term2u
Super Genius
- 101
Hi there,
I have a client who purchased an IUL with a $50k lump sum fund at age 71. He was rated as a Standard, and the DB is around $104k. Their advisor recommended it to them, and they just put it inforce 12/2015.
Would anyone recommend an IUL for a 71 year old? It doesn't make any sense to me, as they're looking for guaranteed DB. The policy is also with AIG and it is their Value Plus product, which, for an IUL doesn't seem like the best product.
After receiving the illustration that was sold with the policy, it looks like the policy is only guaranteed for 14 years (to age 85), although it looks to carry to age 100 on the non-guaranteed side. The non-guaranteed side was illustrated at a 6.06% IR.
My question is, would any of you recommend this product to your client?? I would think a GUL would be a much better fit.. Or, going with a more competitive company such as NA for their IUL, while also having a guaranteed DB.. Am I missing something here??
I have a client who purchased an IUL with a $50k lump sum fund at age 71. He was rated as a Standard, and the DB is around $104k. Their advisor recommended it to them, and they just put it inforce 12/2015.
Would anyone recommend an IUL for a 71 year old? It doesn't make any sense to me, as they're looking for guaranteed DB. The policy is also with AIG and it is their Value Plus product, which, for an IUL doesn't seem like the best product.
After receiving the illustration that was sold with the policy, it looks like the policy is only guaranteed for 14 years (to age 85), although it looks to carry to age 100 on the non-guaranteed side. The non-guaranteed side was illustrated at a 6.06% IR.
My question is, would any of you recommend this product to your client?? I would think a GUL would be a much better fit.. Or, going with a more competitive company such as NA for their IUL, while also having a guaranteed DB.. Am I missing something here??