Understanding Universal Life Insurance

A brief explanation of how universal life insurance works

Category:

Howto & Style

Tags:

• Life Insurance Tampa Fl
• Rich Strehl
• Financial Advisor Tampa FL
• universal life insurance
• term life insurance

[RWSTREHL]

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.

[rtmalibu03]

if i have a fixed premium, will the amount going to the savings decrease in the later years? there fore would i have to contribute more because the life ins i actually more expensive?

[KNT0791]

@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.

[jgilles85]

@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!!!

[KNT0791]

@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]

@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

[jgilles85]

@KNT0791: Do you ever read the insurance policies you sell? Because I've read UL policies and they suck.

[KNT0791]

@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.

[teammili]

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...