printing of this piece, and much like Pru has already done, GUL market leaders like Principal, Nationwide, Penn Mutual, Symetra, AIG, and several other carriers have increased their GUL pricing. Will they feel the heat and pull out of the market next? Word on "the street" is the few hold outs like Sagicor, are working on pricing changes that will be released as soon as possible.
CALL TO ACTION!
You must speak to your client and anyone you meet, and let them know that now is the time to take action. There are a few carriers who have done some repricing, and for now, seem to be committed to staying in the GUL business. You must tell them, that the time is now to:
- Do that term conversion
- Review and implement that Hybrid Life/LTC protection plan
- Act on your wealth transfer plans
We're in a GUL fire sale right now. This is the time to be making calls to clients that you've quoted in the past who didn't move forward.
Pricing isn't going back down for a while.
Pricing isn't going back down for a while.
True, but this is a GUL. Paying a guaranteed set price for a guaranteed face amount is kind of what makes a GUL a GUL....so, if the agent knows for a fact that it is a GUL, then that IS the answer 100% of the time. You wouldn't even need for Customer Service to tell you that.
- 17,072
I was going by her statement "...which I believe is a GUL."
Knowing and believing are very different.
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