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| have been married to a man with 3 children from a previous marriage two of his own and one adopted.Three months ago i received a notification from his life insuerer company that although i am my ... |
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jose l | Variable universal life question? |
ok I see a lot of primerica agents in insurance questions like they know what their talking about here's a question an don't say buy term invest the rest it doesn't make sense every persons situation is different an unique. A single 22 year old male in shape no health problems with family history of hearth disease works 9 to 5 has a carpenter making 45K a year that contributes to is 401k an his currently buying a120k home plans to get married at 32 should he buy a VUL policy if no why not an what should he buy thank you for your time i'm sure alot of people will read this post
Additional Details
I think herman is the best answer cause with a family history of a diseas life insurance is important for the long term an even tough variable isn't for everyone it does provide the best of both worlds if i picked term eventually it would expire an it would cost to much to convert it |
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hermar66
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Variable life insurance can give you the best of a lot of worlds. Being 22 years old you have the advantage of time on your side so the internal build up of equity (cash value) from side accounts (same as mutual funds) will benefit you and work in your favor, The markets are really offering you a heavy discount in their value so you should benefit when the economy turns around. As for the death benefit, your age and hea;th will never be better, so the cost of the insurance will never be cheaper. Again, take advantage of your youth.
Set a monthly budget you can afford to put into the insurance contract and keep kit up, in good times and in bad.
I am 67 and was my entire life a perfect candidate for life insurance at it's cheapest rates. Last year I had a triple by-pass and am now UN-INSURABLE. Moral of the story...START NOW.
Herb W
Chicago
Account executive for The Hartford Life Insurance Company |
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Financial JUSTICE
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I think you need to understand how a VUL policy works. The information I give to people comes straight from textbooks and life insurance policies I replaced.
This is how a Variable Universal Life insurance works:
1) Your premiums are paid for 2 things: the insurance and the cash value
2) While premium payments are flexible, the cost of the insurance goes up internally every year. Eventually, this policy becomes too expensive for the average person on a fix income.
3) Your cash value is invested in the stock market, therefore, there is no guarantee you will see any returns on it.
4) Since your cash value is invested, the insurance company charges administrative fees, money management fees, custodian fees, and "other" unknown fees. Even though the investment may get 8% return, your actual return on your investment is much lower. I haven't seen a single VUL policy that gets a better return than 5% over a 20 year period.
5) If you wish to withdraw money, you have to borrow it and pay loan interest on it. If you cancel the policy, surrender charges are deducted from the cash value.
6) If you die someday, your beneficiary gets the face amount of the policy, but the cash value is kept by the insurance company. There is a death benefit option called Option 2 or Option B where you can include the cash value in the death benefit, but you have to pay more premiums for it.
7) As with all life insurance policies, they expire around the age of 100. If you get to live that long, they pay the cash value to you. You pay income tax if the cash value is greater than the total amount of premiums you paid. You don't pay income tax if it is less than the total amount of premiums you paid.
I have over 200 clients and every one of them owns term insurance and investments. Why? Its because they don't need life insurance forever. As they get older, their kids grow up and their mortgage or other debt balance decreases. I'm not a life insurance agent. I'm a financial representative. So I help them tackle their debt issue and help them plan for the future. By the time they retire, they should have lots of money saved and have very little or no debts at all. Hopefully, their grown-up kids are independent. But right now, they have very little money saved and have financial obligations to meet, so they have a high need for life insurance. |
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jpocia03
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Variable Universal Life policies are "not" something that I would suggest to anyone.
Reason?
I truly believe that an insurance policy is exactly what it is intended for. Insurance.....
All that a variable life policy is:
A term policy, that provides a death benefit.
With some sprinkled in, "Sub-Accounts", which are mutual funds. Technically they cannot be called mutual funds, because they are provided within an insurance policy. The mgmt. fees for these subaccounts are astronomical.
Agents also will sell the policy with, "Then after XX years, you won't have to contribute anymore. The earnings within the policy will pay for the premium."
Which is a bold face lie. Because part of this policy is invested within the "sub-accounts". If the market is taking a beating. You will find that the policy is "Under funded", which means that you will have to contribute 2-5 times the premium payment. Just to keep it alive.
Ask your insurance agent to provide you with statistical facts, on how many of these policies are active when the client reaches there late 60's...
You will find that 95%+ of these policies happen to implode due to a lack of funding. Meaning, people stop paying the premium, or pay too little of the premium). In rough markets, don't be surprised that your premium has increased just to maintain the policy.
So, when the insured needs the policy to pay to beneficiaries, the death benefit is peanuts.
Rough times, life insurance is usually the first thing to stop receiving payment.
From a cost perspective your better off with Term Insurance, and then investing in mutual funds.
Otherwise....
I would recommend looking into a cash value whole life policy. I know it sounds crazy, but if you speak with any financially successful person. They will tell you that they have a ton of it. Why???
Because of the internal rate of return, which at your health and age should be somewhere around 5% or so. And if you continue to pay the premiums, then your cash value will increase more quickly. Now, yes the policy isn't designed for you to use the cash. However, you are accomplishing two things with this type of policy.
1. A death benefit. In case in the future you are married with children, and something happens.
2. Tax diversification.
In the future, you can use these monies to purchase many different things. And in stead of having to pay 8%-10% for a car loan. You can take a loan out against the policy, and pay yourself the interest.
What I wrote for #2, is exactly how a bank makes money. They never leave there dollars in one place for an extended period of time. And they are constantly leveraging "future" payments, into other investment vehicles.
Look at "Rich dad, Poor dad." or http://infinitebanking.org/ and you will find some great, concrete information.
Just my two cents |
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Joe L
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Variable Life insurance is a product that never should have been invested. If one has that policy that relies so much on the market he should 1035 exchange that policy for either a larger death benefit, or smaller premiums for the same benefit amount. Variable products/and life insurance should not be combined, Please contact me for alternatives-
joseph@carylevinson.com |
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mbrcatz
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As he apparently hasn't set any GOALS that he wants the life insurance to acheive, it would be premature to buy ANY coverage.
Kinda like, going to Home Depot and picking out a table saw, without knowing what the JOB is going to be that you want it to do - after all a jigsaw might be better, you just NEVER KNOW until you SET THE GOAL. |
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Insurance Pickle.com
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With your income you're not an ideal candidate for a permanent plan unless that is what you really want. Term life would better suit you likely and one from a competitive company....not Primerica.
P.S.....I own both types of policies.... |
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primericaisbad
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"By the time they retire, they should have lots of money saved and have very little or no debts at all."
This is why you shouldn't listen to a part-time Primerica "financial representative" |
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