Replacing a variable Whole life on a 25 year old

[inreverse]

parents are paying the premium, but they are not happy with the return so far.
Looking at 50 k death benefit would like something with living benefits.
Any suggestions from you real life guys?

 

[Newby]

Just be real careful. You aren't licensed to make recommendations on investments (unless you are.) They need to come to that decision on their own.

I would just show them what they can buy from me. Let them do their own research and deciding about whether to keep their variable or not.

 

[DHK]

You can propose an alternative, but you cannot make a "recommendation". See the sticky thread in the annuity forum for some excellent ideas and guidelines.

If you're going to do a 1035 exchange from the old policy, make sure you check the licensing requirements of the new company. Some may accept and some won't without securities licensing.

Just remember that a "variable whole life" is a VUL that also gets a non-guaranteed annual dividend from the insurance company. Otherwise, they're essentially the same thing.

 

[risingsun]

Variable whole life? I think you need to go back to basics of life insurance

 

[DHK]

Variable whole life? I think you need to go back to basics of life insurance

Variable whole life exists. It is offered by mutual insurance companies and they are participating in the company's dividend performance. That's primarily what makes them different from VUL - which does NOT receive dividends from the mutual company.

My father has one from MassMutual. Here's a link for prospectuses from Northwestern Mutual and a few of their variable whole life policies.

Variable Life Prospectuses, SAI, Annual and Semi-Annual Reports | Northwestern Mutual

 

[WinoBlues]

Variable whole life? I think you need to go back to basics of life insurance

?

Sold my first one in the 80s

 

[Tahoe Ray]

Variable whole life? I think you need to go back to basics of life insurance

That's an actual product...

 

[DayTimer]

Variable whole life? I think you need to go back to basics of life insurance

Talking to yourself it seems.

 

[Lloyds of Lubbock]

I think Variable Whole Life was on the market before VUL.

 

[risingsun]

What was the name of the carrie