Universal Life Insurance Knowledge Base
Is my universal life insurance policy good the rest of my life? I have had a universal life insurance policy for the last 24 years, recently I was contacted by the insurance company and was told that the insurance was going to burn itself out. I have no idea what that means. But the agent that came to my house(from the same company) tried to tell me my policy was worthless and I should get a new one with premiums for at least 2 to 3 times as much per month. The original agent told me my policy would only need to be paid for 30 years and than it would be in full effect with no further payments needed for life. All of which appears to be a lie. Is there any real Good reason to have one of these policies?
Does a person need to be a legal resident to purchased Universal Life Insurance? My sister's husband came to this country a few years ago, and as any responsible parent he wants to secure the future of his family so he decided to get life insurance. The problem is that my brother-in-law only has an employment authorization card ( this means he is legal in the country). His social security number is real so I wonder why the agent did not want to sell him life insurance. Can anybody answer this please. Only people who have knowledge on this subject.
If I cash out my universal life insurance policy will I have to pay taxes on the money? I have purchased a term life policy. My universal life policy is raising each year therefore eating up my cash value unless I pay higher rates. The term life policy rate is frozen for 10 years and is worth more than the univesal policy. I want to cash out the univerasl policy and cancel the policy.
Do I need both term life insurance and universal life insurance? My Statefarm rep is suggesting I transfer my 5 year term insurance (which is over at the end of July) to two different life insurances - a 20 year term insurance and a universal life insurance policy - does anyone else have both? I don't see why I can't just get the universal life insurance, since I'll get money back from it later and you get nothing from the term life insurance. I don't necessarily want the universal life insurance because I may be able to get money back on it later - I just want what I'll need in case something happens to my husband or myself while our children are under 18. This may sound like a dumb question, how do I find an independent insurance agent?
What is the differance in Term, Whole, and Universal life insurance? My wife and I need Life Ins. I need to know the differance between the 3 ins. to make the best coverage choice.
Universal Life Insurance? What are the pros and cons? Are there any websites that have informative facts about what direction we should take. My husband and I are in our twenty's and have a chunk of money that we can invest in, a financial advisor has advised us to claim married and 4 on our paychecks and invest $10,000 in a Universal Life Insurance policy. I'm skeptical and would like to further check out the details. Our CPA does not want us to change our exemptions to married and 4. Please give any insight and information. Thanks
How long does it take to get approved for universal life insurance once you apply? I do not have any major chronic health problems (I am 37 years of age). Please, informed answers only. Thanks everyone. To those who are complaining that life insurance is a bad investment... I just have one question: Did I ever say I was purchasing life insurance as an investment? I just do not want a love one to be without any means should I die in the next 40 years.
Please tell me Universal life insurance products offered by different companies in India. I? If possible also provide some statistics to compare different products.
Has anyone ever heard of buying a Universal Life Insurance policy in order to have retirement money? I was recently told of a practice that is supposed to work better than simply saving back money for retirement age. For example: You buy a policy for the sole intent of dumping money into it, and borrowing from it, and paying the money back with a higher rate of interest in order to "build your own bank" so that you can have retirement money. Is this a common practice? Anybody know anything about it? Thanks
what is meant by a partial surrender of a universal life insurance policy? if you take a partial surrender, does it mean you only get the cash in value? and does it terminate your policy?
please explain how universal life insurance works in details? is it the same as variable insurance wherein you can increase or decrease your insurance coverage for the same premium or universal life have a fix premium for a given age and amount and if you want to increase your coverage, you just add a yearly term insurance?How do you increase its coverage? Will it affects the premium if you want additional coverage? I understand variable life insurance has a range of minimum to maximum coverages for a given premium, is it the same with universal life?please explain in details how the entire process works.
Should I invest in a Roth IRa or Variable Universal Life Insurance Policy? I have a 401k/ Not married, no children, but my advisor says it is wise to invest in a variable universal life policy while I am young (the premiums are lower) so it builds cash value to aid in retirement plus I will have the death benefit for later on when I am married and have kids. Susie Orman thinks this is a bad idea and that 401ks and Roth IRAs are the way to go. Other people think differently. I am confused on what to do and wonder if people who have actually signed up for a Variable Universal Life policy have actually seen the cash value results when they have retired. My illustration shows about $600,000 cash value when I am 70- that is with a 12% return. I am wondering if I should go with this policy or use the $200/month it would cost to fund this and invest it in a Roth IRA instead or put more towards my 401k. Any serious advice would help!
Is the premium for universal life insurance tax deductible esp. when there os cash value ? Is this a good investment strategy?
Canadian looking for life insurance-term or Universal? Which company would you opt for? I have gotten quote for Universal Life from RBC and Co-operators. They seem reasonable priced but still shopping around for something suitable. I'm 30 and my husband is 33 and we are both non-smoker
Universal life insurance as a savings plan?? Is that a good idea? Ameriprise Financial is sellign me 400k life insurance policy that costs 200 per month. They say its like a savings plan because I can access 90% of the 200 per month at any time. Is this a good idea or a scam??
One permanent universal life insurance policy has 2 death benefits, while the other has 3, what does it mean? I mean 2 and 3 death benefit options*
re: Universal Life Insurance. What happens at end of insured period? Do I get my money back? I was given a Universal Health Insurance policy. It is all "paid up", meaning I do not have to put any more money into it. It says that the policy will continue in force until "Maturity". What happens at maturity if the person insured hasn't died? Is there money left in the policy?
Is Variable Universal Life Insurance right for us? My wife and I recently started variable universal life insurance policies. We are paying about $600 a month toward the policy on top of what we are each contributing to our 401k plans. We are both under 30 yrs. old, and are trying to get a good start on our retirement. Should we be investing in IRA's or something else instead? We both supported ourselves before we got married, so do we even need life insurance right now since we don't have children yet? Our advisor works for New York Life, and he's telling us that the variable universal policy is the best first step. I feel like he is just trying to maximize his commision instead of doing what's best for us. I know, we shouldn't have gone to an insurance salesman, but he was recommended by a close friend. What should we do? Combined, we make $85,000/yr. I contribute 6% to my 401k, and my wife contributes 1%. We are homeowners, not renters. Other that that, we don't have any other investments.
what do financial advisors think about universal life insurance? I was looking at MetLife Guarantee Advantage Univeral Life, and i was looking at buying it directrly from the agent not thru a fee only advisor
Should we switch our variable universal life insurance policy to a guaranteed universal life policy? My husband and I each have variable univeral policies...our agent is suggesting we change over to guaranteed universal policies - we will save a few hundred dollars a year and add 100k onto the benefit. My husbands policy was bought in 1999, mine in 2001. We were not using the existing policies as an investment. Does it make sense to change now? (we are in our early 40's) The agent suggested that in the future insurance costs may rise, and we may not be able to afford the current policy- but the new policy rates are guaranteed to never increase. Any thoughts or advise?
which is a better pick for universal life insurance,option a or b? option a- cash value increases rapidly but will not be paid at death, but only the sum assured. then the cash value equals the sum assured and you have very little insurance left. In option b, cash values increase very slowly but is payable at death together with the sum assured.
Should I invest in a Roth IRa or Variable Universal Life Insurance Policy? I have a 401k/ Not married, no children, but my advisor says it is wise to invest in a variable universal life policy while I am young (the premiums are lower) so it builds cash value to aid in retirement plus I will have the death benefit for later on when I am married and have kids. Susie Orman thinks this is a bad idea and that 401ks and Roth IRAs are the way to go. Other people think differently. I am confused on what to do and wonder if people who have actually signed up for a Variable Universal Life policy have actually seen the cash value results when they have retired. My illustration shows about $600,000 cash value when I am 70- that is with a 12% return. I am wondering if I should go with this policy or use the $200/month it would cost to fund this and invest it in a Roth IRA instead or put more towards my 401k. Any serious advice would help!
What type of life insurance is best? Whole Life, Universal Life, and should I add SURVIVORSHIP OR 2ND-TO-DIE? I want a premium that will never change until my death. I assume these are the only options?
Should I invest in a Roth IRa or Variable Universal Life Insurance Policy? I have a 401k/ Not married, no children, but my advisor says it is wise to invest in a variable universal life policy while I am young (the premiums are lower) so it builds cash value to aid in retirement plus I will have the death benefit for later on when I am married and have kids. Susie Orman thinks this is a bad idea and that 401ks and Roth IRAs are the way to go. Other people think differently. I am confused on what to do and wonder if people who have actually signed up for a Variable Universal Life policy have actually seen the cash value results when they have retired. My illustration shows about $600,000 cash value when I am 70- that is with a 12% return. I am wondering if I should go with this policy or use the $200/month it would cost to fund this and invest it in a Roth IRA instead or put more towards my 401k. Any serious advice would help!
Wondering if Universal Life Insurance is a good investment vehicle for my young sons? MY SONS ARE AGE 18 AND 20 . THEY WOULD LIKE TO INVEST $100/MONTH I should mention we live in Ontario Canada
My Mom has a Universal Life Insurance policy with Prudential. She? has had the policy for well over twenty years. Within the last week, Prudential sent her a letter informing her the universal policy was no longer valid and she would have to sign a new policy at a new rate. This sounds like they're trying to recoup monies lost in our downward spiraling economy. Does this sound legit or are they really trying to rip off an elderly woman. A representative from Prudential talked with my mother and told her the insurance industry couldn't foresee our current economic conditions and as a result, her existing policy isn't worth the paper it's written on. Please advise. P.S. She has never missed a payment.
Variable Universal Life Insurance? **Experienced Life Pros only, please** Working with a couple now, and they need Life Insurance. They need a last sourvivor policy for estate planning, so Term is out. Young couple, in their 30's. With a VUL, is there any time that a single pay contract would make sense? I can't figure it out, but since it's an option, I need to go over it for compliance reasons. Please help A.S.A.P.!!!
What are the pros/cons of Universal Variable Life Insurance? Who are the good providers. What kind of questions to ask and know about hidden costs/risks/returns. Thanks for your time in advance. sansoo
universal life insurance policy? Can someone point in the direction of finding a universal life insurance policy for a 74 yr female.
Information regarding cancelling a universal life insurance policy? Years ago I was advised to purchase a $1,000,000 univeral life insurance policy to cover primarily taxes for my two sons since I was widowed. My sons are now in their 30"s and my financial situation has changed and I do not need such a policy. I have 74,000 cash value with yearly premiums of $6,880.00. In evaluating my holdings and financial status I am contemplating cancelling this policy. Would this be a huge mistake? I feel that in time I may not be able to afford these premiums so what is the point to continue to feed it. Also, will there be tax consequences I might have if I decide to end this policy? Does anyone have any information or answers .....I would appreciate it. I have come to a point in my life to tap into my investments to live so is it better to liquidate my holdings (securities) or cash in my policy. I am 63 years of age.
Question about purchasing term life insurance while awaiting a universal policy..? I recently applied for univeral life insurance. Can I purchase term in the meantime..? ..In other words, can I purchase term life insurance while awaiting confirmation of my universal policy - with the same insurance company (I know I will be approved for universal because of my good health). Please, informed answers only. Thanks everyone.
looking for universal life insurance..? I'm looking at Pacific Life for universal life insurance. Is it a good trusted company anyone of u guy familar with? is this company good to invest in. I heard they said their universal life insurance have some pretty good benefit too. Is it true that if my premium is $200/month and with that money, only about $60 went to coverage and $140 go into my saving? is this true?
Universal life insurance a good idea for dev. disabled heir? I have a developmentally disabled daughter. I would like to be sure leave her money when I do die. I have a 30 year term life insurance, I'm 35 now. I'm afraid that when I'm 65, I will not be able to get life insurance so she will for sure have something to take care of her when I'm no longer there. Would universal life insurance be good in this scenario? The agent says I can stop making payments when I'm 60 (of $100 a month) and there will be a payout of $250,000 even if I live to be 100. Will she also have to pay taxes on that life insurance?
In Texas, if you sign to buy a life insurance but change your mind, can you get your money in full amount? Last night insurance agents are able to pressure us into buying equity index universal life insurance, this morning we realize that it is too expensive and we'd rather have term life, what can we do? It is from World Financial Group agent.
Should I buy long-term care insurance or buy AIG AGLAFlex proplus universal life insurance ? I am 45 years of age,my friend just bought AIG AGLAFlex proplus unversal life insurance, he said, this kind of insurance can take of money from policy to pay for you hosptial or medicen when you got critical illness or chronic illness.most of the life insurance can not do that,if I buy this kind of insurance, I don't need to buy long-term care insurance. I am healthy person and unversal life will cost me $80 per month for $100,000 coverage. I check with my friend and that what he said,AGLAFlex is different than other life insurance, you can take out large sum amount of money at once when you need for your medicare, After you recovery from sick, what ever left over that you don't use,you can keep it,this insurance can help you when you still alive,not after you pass away, I know I have helth insurance, but you never know you will have a job in the future.
Is variable universal life insurance a good alternative to college savings plan? It is confusing!!!?
Universal Life Insurance Policy on my mother. My mom is 62. She has a $25,000 Universal Life Policy that she has had for about 10 years. She wants to cash it in. There is about $3,300 in cash value right now. The target premium is just under $400. I am contemplating taking over the ownership of the policy. I do not need the money, but I believe this would be a wise investment. I will pay her the cash value and take over the premiums. I am already the benificiary. Any financial gurus out there? Is this a good idea?
What is State Farm Universal Life Insurance Option 1? My brother passed away about 2 weeks ago and the other day he received a letter from State Farm telling him that his policy had started (about 20 days before he was killed). I think that it is Life Insurance (the kind that our mom would be able to get money from since he was killed), but my sister keeps saying that it is Life Insurance for the car. I don't really think it makes much since because he has 2 Insurance Policies (one for the car and this one). But, she said that this Policy that I am talking about means that if someone dies while they are in the car, they will get the money. Please help!
Can antone honestly defend the sale of Whole, Universal, and VUL life insurance? All of the true financial experts agree that whole life, universal life and VUL policies are rip-offs. Is it only the ignorance of the public that allows these policies to continue to be sold? My opinion, which is widely accepted among true professionals (not commissioned insurance salesman) is that mutual funds/stocks/ETFs in self-directed type accounts coupled with fixed term life is the only logical choice. Please defend whole, universal and VUL if you can. antone* = anyone Nice sales pitch Kristine. "What if I told you...FREE insurance....." a line straight out of sales training 101. You never addressed the primary reason why that product is a bogus deal - high fees. The outrageous fees kill any benefit you discussed. And over 50 years, I will not lose money in mutual funds. If I do, then your insurance company will no longer be around to pay me because you would not have survived a 50 year depression. Of course, this product has a great commission so you will continue to rationalize its sale. But that is all it is is a sale.
Variable Universal Life Insurance Vs. Mutual Fund? what are the benefits and draw-backs for those? which is better?
Equity Indexed Universal Life Insurance - pros/cons? I am looking at using this financial vehicle. Does anyone have any experience with it? Good? Bad? Great info from all. Thanks. I know I have more to learn. I spoke with a financial planner who gave us some unique investment strategies that made sense, although "out of the box" of what little I had been told. I am always skeptical and like to learn for myself from independent third parties. I heard a segment on the radio from another financial planner with the exact same strategies we had recently heard from our local planner. When I hit his website he had a video explaining it. After watching the video it made more sense. www.cramgroup.com . As this is my families future, I would invite comments from anyone that could tell me why these investment strategies wouldn't work. In summary, part of the advice is changing to interest only on the home, investing the "principal" into a secured EIUL, the principal is guaranteed, the money is secure, interest is capped, but track record shows it around 7% and you will eventually have enough to pay off the house and then have much more.
universal life insurance.litigation guidance representation vancouver b.c? compensation from financial advisor ?
life insurance? I have term life insurance with state farm one day while talking to a state farm agent the requested an insurance called universal life insurance and they would send me some info they never did even after calling two or three times. I'am 49 yrs old and had term life insurance with them for a long time i think there's something there not telling me i don't know how the life insurance game work ?
Life insurance? My mom has term life insurance for 10 years for New York Life.. is it true that in 10 years, she'll be able to renew it another 10 years? Won't that be more expensive? Also, what happens if you buy that 20 year term insurance and you don't pass away until 21, 22 or even 30 or more years? What happens to all your money, and isn't there a way to renew it? I heard that it would cost thousands and thousands more to renew it after 20 years.. Also, what about universal life insurance? I hear it's no good, but my mom wants to buy that too.. Can anyone please explain a bit?
Anyone from Toronto is buying or have bought universal life insurance? Please reply this msg and tell me ur experience.
Life insurance? My mom has term life insurance for 10 years for New York Life.. is it true that in 10 years, she'll be able to renew it another 10 years? Won't that be more expensive? Also, what happens if you buy that 20 year term insurance and you don't pass away until 21, 22 or even 30 or more years? What happens to all your money, and isn't there a way to renew it? I heard that it would cost thousands and thousands more to renew it after 20 years.. Also, what about universal life insurance? I hear it's no good, but my mom wants to buy that too.. Can anyone please explain a bit?
Can Aviva life insurance take one more premium when I surrender the policy and not provide the insurance? I decided to surrender my Aviva universal life insurance policy when I realized it was a big mistake. Each year my cost of insurance was increasing and eating away at the cash value. I called the company and told them I wanted to surrender the policy. After trying to talk me into keeping it they finally told me what to do and sent me the forms. I sent them back and received my check and noticed they took another premium out of the cash value on Aug 4th and canceled the policy on Aug 6th. The Aug 4th premium should have covered me until Sept 4th but they are telling me I have no coverage as of Aug 6th. They refuse to refund me the $137 premium taken out on Aug 4th so I have paid $137 for two days of insurance. Anyone know if they can do this? If this is legal then any insurance company can simply delay processing a surrender until after the premium due date and collect another month's premium for no coverage. Thanks in advance for any help.
Should I buy cash value life insurance? I'm trying to set up a retirement plan with my financial advisor. i make a real good salary and don't qualify for the roth IRA or other tax exempt retirement programs. I'm maxing out my 401K. My advisor suggests to open a universal life insurance policy. He points to the tax benefits of these policies as his reasoning in choosing it. I've got good term insurance and don't really need the extra coverage, but when he compared the tax savings on the universal life policy vs things like mutual funds/stocks it seems to make sense. i guess the one thing that is missing is the rate of returns on these investments and if there is enough of a difference to make up for the extra taxation. i'm clearly not savvy with financial manners, so i hope to find an educated objective answer.
for lifetime protection which insurance plan is best - whole life, universal life or variable life? i want a lifetime coverage for income continuation, & asset protection. which do you think is the best taking everything into consideration?
Life Insurance: Variable Life vs Whole Life, which one is really better? Is Whole Life premium more money than Variable Universal Life? I asked for a Whole Life insurance quote from one of the big insurance companies around, instead the agent tries to convince me that I should go with Variable Universal Life. He said Whole Life premium is always higher than Variable Life. He generated a printout for Variable Universal Life but not for Whole Life. I just want my premium to remain fixed in my old age and dont want the death benefit to fluctuate hence I prefer Whole Life. He stated that the death benefit is guaranteed for VUL. Is it really? I have a feeling it's not and that the premium for VUL will increase in my old age since it's dependent on my market investment. I'm beginning to think that his commission for selling Variable Life is more than selling Whole Life. I'm 37 female, non-smoker, in good health. I dont believe Whole Life premium would be that much higher than VUL. Any input is appreciated.
I am 65 and wondering which insurance I should take. Term, whole life or Universal life? I already have two policies that are already paid for. But I am looking for an additional insurance policy. The agent called me and said portable insurance from my company is not that great because the premium goes up every few years but the Universal term life the premium remains the same. I can only assume this does not have a cash value. Help, Help, Help he is coming over tomorrow.
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