Universal Life Insurance Policy: EVERYTHING You Need To Know / Derick Van Ness

Universal Life Insurance Policy are commonly sold as a permanent insurance product when in reality it is built on term insurance. This can be a huge problem in the long run and I wanted to use this video to clear up some of the misinformation around this topic!

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Derick Van Ness is a Wealth Strategist who is passionate about helping people reach their full potential through removing the mystery and misinformation surrounding money and financial strategy. Derick believes that each person has something unique and valuable to contribute to the world, their Soul Purpose, but that most people are never able to express that gift due to fear, doubt, or worry related to money. His mission is to have a major role in setting 1 Million people financially free by the year 2030.

Derick has specifically been working with small business owners since 2010, and has already helped over 1000 business owners along the way. He also has an uncanny ability to explain complex ideas and concepts in a simple way, thus ensuring that his clients knowledge grows as they work with him.

In his free time Derick enjoys racing sailboats, creating art, and competing in West Coast Swing dancing. He currently lives in Draper, Utah after living recently in San Diego, Brooklyn, and Austin, TX.
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This video is about Universal Life Insurance Policy: EVERYTHING You Need To Know / Derick Van Ness

[MarcusFred-wniv]

There are a lot of strategies to make tongue-wetting profit that the average joes don't know. . Personally, the financial-market for me seems the only way forward with my long time horizon (accrued roughly $457k in gains since Mid 2021 ) but if you don’t have that fortune of time it’s a tough market out there almost nowhere feels safe!

[financialconfidants]

Hi Derick, thank you for sharing this information, I do agree that IUL does have increasing costs as the insured gets older.

However, I saw that this illustration is ran with option B - increasing death benefit, which since the death benefit is increasing every year (last column of illustration), the cost of insurance for sure is going to skyrocketed. The best way to lower the cost of insurance is to change option B to option A as soon as the client stops making premium payment. In other words, this is not a fair comparison since this policy is not designed effectively for max tax free retirement income, this can only be use for death benefit.

Another quick note to everyone, many insurance carriers have IUL, but it does not mean every carriers’ IULs can work for tax free retirement income. I strongly advise everyone to consult with IUL specialist before making any purchase decisions. Because just like Derick says, IUL’s cost is front-loaded, meaning it has high surrender charges in the 1st 10 years.

All in all, I wish everybody good luck in finding trusted fiduciary!

[TheKAHEKILI]

In this video, the presenter analyzes universal life insurance policies, delving into the risks and potential associated costs. As a viewer, I found the content highly informative and well-presented.

The presenter begins by explaining the combination of insurance and investment components in universal life insurance policies, highlighting the often undisclosed nature of the insurance aspect. They further discuss how these policies are typically invested in mutual funds or index funds for potential returns, providing valuable insights into their workings.

The video effectively emphasizes universal life insurance policies' rising costs and unpredictable returns. The presenter brings attention to the fact that as policyholders age, the cost of insurance increases, potentially impacting their earnings. This, coupled with the uncertainty surrounding investment performance, underscores the need for careful consideration.

The significance of monitoring and adjusting these policies is strongly emphasized. The presenter effectively illustrates the potential consequences of improperly managing universal life insurance policies through real-life examples, underscoring the importance of staying vigilant.

The video also highlights the misleading nature of the average rates of return presented for these policies. By discussing the impact of market fluctuations and their potential to create misunderstandings, the presenter provides viewers with a critical perspective when evaluating the actual performance of such policies.

Moreover, the limited access to cash and decreasing policy value over time are addressed. The presenter warns viewers about the potential loss of invested funds and insurance coverage, providing practical insights for those considering universal life insurance policies.

The presenter raises valid concerns about the costliness of these policies and the unlikelihood of achieving consistent 6% returns as sometimes advertised. By suggesting alternative options like term insurance or whole life insurance, viewers are encouraged to explore alternatives that may better suit their financial goals.

As a viewer, I appreciate the presenter's objective approach and the comprehensive analysis presented in the video. The information provided effectively conveys universal life insurance policies' risks and potential costs, enabling viewers to make more informed decisions.

I highly recommend this video to anyone considering universal life insurance or seeking a deeper understanding of its complexities. The insights shared will undoubtedly contribute to a more informed decision-making process.

[KH-jfps]

Thank you so much, you have saved ne. I have an agent who is pressing me to sign universal right now.

[esushruth]

This is a fantastic and extremely authentic and informative. Thank you very very much. Appreciate it!

[drdzyxz]

Thank you for the in-depth explanation. This was so helpful

[heatherhargrave]

I connect with your authentic approach to being real about your information. Thanks for sharing your knowledge and giving the information you discuss in a comprehensible approach.

[valentinelatoyaify]

Thanks for clarifying. Really informative.

[fazilm]

One of the best illustrations I've seen.... good work...

[nikki]

This is so clear and informative. Thanks very much. With regard to the ups and downs of the market you did not mention that IULs have a zero floor that protect against the downsides.

[poojachaubey]

Hi, what’s your opinion about Continental Financial Group offering Universal life insurance product to UHNI segment through its partners. Could you help ?

[nkaujhnub]

Hi Derick, where can I contact you? I would like to get one of my illustration exam and see if it's a good universal policy.

[jordangoodfellow]

Derek, I believe he might be pointing your microphone the wrong direction as the audio quality is not exceptional. Double check the pattern on your microphone to make sure you are speaking into it the right way to get maximum audio quality on your videos. Thanks for the educational video, I appreciate it as I’m working to figure out if universal life is the best for my family I.

[franceswilliams]

Hello. Thank you for your expertise information. I need to have my Protector Indexed Universal Life Insurance Policy reviewed as I have a $250K death benefit. At the time I signed up for this policy June 28, 2021 I was 55 yrs old. I am very interested in asking you to review and help me decide where or how to change, cancel this policy as I am very concerned that I made the wrong choice. How can I have you assist me?

[zeusblack]

Looking at this graph only tells me it's best to put my premiums in several bank accounts or in Annuity because I'll be spending more money than what the face value is.

[boulderdentaldesigns]

So what are the better options here? I have a fairly new VUL policy and if this thing goes sideways later in life verses being a retirement vehicle then it doesn’t seem worth it to dump money into for 20 years only to lose it a few years later.

[audreyl]

Im thinking of getting National life IUL and í did hear that you get some 0% in some yrs-- should I do a whole life? they say they have guaranteed 5% 6%

[larsenrivera]

Hi thanks for the video. It so informative. A quick question is there a free chart that I can access like what you are showing ? Or only you guys have that? Indeed agents who are selling UL only shows that positive side of it .I do hope i can find free downloadable chart like what you have. Any recommendations? I would highly appreciate it.

[gerald]

Thanks for the information.
So, it doesn't help to buy UL.
Any videos about annuities?
How does the cash value work in the whole insurance?

[CdotForbes]

What is your opinion on Suncor Financial's product MPI. Using leverage to accelerate the returns to build up the account faster. More focused on retirement money through the use of loans. I'm interested to hear your thoughts.