I am 45 years old, and have a John Hancock Flex V Scheduled Premium Variable Life $250,000 guaranteed whole life policy that I bought back in 1995 from a friend who was just starting out in the business. I have been contributing $150/month, and I currently have an account value of about $50k. I was given the opportunity to convert this whole life policy to an "Accumulation VUL" policy. The agent had printouts for 2 scenarios. The first had an initial death benefit of $800k, with $150/month premium. The scenario was based on "Assuming Current Charges and an Initial Gross Rate of 8.00% (Net 7.75%)". The second scenario was to illustrate if the policy was used as a retirement investment vehicle, with an initial death benefit of $325k and the assumption that $150/month premium would be paid until age 65, then starting at age 66, withdrawing $29,032/year, until age 80. I know next to nothing about life insurance, and I just want to make sure that I am not getting into a bad deal.
Thanks in advance.
Thanks in advance.