Higher Death Benefit Starting from 31st Year of IUL

[pbar]

Is it possible to design an IUL policy with the minimum DB now like 500K and increase that DB to 3 million after 30 years(without medicals)? The idea is to have a 30 year term policy for 2.5 DB as its cheaper.

 

[Norwayguy]

Is it possible to design an IUL policy with the minimum DB now like 500K and increase that DB to 3 million after 30 years(without medicals)? The idea is to have a 30 year term policy for 2.5 DB as its cheaper.

Try 2 policies IUL and convertable term.

 

[pbar]

Try 2 policies IUL and convertable term.

is there a 30 year convertible term? i thought it is only available as 10 year convertible term.

 

[DHK]

It may depend on the company.

ANICO's 30 year term will allow you to convert to permanent either within the 30 year term or up to age 65, whichever comes first.

http://img.anicoweb.com/cs/groups/p...cuments/webcontent/10563_conversion_table.pdf

 

[pbar]

It may depend on the company.

ANICO's 30 year term will allow you to convert to permanent either within the 30 year term or up to age 65, whichever comes first.

http://img.anicoweb.com/cs/groups/p...cuments/webcontent/10563_conversion_table.pdf

Thanks! Only Anico? are there other companies which offer this? How about North American?

 

[DHK]

According to the North American page on ADDvantage Term:

Please refer to the current ADDvantage marketing guide NAM-875 for complete product details.
1. Allowed during the level premium period of the policy, or through age 74 (69 for ADDvantage 30), whichever is earlier. The conversion period is never less than five years.

 

[pfg1]

Also, if you run a max funded IUL with increasing face, 30yrs from now it should be much higher than $500k. Doubt you could get to $3m but my gut says it might be half that. ? You probably know that.

 

[WinoBlues]

is there a 30 year convertible term? i thought it is only available as 10 year convertible term.

The other question should be what the conversion options are. Some will be any permanent products, others will be any product available for conversion. Many products available for conversion stink.

Also available products change.

Times have changed.

 

[EAJoe]

Thanks! Only Anico? are there other companies which offer this? How about North American?

Minnesota Life's 30 year term has a standard 10 year conversion window, but you can extend it to the full 30 years for an additional cost of 3% of the base premium. They allow conversion to any of their permanent products.

 

[bill3173]

The other question should be what the conversion options are. Some will be any permanent products, others will be any product available for conversion. Many products available for conversion stink.

Also available products change.

Times have changed.

No kidding..had one that wanted to convert with a particular carrier and his options were a non-gul or whole life and for a bonus, the contestable period starts all over again, which is apparently legal in NC.