AG Lifestyle Income GUL ?

[HealthGuy]

Do any of you life insurance veterans have an opinion on this American General GUL with the Lifestyle Income Solution Rider?

I'm not pimping this product but my brokerage brought the product to my attention and it looks very interesting on several fronts.

1. The cost of the GUL is reasonable.
2. The Lifestyle Income Solution Rider allows you to access another stream of income during retirement, guaranteed.
3. The product still allows you to maintain a reasonable amount of insurance your entire life, even after accessing the cash during retirement.

Again, I don't post much about life insurance, but the illustration really looked pretty impressive considering buying a policy like this is like setting up a great personal defined contribution plan, complimenting someone's other retirement monies.

Any thoughts, any downsides on this product? I have considered it myself as another stream of good, guaranteed income in my own retirement.

 

[rousemark]

Do any of you life insurance veterans have an opinion on this American General GUL with the Lifestyle Income Solution Rider?

I'm not pimping this product but my brokerage brought the product to my attention and it looks very interesting on several fronts.

1. The cost of the GUL is reasonable.
2. The Lifestyle Income Solution Rider allows you to access another stream of income during retirement, guaranteed.
3. The product still allows you to maintain a reasonable amount of insurance your entire life, even after accessing the cash during retirement.

Again, I don't post much about life insurance, but the illustration really looked pretty impressive considering buying a policy like this is like setting up a great personal defined contribution plan, complimenting someone's other retirement monies.

Any thoughts, any downsides on this product? I have considered it myself as another stream of good, guaranteed income in my own retirement.

We have the same product branded as an AGLA product. I glanced at it, not sure I fully understand it.. maybe I need to take another look at it.

Here is a video about it.

 

[HealthGuy]

The thing that is most interesting to me on this product when I run the illustrations is the amount of cash it spits out in retirement vs. the amount you pay into it...And all the while the policy provides life protection as well. Again, I have never seen a life policy where the guaranteed (not indexed or variable) rate of return is so high in retirement years. This thing just spits back a potential lot of money, guaranteed. Am I missing something here with this product, being naïve?

 

[scagnt83]

The thing that is most interesting to me on this product when I run the illustrations is the amount of cash it spits out in retirement vs. the amount you pay into it...And all the while the policy provides life protection as well. Again, I have never seen a life policy where the guaranteed (not indexed or variable) rate of return is so high in retirement years. This thing just spits back a potential lot of money, guaranteed. Am I missing something here with this product, being naïve?

HealthGuy has an open mind to cash value life insurance....
Now I know hell has frozen over!


Back to reality; can you post a full illustration? Or email me one?

 

[rousemark]

The thing that is most interesting to me on this product when I run the illustrations is the amount of cash it spits out in retirement vs. the amount you pay into it...And all the while the policy provides life protection as well. Again, I have never seen a life policy where the guaranteed (not indexed or variable) rate of return is so high in retirement years. This thing just spits back a potential lot of money, guaranteed. Am I missing something here with this product, being naïve?

The thorn among the roses is what happens if the insured does not complete the plan.. I ran a proposal on a 50 year F NT.. 250K face.. $865 per month guaranteed lifetime income starting at age 75 with premiums ceasing at 75. Premium, $432.87 per month. Yr 10 she has paid 51K.. CV = 0. Yr. 20 , she has paid 102K, CV = 5K. Great plan if carried to completion.. Not so much so if their situation changes along the way.

 

[agentjhc]

Several companies (Ohio National, Transamerica, American General, AGLA, Protective, Prudential, etc..)have come out with accelerated benefits that include chronic and critical illness. The devil is always in the details, so I was curious if anyone has looked a any (or all) of these riders to identify their strengths and weaknesses and which you think are the best overall (or maybe they are all basically the same)?

 

[rousemark]

Several companies (Ohio National, Transamerica, American General, AGLA, Protective, Prudential, etc..)have come out with accelerated benefits that include chronic and critical illness. The devil is always in the details, so I was curious if anyone has looked a any (or all) of these riders to identify their strengths and weaknesses and which you think are the best overall (or maybe they are all basically the same)?

AGLA's no cost ABRs are a little different from most in that you don't know what they will pay until an actuarial decision is made.. If you have cancer or one of the other covered conditions, the benefit is paid based upon the effect the condition has on life expectancy. One of the covered conditions is blindness but since that has little effect on life expectancy, you will be lucky if they offer you a penny for each dollar of face amount accelerated. They do have a benefit available for an additional premium but it is limited to 15% of the death benefit.

 

[HealthGuy]

Lets not get off topic here...The cash value payout on this product seems excellent, to my surprise SCAgent....I can email you an illustration. Yes, its not good if you stop payment on the product, but like saving for retirement, if you continue to pay on this, the product (cash payout) seems excellent and its guaranteed....