Whether I Need LT Rider with a IUL

Nov 10, 2014

  1. csinsurance
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    csinsurance New Member

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    Whether I Need LTC Rider with a IUL

    I am at age of 40 and plan to have an IUL. I do not sure whether I need a LTC rider?

    What is the cost of having $250k LTC rider? What are the advantages of having it? I don't see much benefits if having a one. Plus, will it cause more restriction for underwriting or possibly have more chance to get denied?

    Look forward your feedback. Thanks!
     
    Last edited: Nov 18, 2014
  2. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    Depending on your state, a Chronic Illness rider may be included FREE in your life insurance policy. It simply accelerates the death benefit for use when you have qualified ADLs.

    However, be sure that the policy states exactly how it is paid out and the triggering events.

    This rider is rather difficult to find in California, so that's why I specified based on your state.
     
    DHK, Nov 10, 2014
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  3. csinsurance
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    csinsurance New Member

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    Re: Whether I Need LTC Rider with a IUL

    Thank you DHK. ;)

    I currently consider to have an IUL. One agent recommended me an IUL from Nationwide. Another agent recommended me an IUL from North America. The agent for North America said that she likes the key features of North America IUL is that its IUL has living benefit without cost and 0% interest charge if borrowing money from cash value.

    I want to know the key difference between Nationwide and North America...
    As a client, I know that if I decide to have an IUL, it will be permanent product. So choose an right IUL from a good company with suitable features is very important...look forward your advice!
     
  4. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    I'm still not a "huge fan" of IUL... so I will defer your question to others.

    I do know that scagent83 has recommended Midland National & North American (sister companies) to his clients and believes that they are the top available in the IUL arena.

    As to how they compare to Nationwide... I'm not able to answer that question for you.
     
    DHK, Nov 16, 2014
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  5. scagnt83
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    scagnt83 Worldwide Expert of Everything

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    Nationwide IUL doesnt compare... at all. From the accumulation to the loans it is an inferior product compared to NA/Midland/LFG/Pac/Penn/ING
     
    scagnt83, Nov 16, 2014
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  6. Tahoe Ray
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    Tahoe Ray Guru

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    Their IUL might not compare to the companies listed but their LTC rider is superior to all of these carriers.

    ----------

    You get what you pay for.....a "free" chonic illness rider rarely is when you actually utilize it.
     
  7. scagnt83
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    scagnt83 Worldwide Expert of Everything

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    Good point. It all depends on what your priorities are.

    I still like a Mass 10Pay with their LTC rider if you want the best combo of accumulation and LTC coverage.

    I need to dig into TAs IUL/LTC rider to see how it compares to Mass and JH.

    Nationwide isnt "bad". Its just from an accumulation standpoint they are behind the curve from what I have seen so far. But a few really good years in the market and it could outperform the Mass 10 Pay. So 6 one way half dozen the other probably with Nationwide vs. Mass. I like Mass because the dividends help to increase the LTC benefit.
     
    scagnt83, Nov 18, 2014
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  8. DWPCL
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    DWPCL Super Genius

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    I like JH LTC rider over nationwide because the cost cannot increase.
     
    DWPCL, Nov 18, 2014
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  9. csinsurance
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    csinsurance New Member

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    Re: Whether I Need LTC Rider with a IUL

    Scagnt83, can you explain it in detail about why from acclamation to loan that Nationwide is inferior comparing to other IULs?

    What are the key differences, and how much are the differences in detail?
     
  10. EAJoe
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    EAJoe Super Genius

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    Minnesota Life's Eclipse and Eclipse Protector are great for this. With the Eclipse protector you could get a $250k DB with 4% acceleration of the DB per month for LTC for $2099 a year, or $2399 with the DB guaranteed to age 120.
     
    EAJoe, Jan 8, 2015
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