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I've not been selling Gul long . I'm assuming that the illustration shown is the current assumption and if the client misses a few payments over a 3-5 yr period it will run out much earlier than predicted
Bingo. One missed payment changes the game
To broad of a statement. I have several GULs in force where the client has missed payments, reduced face amount and I believe taken loans and the guarantees remained intact.
But you will agree that is NOT the case with all GUL's and that you would not encourage a consumer to think that missing a premium is a good idea.
I was just looking at some illustrations . Example a 54 yr old $250k. To guarantee to age 121 is $269/month. To guarantee to age 90 is $230 . a month. So it looks like if somebody starts at the $269 he can miss 1 1/2 payments a yr and still guarantee it to age 90
Can anyone explain to me why anyone would buy a level to age 90 no lapse UL product? What insurance need does that actually fit?