Universal Life

[Newby]

Fixed.

That is why I'd like to compare it to another company's, to see how it stacks up. Our Whole Life policy has been performing well and paying generous dividends and our term life rates are very good. Actually when I bought my term I shopped around and we had the lowest price I could find for my age/face amount. Banner Life, TransAmerca, and ING were the closest, but we were still cheaper, only by $2 a month though.

But I've never had the chance to compare our UL to someone else's and I'd like to before I buy one.

----------

Email has been sent. I appreciate it!

That's because your 20-year term is only guaranteed for 10-years.

The other ones were guaranteed the full 20-years.

You have to read the fine print.

 

[Guest]

That's because your 20-year term is only guaranteed for 10-years.

The other ones were guaranteed the full 20-years.

You have to read the fine print.

True statement, they are guaranteed for half the term. The response to this is that in the more than 80 years in the life insurance business we've never not honored a full term and we've never not paid a dividend on WL. I have no concerns about the financial strength of our life insurance company.

But I understand your point and it is a valid one.

 

[STIBROKER]

I was talking about Accumulator UL. I sell GUL but not always at the absolute minimum premium. I am also a fan of short paying which requires a lot more than the bare minimum. I think it is better to build a pad into plans. Stuff happens.

but the funny thing about life insurance.....if we only knew when we are going to die....

 

[WinoBlues]

but the funny thing about life insurance.....if we only knew when we are going to die....

True that. Or when we were going to run out of money.

 

[STIBROKER]

True that. Or when we were going to run out of money.

so buy cheap and go long has always worked for me....hahaha

 

[WinoBlues]

True statement, they are guaranteed for half the term. The response to this is that in the more than 80 years in the life insurance business we've never not honored a full term and we've never not paid a dividend on WL. I have no concerns about the financial strength of our life insurance company.

But I understand your point and it is a valid one.

My response to that is " Then you would think that they would have enough confidence to guarantee it as opposed to putting the risk on you."

----------

so buy cheap and go long has always worked for me....hahaha

No one correct way. And no one way always works. IMHO

 

[Newby]

True statement, they are guaranteed for half the term. The response to this is that in the more than 80 years in the life insurance business we've never not honored a full term and we've never not paid a dividend on WL. I have no concerns about the financial strength of our life insurance company.

But I understand your point and it is a valid one.

When you compare guaranteed products to non-guaranteed, the non-guaranteed will always seem like a lower price. But it's not the same thing. When I run across someone who bought term like that I take that sale close to 100% of the time. And the person usually re-shops their auto insurance too. It's not really 20-year term. And they feel screwed when it's shown to them.

Insurance is about guarantees. Nothing less is to be considered in my mind.

 

[scagnt83]

True statement, they are guaranteed for half the term. The response to this is that in the more than 80 years in the life insurance business we've never not honored a full term and we've never not paid a dividend on WL. I have no concerns about the financial strength of our life insurance company.

But I understand your point and it is a valid one.

There is a big difference between non-guaranteed Term thats dependent on company performance ,and non-guaranteed WL Dividends that are dependent on company performance.


With the WL you still have a guaranteed level Premium along with guaranteed CV & DB.

With the Term you have no guarantees past the halfway point.
That is a VERY big difference.

I preach the power of the mutuals all day long. I got my start at a major mutual.
But if things hit the fan they are not immune to an economic catastrophe.
The purpose of Term Insurance is to guarantee a certain amount for a certain period of time. Why not lock-in that guarantee contractually? It doesnt make sense not to.

Again, WL is different. With WL at least you have a minimum contractual guarantee. So it doesnt matter if they stop paying dividends, the policy is still guaranteed.