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Message
Index Universal Life Insurance
Posted on 2/29/24 at 10:30 pm
Posted on 2/29/24 at 10:30 pm
Our investment advisor proposed this to us. Can anyone give advice or insight on this approach. I’ve never heard of this until now. Everything I’ve researched doesn’t look good so far. TIA
7
Posted on 2/29/24 at 10:34 pm to DUKE87
It's a scam. Run far away from that bozo if he's pushing you into it
Posted on 2/29/24 at 10:58 pm to DUKE87
What other investments/advice are you getting from this advisor? Just trying to get a gauge on whether this is an insurance agent with a Series 6 license parading as a financial advisor.
Any annuities?
Any annuities?
Posted on 3/1/24 at 3:02 am to DUKE87
Networth, income, age, other investments, etc. would really be required to answer this OP.
It’s kinda like an advisor recommending you buy $500k of Tesla stock. That would make no sense as advice for someone that is 65 and makes $100k and has a networth of $1.5 mil, but someone that’s 30 with a $30mil net worth would be completely different.
It’s kinda like an advisor recommending you buy $500k of Tesla stock. That would make no sense as advice for someone that is 65 and makes $100k and has a networth of $1.5 mil, but someone that’s 30 with a $30mil net worth would be completely different.
Posted on 3/1/24 at 6:48 am to DUKE87
I’ve sold life insurance for 14 years.
Not a single IUL in my entire career.
It’s bullshite.
Not a single IUL in my entire career.
It’s bullshite.
Posted on 3/1/24 at 7:28 am to baldona
Well we have an IRA we max out. TSP I max out and HSA I max out. We have $1mil term and $400k whole life. 36yo and net $90k/ year. I also will have a pension with fed govt.
As said I always do my own research but have never heard of this and didn’t sound like anything great except the fact that if my SO passes the $500k is guaranteed with very little gains that’s capped.
As said I always do my own research but have never heard of this and didn’t sound like anything great except the fact that if my SO passes the $500k is guaranteed with very little gains that’s capped.
Posted on 3/1/24 at 7:29 am to slackster
No annuities. Our advisor seems to make $ on selling life insurance the most.
Posted on 3/1/24 at 7:33 am to TDsngumbo
This post was edited on 3/11/24 at 2:39 pm
Posted on 3/1/24 at 8:28 am to DUKE87
quote:
Our investment advisor proposed this to us. Can anyone give advice or insight on this approach.
Ask him why he advised you to get an IUL and come back and tell us.
quote:
I’ve never heard of this until now.
They have been around for years and if structured properly with the right company can be beneficial but that depends on the situation and what is trying to be accomplished.
quote:
Everything I’ve researched doesn’t look good so far.
Please link the source of this information. TIA.
Posted on 3/1/24 at 9:39 am to DUKE87
Like others said, it’s pushed because there’s a huge commission. A lot of those are something like 80% commission on the first year, 40% the second year. So it’s a major money maker for the agent.
Posted on 3/1/24 at 10:47 am to DUKE87
quote:
No annuities. Our advisor seems to make $ on selling life insurance the most.
Do you have any investment accounts with the advisor? I assume the IRA is with him? What are you buying there if you don’t mind sharing?
This post was edited on 3/1/24 at 10:49 am
Posted on 3/1/24 at 12:08 pm to slackster
Roth IRA is MFEGX.
Posted on 3/1/24 at 12:37 pm to La Place Mike
He advised bc of a recent inheritance.
Basic research via google / YouTube.
Basic research via google / YouTube.
Posted on 3/1/24 at 12:41 pm to DUKE87
Some would suggest never using insurance as an investment tool. My personal belief is you acquire an IUL based upon your needs/desires.
For example. My wife and I have one. The intent is to have something to pass onto our children in the event of life departure. We did not opt for a term policy, which is cheaper, as it did not fit our needs. IULs can also be used as income in retirement and there is also the option to borrow from it (i.e. yourself) in lieu of the bank. I do not subscribe to the aforementioned, but it is an offering within the policy or shall I say contract.
These were all of my personal reasons, but they may differ for others or simply don't fit at all. They are, in some cases, considered expensive, and the seller does receive a commission which tends to disturb some as if the seller does not have mouths to feed also. Seller's commission is paid by the issuer of the insurance; however, the argument is positioned sometimes that the buyer is really paying for the commission via the fees.
You maybe presented with illustrations that will look pleasing, but don't allow that to be your sole reason to purchase. Again, purchase based upon your need.
For example. My wife and I have one. The intent is to have something to pass onto our children in the event of life departure. We did not opt for a term policy, which is cheaper, as it did not fit our needs. IULs can also be used as income in retirement and there is also the option to borrow from it (i.e. yourself) in lieu of the bank. I do not subscribe to the aforementioned, but it is an offering within the policy or shall I say contract.
These were all of my personal reasons, but they may differ for others or simply don't fit at all. They are, in some cases, considered expensive, and the seller does receive a commission which tends to disturb some as if the seller does not have mouths to feed also. Seller's commission is paid by the issuer of the insurance; however, the argument is positioned sometimes that the buyer is really paying for the commission via the fees.
You maybe presented with illustrations that will look pleasing, but don't allow that to be your sole reason to purchase. Again, purchase based upon your need.
This post was edited on 3/1/24 at 12:53 pm
Posted on 3/1/24 at 1:00 pm to DUKE87
quote:
Roth IRA is MFEGX.
Not bad. People will bitch here about a load but you can do way worse - it’s within 50 bps of the benchmark for the last 10 and 15 years.
Posted on 3/1/24 at 1:02 pm to DUKE87
quote:
He advised bc of a recent inheritance.
Purchasing a life insurance product from inheritance is a bad idea on the surface. I’d you’re comfortable with your current insurance coverage, the inheritance just lowered your needs even more. To turn around and buy an IUL with some/all of it is counterintuitive.
Posted on 3/1/24 at 1:15 pm to slackster
$280/ month for a $500k policy. I already pay $274/ month for term/ whole.
Posted on 3/1/24 at 1:15 pm to DUKE87
quote:
He advised bc of a recent inheritance
What? Did you tell him that you didn't want to put that money at risk? Even if you did there are other finacial products out there that are "safe" and could be better suited to your needs. You already have 1.4 million in Life insurance. Maybe that's enough maybe it isn't. I really don't know your situation.
quote:
Basic research via google / YouTube.
Not surprising. With any product, it's what company you use and how the plan is structured. When you search you get a lot of Dave Ramsay links and we all know how much ole Dave loves permanent life insurance.
My advice, talk to another advisor or advisors that you can meet with in person and not anonymous posters on this board. No one here really knows your situation and investing profile.
Posted on 3/1/24 at 1:17 pm to Nu Iota Prophet
We are DINKS as of now. I feel comfortable with the investments I have now and don’t see a need for the IUL.
Just feel as though it’s being pushed on us and it has no super added value. I’d rather just invest more into our IRA.
Just feel as though it’s being pushed on us and it has no super added value. I’d rather just invest more into our IRA.
Posted on 3/1/24 at 2:28 pm to DUKE87
quote:
Just feel as though it’s being pushed on us and it has no super added value. I’d rather just invest more into our IRA.
There's your answer.
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