after reading over 100's of policies I have never found a policy where someone could take out the Cashi Value and and still keep the face amount... So I wouldnt matter ifthe companygave me a 20% interest on the " over funded " part if I dont get both anyway... its almost like a slap in the face to the client... like the company is saying this is want we ( the campany) is making off you...
after read over 100's of policies I have never found a policy where someone could take out the Cash Value and and still keep the face amount... So I wouldnt matter ifthe companygave me a 20% interest on the " over funded " part if I dont get both anyway... its almost like a slap in the face to the client... like the company is saying this is want we ( the campany) is making off you...
@teammili You haven't seen a good one yet then....keep looking.....it's like Primerica's term product, never seen one that competes with the rest of the field. Way over priced.
It's called Universal because there's so many different ways for the insurance company to over charge you. The amount of what your paying out of your pocket is fixed, but not the amount that is going towards the coverage. Every year more of that goes towards the coverage and less the cash value. Renewable term w/a cash value. Besides people don't need insurance for the rest of their life if they plan correctly!
@jgilles85 You were trained by Primerica and all you know about is term insurance so you shouldn't comment on UL policies, you know nothing about them. Some people do need insurance for the rest of their lives, and a UL is one way to do that.
@jgilles85 Oh have you? So you understand everything about them??? And work for Primerica???? A company who doesn't even offer them.....and you're gonna tell me all about them? For the right person....they are good....do you have any idea how many variables there are to them???? In Canada, before our tax free savings account, this was the one great place place to grow TAX FREE retirement funds...for the right person...no paying back a loan either....so what have you now for me? Bring it
@KNT0791: That's the best you can do? Tax Free Savings? Oh you mean the savings that the insurance company drains out of your policy to pay for the coverage. No paying back a loan my ass, and I know the variables of how the policy rips people off are too many to count!! Bottom line is what kind of person benefits from a policy that is designed to self destruct? Answer is the selling agent and insurance company only. What a joke!!!
@jgilles85 I can't explain it to you because you really wouldn't understand, if you're in Canada, it's via a collateralized loan, it's allowed here but in the US it's called a non-performing loan and it's not allowed. These policies are for wealthy people and no, not designed for everyone. But FOR THE RIGHT PERSON they are good....and you can design them to only pay for 20-30 years just like a term policy, and they are there forever....so long term, they are actually cheaper. SUCK it.
You can buy fixed premium UL policies. The premium can be locked in never to increase just like term policies. You can also choose to overfund the policy and receive a nice interest rate with the over funded dollars. There are so many different options...which is why they call it universal.
Yes Anakimm, UL is annual renewalable term with a seperate account for saving/investing. This means if one is not careful the cost of insurance becomes so expensive that it could exceed your current premium. Your options then would be to increase your premium or tap into your saving account which would erode your savings. Plus UL has much more fees and commissions than term insurance and seperate investment choices combined. They infact can be very expensive.
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after reading over 100's of policies I have never found a policy where someone could take out the Cashi Value and and still keep the face amount... So I wouldnt matter ifthe companygave me a 20% interest on the " over funded " part if I dont get both anyway... its almost like a slap in the face to the client... like the company is saying this is want we ( the campany) is making off you...
teammili 1 year ago
after read over 100's of policies I have never found a policy where someone could take out the Cash Value and and still keep the face amount... So I wouldnt matter ifthe companygave me a 20% interest on the " over funded " part if I dont get both anyway... its almost like a slap in the face to the client... like the company is saying this is want we ( the campany) is making off you...
teammili 1 year ago
@teammili You haven't seen a good one yet then....keep looking.....it's like Primerica's term product, never seen one that competes with the rest of the field. Way over priced.
KNT0791 6 months ago
It's called Universal because there's so many different ways for the insurance company to over charge you. The amount of what your paying out of your pocket is fixed, but not the amount that is going towards the coverage. Every year more of that goes towards the coverage and less the cash value. Renewable term w/a cash value. Besides people don't need insurance for the rest of their life if they plan correctly!
jgilles85 1 year ago
@jgilles85 You were trained by Primerica and all you know about is term insurance so you shouldn't comment on UL policies, you know nothing about them. Some people do need insurance for the rest of their lives, and a UL is one way to do that.
KNT0791 7 months ago
@KNT0791: Do you ever read the insurance policies you sell? Because I've read UL policies and they suck.
jgilles85 6 months ago
@jgilles85 Oh have you? So you understand everything about them??? And work for Primerica???? A company who doesn't even offer them.....and you're gonna tell me all about them? For the right person....they are good....do you have any idea how many variables there are to them???? In Canada, before our tax free savings account, this was the one great place place to grow TAX FREE retirement funds...for the right person...no paying back a loan either....so what have you now for me? Bring it
KNT0791 6 months ago
@KNT0791: That's the best you can do? Tax Free Savings? Oh you mean the savings that the insurance company drains out of your policy to pay for the coverage. No paying back a loan my ass, and I know the variables of how the policy rips people off are too many to count!! Bottom line is what kind of person benefits from a policy that is designed to self destruct? Answer is the selling agent and insurance company only. What a joke!!!
jgilles85 6 months ago
@jgilles85 I can't explain it to you because you really wouldn't understand, if you're in Canada, it's via a collateralized loan, it's allowed here but in the US it's called a non-performing loan and it's not allowed. These policies are for wealthy people and no, not designed for everyone. But FOR THE RIGHT PERSON they are good....and you can design them to only pay for 20-30 years just like a term policy, and they are there forever....so long term, they are actually cheaper. SUCK it.
KNT0791 6 months ago
You can buy fixed premium UL policies. The premium can be locked in never to increase just like term policies. You can also choose to overfund the policy and receive a nice interest rate with the over funded dollars. There are so many different options...which is why they call it universal.
RWSTREHL 1 year ago
@RWSTREHL what is overfund?
probslpwtyormama 1 year ago
Also, there is no guarenteed table for the annual renewable term. It goes by prevailing rates that year. Very risky.
fritchdogg 1 year ago
Yes Anakimm, UL is annual renewalable term with a seperate account for saving/investing. This means if one is not careful the cost of insurance becomes so expensive that it could exceed your current premium. Your options then would be to increase your premium or tap into your saving account which would erode your savings. Plus UL has much more fees and commissions than term insurance and seperate investment choices combined. They infact can be very expensive.
fritchdogg 1 year ago
@fritchdogg sounds like a ul policy .........sucks.
probslpwtyormama 1 year ago
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@fritchdogg great info i have a video i did on my page please check it out let me know what u think
teammili 1 year ago
isnt UL the same as an annual increasing term? meaning the cost of insurance goes up every year?
Anakimm 1 year ago