Is There a Different Btwn Guarantee UL and Guarantee No-Lapse UL?

[Milkman1265]

Is there any difference when youre comparing the products?

Specifically Metlife Provider UL with continuation rider and Prudential Guarantee no lapse UL?

 

[Tahoe Ray]

Is there any difference when youre comparing the products?

Specifically Metlife Provider UL with continuation rider and Prudential Guarantee no lapse UL?

Met provider UL is only guaranteed to age 95 (max). Pru can be guaranteed to age 121.

I should clarify....the premiums are level and guaranteed through 95...then they get very expensive. Similar to term re-entry pricing (if not more).

 

[Milkman1265]

So it terms of just buying the product for the guaranteed coverage, paid up in full 15 years. (this is the i'll pay for it for 15 years and i dont ever want to think about it ever again until i die)

We should just go which ever is cheaper?

Metlife is showing 6k where as prudential is showing 6.8k per year for 15 years.

 

[Tahoe Ray]

So it terms of just buying the product for the guaranteed coverage, paid up in full 15 years. (this is the i'll pay for it for 15 years and i dont ever want to think about it ever again until i die)

We should just go which ever is cheaper?

Metlife is showing 6k where as prudential is showing 6.8k per year for 15 years.

How old and how healthy is the client? If they truly need permanent coverage and never want to have to worry about outliving it, for 800 bucks a year (totaling 12k), I might choose Pru.

People can live well into their late 90s and it would be rough putting 90k into a product and have their family not see a dime.

My 2 cents....

 

[Milkman1265]

when you run the illustration for pay up in 15 years there are "&non guaranteed" sign next to the year 16-35 for 0 premium on the guaranteed chart, does this mean that even though after you pay your 15 years, they can still ask you to pay money to keep the policy in force?

where as the metlife one doesn't show anything and just says if you pay on schedule by the table shown we will pay the face amount.

 

[Tahoe Ray]

when you run the illustration for pay up in 15 years there are "&non guaranteed" sign next to the year 16-35 for 0 premium on the guaranteed chart, does this mean that even though after you pay your 15 years, they can still ask you to pay money to keep the policy in force?

where as the metlife one doesn't show anything and just says if you pay on schedule by the table shown we will pay the face amount.

Met only has a guaranteed ledger on Provider.

Pru combines their non guaranteed elements with the guaranteed ledger.

Run a MoO/Companion illustration...they explain it in plain english (with a similar warning).