2 Months in . . . is Our Genworth Colony Term UL 30 Too Risky to Keep?

[DesertDiver]

Not at all. I just ran an illustration with a company I write (Gleaner life) and it shows a 30-year term, $250K, 26 male, non-smoker.
Super-pref for $18.26 per month.

So, yours looks to be right on target. Keep it! Don't let anybody talk you out of it. In the future, if you could add more coverage, that's great, but I'd suggest not dropping what you have now.

Thanks for running that! I feel more confident now that we made the right decision. Disaster evaded!

 

[agentjhc]

Banner and Prudential are right at the same price as well.

 

[VolAgent]

Out of curiosity. What company does your friend represent?

 

[STIBROKER]

Even though the policy you have has the term UL in it it is not a Universal Life Policy....it is still just a 30 year term....

We have a Term UL policy. Is my understanding of the policy correct that the minimum monthly payment will remain the same for the first 30 years, and as long as we make it in a timely fashion, the death benefit will remain the same? This is true even if the cost of insurance skyrockets?

 

[VolAgent]

Even though the policy you have has the term UL in it it is not a Universal Life Policy....it is still just a 30 year term....

Nope. It is a UL with a secondary guarantee.

 

[STIBROKER]

Nope. It is a UL with a secondary guarantee.

OIC......I remember when term was just term.....hahahahaha


Insurance News - Hybrid 'Term-UL': Heart Of Life Insurers' Debate





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[lachjs789]

Its a ul because of the convertability to a permanent policy that lasts till you die.. It has a guaranteed level premiums for the term portion, I would have to double check the convertability part.
The guy sounds like an amateur recommending another policy.

These policies are techically not convertible since they are already on a UL chasis. You can extend the coverage for a level premium at any time by solving for that premium during the life of the contract.

 

[whyme]

So can a customer pay extra at any time, to extend the contract? Or does the contract have to be calculated to a certain year and then that new set premium payed annually?

 

[TexasAgent]

So can a customer pay extra at any time, to extend the contract? Or does the contract have to be calculated to a certain year and then that new set premium payed annually?

If they pay early or pay additional premium, the policy can remain in effect longer than planned. If they continually pay late, it will shorten the guaranteed period. Policyholders receive yearly statements showing the status. The policies also include an illustration showing what the premium increases to after the term ends.

 

[LGilmore]

You know the GW product is a hybrid universal term product, I don't believe it works the same way as a UL. I don't think it is set up for extra premium. I could be wrong, but this ISN'T their UL product.