 Would it be a good idea to be a beneficiary of a life insurance policy? |
| My best friend just asked me if he can add my name (with DOD and SSN) as a beneficiary on his life insurance at work because he does not have any relatives here in U.S. I am not sure if it is a good ... |
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 My husband was on his way to work on Sunday morning and was broadsided by a newspaper truck.? |
| It clearly is not his fault but our insurance agent wants us to file a claim against our own policy. He will not help us unless we do. So we are not sure how to proceed. He did go and get 2 repair ... |
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 Pregnant with no insurance? |
| First of all, please no criticisms. I am six weeks pregnant and have no health insurance. This past year my fiance (this is his account that's why the avatar is a guy) claimed me on his taxes as ... |
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 Is it better to cancel health insurance when it reaches $1700/Month for a young family of four? |
Additional Details
I'm a 35 Yr. old smoker, but what worrys the insurance is that they put out $15,000 for my 5 yr. old son on an MRI and an EEG to diagnose seizure activity (he ... |
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 If the Rapture occurs just any time, without us being able to predict it, why do so many Christians worry? |
| These are the same Christians who pass hours worrying about investing, whether in IRAs or CDs, and what is the market like, and whether their children will "do well." What's the big ... |
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 Does homeowner's insurance cover renters? |
I'll be renting my house soon and I was wondering if my homeowner's insurance will still be effective? Some concerns are:
1. Is HO insurance still active if the house is no ... |
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 Sue Insurance, Mortgage or both? |
I am just if my parents are able to sue their homeowners insurance, mortgage company or both.
They bought a house 4 years ago and about 1 year ago it started going to hell. It needs a new roof, ... |
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 Life insurance after 65? |
| where do i find life insurance after 65. i am retired and wanting to leave my kids as much as possible so im asking where do i look.... |
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 HELP!!! can anybody to put that in plain english? please...? |
| C.A.Risk. Exclusion clause: any agreement by the Insured to pay any sum by way of indemnity or otherwise unless such liability would have attached also in the absence of such ... |
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 Will getting my permit make my moms insurance go up? |
| she's buying a car next month. and i wanted to know if i got my permit before then will it make her car insurance. or is that just if you get your license.... |
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| If I fell at home and it resulted in a major injury can I file a claim with my homeowners policy? |
| I know if someone else falls they can go through my policy so would the same hold true if I fell? I'm wondering about this because I know if I had a solo car accident I could go through my own ... |
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 Looking for health insurance? |
| I'm in need of health insurance because my employer doesn't offer it. I am 26/f/non-smoker and I'm in search of just having SOMETHING because I hate not having insurance.... |
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 Best life insurance policy? |
| Which is the best life insurance policy for tax saving and investment for employee?... |
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 Why should anyone who buys a house have to pay the insurance for the house when the bank owns it? |
| We should only pay the pecentage of the interest of what we own. With the interest rates the mortgage companys charge they make double and sometimes triple what we buy the house for.... |
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 Is it possible for someone to have a life insurance policy on me without my knowledge? An employer maybe? |
| I've heard that some employers take out life insurance policies on their workers without their knowledge to assure the company that business will go on as usual should the unforseen happen. Is ... |
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mindseye06 | VUL or EIUL? |
I need some help here, I'm looking to buy life insurance and two different people I know are trying to sell me on VUL and EIUL. My Q: is which one is better, I have two daughters and will need money for them to attend college down the road. I hear the EIUL give a gaurantee 1% return, vs the VUL, where its market driven....is this correct? Anyone with any insight on this please share your knowledge, which do you have? Also can you direct me to a website that has this info, and where can I open policy.....thanks. |
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Mark S
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Read both of the articles attached before makingyour decision for either of these products.
What you are thinking of is very important, please continue education with regards to insurance. Consider that insurance and investments should be kept separate. Suze Oeman and Dave Ramsey both recommend term insurance. Seriously consider a 529 plan, what is great about this is that if your first child does not use all the money the money rolls down to the next child. |
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LifeInsuranceAgent
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If they are recommending that you can access cash values at future point to pay for college, etc...there may be better uses of your money. the 529's mentioned by other poster are worth considering.
You can lock in low cost term insurance and invest the difference. compare some of these scenarios to the illustrations you will receive based on ASSUMED performance of the VUL and EIUL policies and see which works best for you. |
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Brent E
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EIUL will perform based on the equity index it is linked to ( typical index is S&P 500 for example.) it will normally have a low interest rate too like the 1% in your question. It also is capped typically each year to limit the potential upside move each year.
The VUL will move up and down baed on the performance of the investment selections you choose.
The EIUL will not suffer downside movement but is capped on the up side.
For college funding I would look at a 529 plan and forget the life insurance route. If you need life insurance that is a seperate planning issue, keep the college funding and life insurance planning seperate.
there is alot of stuff online about 529 plans, they have tax free growth if money goes to pay higher education, and are very flexible , mutual funds typically are the investment choices. |
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C O
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My advice is both of those are more expensive than just term insurance. Term is cheaper and the money you can save, invest the difference into a fund of some sort. At least if you invest in a fund on your own you will have more money saved over the long term than in a VUL or EIUL... I reccomend you stay clear of VUL's... There are fees built into those types and you don't have any money saved for the first 2-3 years... That to me is a waste to pay for two things and not have anything to show for the first few years.. |
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aaron p
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Your best bet is to talk with a financial planner who is only interested in giving you sound advice, not selling you an insurance policy as a savings vehicle.
EIUL's do typically have a minimum crediting interest rate, but if you only focus your attention on the interest rate, you miss half of the picture when it comes to evaluating your cash value. There may not be a malicious intent on the part of the insurance agent (s/he may not even know s/he is doing it), but diverting your attention from the whole picture is what magicians do too.
I'm sure you are hearing a pitch about potentially income tax-free benefits, but what happens if you have borrowed more than your cost basis, it is 35 years later, and the company decides to increase its mortality costs? I have seen good companies that were not in financial trouble increase their internal costs - it has nothing to do with company stability.
The small amount that you pay to a real financial planner will be worth a potentially large mistake down the road. Free advice is sometimes worth what you pay for it. If he or she thinks these plans are a good idea, then you will still be able to do business with the people you know. |
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