- 5,562
Is it truly guaranteed? I saw an agent post on FB that she sold a client an IUL That in in 25 years will provide $2000/month for life, whatever "life" may be.
Possible?
Possible?
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Sure hoping that’s what mine does
2 The Lifetime Income Benefit Rider provides a benefit for the life of the insured, if certain conditions are met. These conditions include, but are not limited to, the insured’s attained age being between 60 and 85, and that the policy has been in-force at least 10 years (15 years for select policies). Insufficient policy values, outstanding policy loans and other considerations may also restrict exercising the rider. Exercising the rider and receiving an income benefit will reduce the policy’s cash value and death benefit and may terminate other riders or reduce their benefits. Guarantees are dependent upon the claims-paying ability of the issuing company.
Okay - here's the document: http://static.fmgsuite.com/media/documents/84f4a785-9c90-45ea-bdfa-84a4b28aa1c2.pdf
The option is Death Benefit OR LIBR.
All they're doing is turning the policy into an annuity - which any policy can do via 1035 exchange.
The "fine print" says everything:
Tom Love would not approve.
Granted, the income is done via policy loans... per page 3, but the reduction of cash values would negate the ongoing compounding of the original asset.
You see some stuff online comparing IULs w/ FIAs.Thanks @DHK. You have incredible forensic research skills. You sure you weren't a crime-fighting librarian before you came to financial services?
At any rate, this either/or is definitely knock out for me on this product. The "insufficient policy values" that would prevent the exercise of the rider could easily result from underperforming the illustrated values.
Ameritas has this on their IUL. Contact me for details.