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Transamerica IUL Policy.. Brutally Honest Review!
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Someone sent me their IUL policy from Transamerica to review and give feedback on. The client is 37 years old, contributing $500/month, but also added a $10K lump sum on year one. The agent set the policy up with an Increasing Death Benefit option and did not increase the face amount higher than it needed to be, BUT that lump sum on year 1 offset the cost of insurance and premium guidelines.
With out the additional funding every year going forward the policy doesn't bring much value. $21K a year for 30 years.... and then lapsed with no left over death benefit. So a total of $630K during retirement. While it is a return on the total contribution, if the client had been advised not to contribute the lump sum on year one, that would have significantly increased the value of the policy. Believe me, I ran the numbers.
Lump Sums are NEVER a good idea unless the client wants to continue contributing lump sums throughout the life of the policy but maintain a lower contribution. Key word there was "wants".
Because Index Universal Life policies are being purchased for the cash value benefit and not the death benefit, it is extremely important that they are always set up in the best way to meet the clients goals. If they aren't then the client is placing money into a vehicle that does not met their needs. Insurance agents need to recognize that if they want a career in the insurance industry long term, they need to start giving their clients exactly what they asked for.
This also means agents need to go out of their way to make sure that the carrier they are using and recommending to their clients is the best one in the industry. Not all IULs are created the same, not even close. If someone claims they offer the best IULs and they aren't actually using the most competitive and financially strong company.....well even if they did set it up correctly, is it worth it? Not when it comes to Transamerica!
#indexeduniversallifeinsurance #insurance #insuranceagent #cashvaluelifeinsurance #cashvalue #indexuniversallife #beyourownbank #infinitebanking #wealthbuilding #generationalwealth #transamerica #iul
With out the additional funding every year going forward the policy doesn't bring much value. $21K a year for 30 years.... and then lapsed with no left over death benefit. So a total of $630K during retirement. While it is a return on the total contribution, if the client had been advised not to contribute the lump sum on year one, that would have significantly increased the value of the policy. Believe me, I ran the numbers.
Lump Sums are NEVER a good idea unless the client wants to continue contributing lump sums throughout the life of the policy but maintain a lower contribution. Key word there was "wants".
Because Index Universal Life policies are being purchased for the cash value benefit and not the death benefit, it is extremely important that they are always set up in the best way to meet the clients goals. If they aren't then the client is placing money into a vehicle that does not met their needs. Insurance agents need to recognize that if they want a career in the insurance industry long term, they need to start giving their clients exactly what they asked for.
This also means agents need to go out of their way to make sure that the carrier they are using and recommending to their clients is the best one in the industry. Not all IULs are created the same, not even close. If someone claims they offer the best IULs and they aren't actually using the most competitive and financially strong company.....well even if they did set it up correctly, is it worth it? Not when it comes to Transamerica!
#indexeduniversallifeinsurance #insurance #insuranceagent #cashvaluelifeinsurance #cashvalue #indexuniversallife #beyourownbank #infinitebanking #wealthbuilding #generationalwealth #transamerica #iul
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