Western Southern's Protection Universal Life is it a good policy to get? They calling it a new universal policy which premiums will stay the same. Anyone know if it's good to get it? age 64.
That's a pretty broad question. Are you an agent looking for the best policy for your client, or are you a consumer looking to purchase a policy?
-How is the insured's health?
-What is the death benefit?
-What risk class is being quoted (e.g. preferred plus, preferred, standard, etc)?
-What is the quoted premium?
Western-Southern is greatly overpriced in general...
I'm looking into purchasing the policy. is there any hidden risk into getting his new protection universal policy. I was looking at the superior value life policy also, any thoughts?
Age: 64
Preferred plus quote
Excellent health; no drugs
i'm looking into purchasing the policy. is there any hidden risk into getting his new protection universal policy. I was looking at the superior value life policy also, any thoughts?
Age: 64
Preferred plus quote
Excellent health; no drugs
What is the death benefit (e.g. how much coverage) and what was the premium quoted? What state are you in? What's your height/weight? The policy itself is fine if it's guaranteed forever, but is probably much more expensive than some of the other companies out there. Did he show you other options or only Western-Southern?
As an example of what a 64-year-old male in preferred plus health could get for $250k of coverage would be $4320 per year. $100k would be $1728 per year.
Premium quote of $230 PER month looking at coverage of $100k state of NC. i believe it covers for the entire life. he show me the whole life for the superior value life policy also. $287 for $100k height 5'4, 160lb
premium quote of $230 PER month looking at coverage of $100k state of NC. i believe it covers for the entire life. he show me the whole life for the superior value life policy also. $287 for $100k height 5'4, 160lb
Ouch....you can see what I mean when I say overpriced. $230 per month works out to $2,760 per year for $100k. I can show you a few options:
$100k for approximately $155 per month or $150k for the approximate premium of $230 per month that you were quoted. For $287 per month, you could get approximately $190k guaranteed forever. Those quotes are with one of the strongest financially rated companies in the business and are guaranteed for life. Sounds like you should have no trouble qualifying for that preferred plus rate. I'm licensed in North Carolina if you'd like some help. Feel free to send me an e-mail at dgold@goldfinancialgrp.com if you have any interest in the lower premiums or higher coverage amount for the same price.
Is the UL a good policy to get? or would it be better to get the whole uperior value life?
Do you want the lowest cost for a guaranteed death benefit or the most cash value? Hard to say without seeing the illustration. Personally, I'd buy the lowest cost UL guaranteed forever from a good company. The quote you got from Western-Southern is priced higher than 90% of the companies out there. Would your spouse/children rather have $100k or $200k for about the same price?
I heard WS was a good company to get the policy from. I haven't looked around much, which company would you advise is best?
The way I see it, at age 64, it will take time to accumulate cash value which I won't get at the time of death anyways plus higher payment. In addition, I'm not interested in taking a loan, (correct me if I'm wrong) whole life doesn't benefit me much? With UL, I'll still get the same amount of face value with a less payment, correct?
However, with UL out weighting whole life, I have heard a lot of bad things about UL, such as, you lose more than you gain, paying more, etc. Anyone that is familiar with the new UL policy?
I heard WS was a good company to get the policy from. I haven't looked around much, which company would you advise is best?
The way I see it, at age 64, it will take time to accumulate cash value which I won't get at the time of death anyways plus higher payment. In addition, I'm not interested in taking a loan, (correct me if I'm wrong) whole life doesn't benefit me much? With UL, I'll still get the same amount of face value with a less payment, correct?
However, with UL out weighting whole life, I have heard a lot of bad things about UL, such as, you lose more than you gain, paying more, etc. Anyone that is familiar with the new UL policy?
Western-Southern is a good company with solid financial ratings, but that comes at the cost of an overpriced product. The carrier I had referenced with the lower premiums is Sun Life, another one of the more highly-rated carriers, but much more competitive in pricing. You are correct, it will take time to accumulate cash value on a whole life policy. It sounds like you are more concerned with the death benefit than anything else. If that is the case, a universal life policy with a no-lapse guarantee (guaranteed to age 120) will be your best option. I'm not sure where you heard information from about UL being bad or losing more than you are gaining. You will most certainly pay far less for a UL policy than a whole life policy with the same death benefit. As long as you continue paying the premiums in full and on time, the policy will never lapse.
If you'd like to get into a little more detail, feel free to give me a call at 1-877-656-1436 or 703-753-3376.
I heard WS was a good company to get the policy from. I haven't looked around much, which company would you advise is best?
The way I see it, at age 64, it will take time to accumulate cash value which I won't get at the time of death anyways plus higher payment. In addition, I'm not interested in taking a loan, (correct me if I'm wrong) whole life doesn't benefit me much? With UL, I'll still get the same amount of face value with a less payment, correct?
However, with UL out weighting whole life, I have heard a lot of bad things about UL, such as, you lose more than you gain, paying more, etc. Anyone that is familiar with the new UL policy?
There is the possibility of a blended whole life policy, which will give you a much lower premium than straight whole life (and not I'm not talking about a term rider). I helped a client earlier in the year who had a secondary guaranteed UL (which is the name of the product you are referring to) change to a blended whole life policy, the premium was less for the same death benefit, and now he has cash value.
Your approach to this is a bit strange. I'd be interested to know what has you interested in the policy, and what made you decide the coverage you are talking about is appropriate.
If you are not getting the right answers you're not asking the right questions. Taking a better look at your overall financial picture might leave you with a wildly different decision on your life insurance wants and needs.
I'm in the process at the moment of showing a new client with somewhat substantial assets--who originally just wanted a small term policy--that he can use permanent life insurance to have a much larger death benefit and substantially higher available income.
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If you want to be rich you must follow one simple rule...do what rich people do.
There is the possibility of a blended whole life policy, which will give you a much lower premium than straight whole life (and not I'm not talking about a term rider). I helped a client earlier in the year who had a secondary guaranteed UL (which is the name of the product you are referring to) change to a blended whole life policy, the premium was less for the same death benefit, and now he has cash value.
Your approach to this is a bit strange. I'd be interested to know what has you interested in the policy, and what made you decide the coverage you are talking about is appropriate.
If you are not getting the right answers you're not asking the right questions. Taking a better look at your overall financial picture might leave you with a wildly different decision on your life insurance wants and needs.
I'm in the process at the moment of showing a new client with somewhat substantial assets--who originally just wanted a small term policy--that he can use permanent life insurance to have a much larger death benefit and substantially higher available income.
I would never use a life policy as a bank account, but what do I know....can you give an example premium, death benefit, and guarantees?
There is the possibility of a blended whole life policy, which will give you a much lower premium than straight whole life (and not I'm not talking about a term rider). I helped a client earlier in the year who had a secondary guaranteed UL (which is the name of the product you are referring to) change to a blended whole life policy, the premium was less for the same death benefit, and now he has cash value.
Your approach to this is a bit strange. I'd be interested to know what has you interested in the policy, and what made you decide the coverage you are talking about is appropriate.
If you are not getting the right answers you're not asking the right questions. Taking a better look at your overall financial picture might leave you with a wildly different decision on your life insurance wants and needs.
I'm in the process at the moment of showing a new client with somewhat substantial assets--who originally just wanted a small term policy--that he can use permanent life insurance to have a much larger death benefit and substantially higher available income.
"blended whole life policy" is that something WS offers? From the quotes that I have been given, UL has the lowest premium. So if you know something I don't, please share.
I want a low premium policy that will cover throughout the life. $100k hopefully that will cover mortgage and funeral expense.
"blended whole life policy" is that something WS offers? From the quotes that I have been given, UL has the lowest premium. So if you know something I don't, please share.
I want a low premium policy that will cover throughout the life. $100k hopefully that will cover mortgage and funeral expense.
$100k guaranteed forever for $155 per month will be your lowest cost, best option. I'm not sure why you are stuck on Western-Southern, but there's no reason to pay the extra $75 per month. You and your family would be better off getting $150k of coverage for $230/month if that's how much you are looking to spend.
I have family working for WS and so far that's the only company I know of. I believe they are in good shape with how the economy is going right now.
If you are trying to keep it in the family, by all means, go for it. They are a good company, just overpriced. If you are looking to get the highest death benefit for the lowest amount of money, you're better off shopping around. If you go that route, the $155/month for $100k will be the lowest you'll find among A+ rated companies.
I know it can be a tough decision when you have someone you know showing you various policies, but your family will probably appreciate the extra $50k more than your family/friend will appreciate the commission. Hopefully if your family/friend is captive with Western-Southern, they will be honest with you that the coverage for $155/month is just as good as what you're getting for $230/month. They will probably harp on the strong financials of Western-Southern, but the company I mentioned is just as strong for 30% less premium.
WS- Protection Universal Life
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