I'm in my 20's, so I'm looking more towards a cash value accum. I happen to work for New York Life, a former co-worker of mine works for an agency that sells Fidelity and Life Guarantee IUL and wants to sell me the product, claiming to have better returns. I pretty much understand the basic way it works. I feel like it probably wont be good as an insurance for the end game, but if it has decent cash value, I'll consider it. The only thing I'm worried about is that it's headquarter is based in London, and IUL is a fairly new thing. I'm not going to be a big risk taker. Any suggestions?
Any Insight on Fidelity and Life Guarantees IUL?
- Thread starter pdonyin
- Start date
- 8,707
I wouldn't worry about where they are headquartered as they have been admitted to do business in your state, meaning they will be covered by the State Guarantee program...You can look at there ratings if you think that means anything....
On the IUL and risk I think you already know its a UL with the rising cost of insurance so your betting on high participation to grow the cash value and decrease the actual amount of insurance, I'm not a big believer in UL products being large cash cows at end of life however having said that prior to late inlife they "can" have decent cash values that can be used just like your whole life for other purposes.
I guess my big question is if you are a NYL agent why you would ever consider buying a policy of another agent as opposed to writing one on yourself and the second is why if your a NYL agent and hopefully a believer in NYL products you would look beyond NYL products?
- 15,319
And 3rd, why do you need life insurance at all?
Rick
Rick
- 3,764
make sure you look at ALL the proposed interest rates....Look at how the policy would perform, if it only had a 3% return, vs. the usual 7-8% agents show....Make sure you have a good understanding of exactly how this product works. And like others said, don't worry about where a company is headquartered...Just make sure it's a solid company with a strong balance sheet.
charrington
New Member
- 18
I personally write a good amount of Fidelity business but in your case I would stick with NYL.
They happen to offer one of the better whole life policies in the industry.
Not to repeat a question previously asked but is there a specific reason that you do not want to use the very company that you work for?
They happen to offer one of the better whole life policies in the industry.
Not to repeat a question previously asked but is there a specific reason that you do not want to use the very company that you work for?
- 7,790
I think he wants to diversify!
- Thread starter
- #7
Well, I know I dont really need life insurance at my age. But I do have a mother whos been through some depression and cannot function as a normal person. So basically its like having a dependent.
- 15,319
If you are saying your mother is dependent upon your income for her "survival," then you have a need for life insurance.
I don't know if that need requires a policy that includes cash value. Perhaps a 30 yr. term with ROP would fit the need. Unlike many others here, I'm not a big fan of believing that life insurance is an investment.
Rick
- Thread starter
- #9
I do have a term with nyl, Which i guess makes sense to convert. I probably will by NYL custom WL, b/c it has a guarantee pay per. Im only considering IUL because how good it sounds, I been trying to find more info on it I guess.
- 8,707
The need exists, how he wishes to fund that need is his decision many people don't like the idea of renting thier policy.
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