What Happens if You Miss a Payment on a GUL
- Thread starter jboussea
- Start date
Not always....depends on the company.
By the way, you can illustrate missed payments for various carriers to see how they hold up.
Takes some time but might be worth it if you're in this space.
Last edited:
- 3,764
well said. You would always want to recommend a carrier, that keeps the guarantees in force during a lapse/grace period. Unfortunately, even the best clients change banks, move etc. These things happen in our line of work.
- 24,982
What those guys said. You will hear the "miss a payment lose the guarantee" from people parroting that. Most don't know. Just like any other type of policy type you need to check the specific company plan out.
Many of us have GULs policy holders on the books that have, missed multiple payments, borrowed or partial surrendered and still maintain the guarantees.
I have a West Coast / Protective GUL on the books Xs about 20 years where the client has borrowed, reduced face and missed payments. Maintained her guarantee until recently. I have another with Ohio National where the client has not made an on time payment in many years. I have had ONL run inforce illustrations and the guarantees maintain.
- 4,132
It will depend on the carrier.
That said, I wouldn't criticize those who advise on the side of caution. Problems come from not talking about the negatives in a plan. Making sure they understand is an agent's job. If you don't think so, carry a lot of E&O.
One of the great things about UL is the flexibility.
One of the worst things about UL is the flexibility.
That said, I wouldn't criticize those who advise on the side of caution. Problems come from not talking about the negatives in a plan. Making sure they understand is an agent's job. If you don't think so, carry a lot of E&O.
One of the great things about UL is the flexibility.
One of the worst things about UL is the flexibility.
One of the best post I've read in a while.
Clients behavior is typically what messes them up. This is not only true in insurance, but probably even more so with investments.
- 29,496
One of the best post I've read in a while.
Clients behavior is typically what messes them up. This is not only true in insurance, but probably even more so with investments.
It also holds true with being self employed.
One of the great things about Self Employment is the flexibility.
One of the worst things about Self Employment is the flexibility.
It also holds true with being self employed.
One of the great things about Self Employment is the flexibility.
One of the worst things about Self Employment is the flexibility.
No doubt. The sharpest of double edge swords sometimes. I've been cut by it way too much over the years.
- 29,496
You and me both. Others tend to take advantage sometimes too, as if we don't enough ourselves already.
Similar threads
