Best Indexed Insurance Out There

[EAJoe]

First of all, I am new to the forum so thank you to the persons that are involved. I found it very useful to be able to come to the forum, so I can learn about people that have been many more years than me in the business.

Second I have to say that english is not my first language so if you do not understand something that I write please feel free to tell me, I would not feel bad.

My question is:

What is the best Indexed Universal product out there that you can offer your clients.

Thank you very much.

Clau

There's not really one end all be all "best IUL" out there. It 100% depends on the needs of the client - are they looking for max cash accumulation? Do they just want the cheapest cost of insurance for the best death benefit? Do they want good living riders such as a long term care rider?

With that said, I'm a big fan of Minnesota Life's Eclipse series. They offer the Eclipse and Eclipse Protector. The Eclipse Protector has an optional death benefit guarantee rider and long term care agreement rider, and has competitive rates.

Again, it depends on what the client is really looking for. It's best to have contracts with multiple companies so you have the right tool in your arsenal when a case comes around. You work for the client, not the insurance company.

 

[Clau]

First of all, I am new to the forum so thank you to the persons that are involved. I found it very useful to be able to come to the forum, so I can learn about people that have been many more years than me in the business.

Second I have to say that english is not my first language so if you do not understand something that I write please feel free to tell me, I would not feel bad.

My question is:

What is the best Indexed Universal product out there that you can offer your clients.

Thank you very much.

Clau

----------

Let me rephrase the question because from what I've seen there some posts out there that ask more or less the same thing.

I like to offer the client the best product in the category. With that being said, and from what I've studied, I personally think that the best indexed for accumulation and supplemental retirement planning right now is the Global Choice with ING/VOYA. I love the fact that the product chooses from 3 different indexed and the worst one is not used in the calculation. Another benefit is the rate that they give you when you ask money for the supplemental retirement.

Now.... Do anyone think that there is a better product out there, or is this the best?

Thank you for your input.

 

[EAJoe]

First of all, I am new to the forum so thank you to the persons that are involved. I found it very useful to be able to come to the forum, so I can learn about people that have been many more years than me in the business.

Second I have to say that english is not my first language so if you do not understand something that I write please feel free to tell me, I would not feel bad.

My question is:

What is the best Indexed Universal product out there that you can offer your clients.

Thank you very much.

Clau

----------

Let me rephrase the question because from what I've seen there some posts out there that ask more or less the same thing.

I like to offer the client the best product in the category. With that being said, and from what I've studied, I personally think that the best indexed for accumulation and supplemental retirement planning right now is the Global Choice with ING/VOYA. I love the fact that the product chooses from 3 different indexed and the worst one is not used in the calculation. Another benefit is the rate that they give you when you ask money for the supplemental retirement.

Now.... Do anyone think that there is a better product out there, or is this the best?

Thank you for your input.

If your client is looking for the best cash value accumulation life insurance, and has at least 10 years to let the policy grow before they want to access the cash value, it's pretty tough to beat Voya with the 2 year global strategy. The 30 year 100th percentile lookback when using that strategy is around 8%...not a bad number at all. In order to really make it work though, the client has to be prepared to overfund the policy as much as possible and really view it as an asset class, not just a death benefit product.

 

[Lewis_FL]

New AXA products have very low internal costs.

 

[scagnt83]

Midland National/North American Life has the best IUL out there in my opinion.

ING has a good product, but their ratings are god awful. Plus, at the same credited rate Midland performs better last I compared the two.

LFG is a close second along with Pac Life.

 

[Clau]

Thanks for the response...

I am looking at the ratings of ING and I do not find them awful as you say scagnt83.

Apart from the "awful" ratings is there any other reason?
How much does Midland charge in terms of % when you are getting a loan for the supplemental retirement income?

 

[BraxtonBarton]

I am biased being a Transamerica guy but they do have a great Freedom Global IUL because it's also tied to 3 global indices but they are weighted. They have a decent cap at 14.25% and floor at 1% with a wash loan.

That is nice on ING if they also use 3 indices and only use two of them. Being diversified into multiple indices in my opinion is the best resource.

 

[scagnt83]

Thanks for the response...

I am looking at the ratings of ING and I do not find them awful as you say scagnt83.

Apart from the "awful" ratings is there any other reason?
How much does Midland charge in terms of % when you are getting a loan for the supplemental retirement income?

The ratings are awful in comparison to their main competition.

ING has a Comdex score of 74
compare that to:
Midland/NA - 93
LFG - 91
Allianz - 90
Pac Life - 89
Penn Mutual - 93
Trans - 93
Minnesota Life - 93
Axa - 87
Anico - 79


Personally I do not feel comfortable going with that low of a rating for IUL. When you are selling caps/spreads that the company can change, financial stability is a big deal.

Also, ING just became VOYA... as ING they were pretty committed to their IUL. But as VOYA we do not know what plans they have in store for the future. I wouldnt think that they would discontinue their IULs, but if they did that would be bad for existing policies. It is just an unnecessary unknown when you have options that actually produce a higher income at the same crediting rate.

Midland/NA offers a free Chronic Care Rider automatically with their product. That is a big selling point when comparing to the competition.

They also guarantee a minimum of 3% Crediting over each 8 year period.

The Participating Loan rate is currently 5.8%, they also have a fixed wash loan.

LFG has the best loan options last I checked but Midland actually still outperforms them on income given the same credited rate.

 

[Clau]

Love the information... Thank you!!

I think that to be considered a good instrument it has to have alternatives in term of the indices. So I have to agree with you Braxton on that. They told me about that new policy from Transamerica but is not approved here....

Braxton...
Can you tell me how much does Transamerica charge the insured when using the policy as supplemental retirement income.


Scagnt...
Can they do that... Can they change existing policies once the client has been insured. That would not be fraud?

 

[BNTRS]

One small correction regarding Midland/North American: the current loan rate for the indexed loan is 4.25%. The illustration software only allows a minimum assumed rate of 5.8%