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Even though it's a single premium product, I've recently learned that they can have rate increases (unlike Lincoln Moneyguard). Do they just lower the benefits or actually ask for more premium? Does anyone know how this works?
Even though it's a single premium product, I've recently learned that they can have rate increases (unlike Lincoln Moneyguard). Do they just lower the benefits or actually ask for more premium? Does anyone know how this works?
I was told it has to do with the "internal charges".
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From an illustration:
Monthly Deductions: Monthly deductions cover the cost of death and long term care benefits. These charges are not guaranteed. They are automatically deducted from the policy value.
For the quote that was run for me the monthly charges currently total about $120.
Mr_Ed said:Look at the part of the illustration that shows GUARANTEED values. If the values are GUARANTEED then it is showing the highest possible "internal charges" and the policy cannot have higher "internal charges".
Even though it's a single premium product, I've recently learned that they can have rate increases (unlike Lincoln Moneyguard). Do they just lower the benefits or actually ask for more premium? Does anyone know how this works?
TriciaS said:It's UL, not being issued at guarantees, so there is always going to a chance it can decrease in value (or require more premiums). Once the economy gets better and other carriers issue at higher than minimums, they will all be the same.