But first, let me tell you a story of how and why I’m making you this very special offer. Back when I lived in New York state, there wer eonly a handful of life insurance carriers available. Most of those sold indexed life insurance. Back then, indexed universal life insurance was (mostly) a straightforward product — I mean, straightforward for universal life. UL policies are inherently complex, so maybe “straightforward” isn’t exactly the right word to use.
Back then, product offerings were slim. Part of the reason for that was New York State, which was (and still is) a barren wasteland for the insurance industry.
I can still remember talking on the phone with an actuary about these products and he told me to hold on mid-conversation while he emailed me a sheet of life insurance companies and their products. He had worked up “high probability” scenarios of what the insurance companies likely could afford to pay policyholders on their cash values.
All of the carriers on the list were big names in the industry.
And… not a single one of them had an illustrated rate that was in-line with what this actuary believed was “reasonable” for the product.
Now, in New York, there were only a handful of carriers to begin with, and of those, only maybe 1 or 2 were companies I’d ever want to be associated with.
Today, the landscape is mucho different.
Indexed universal life has become so complex and so expensive, I don’t even know where to start. I have written quite a lot about UL policies on my website under the life insurance buyer’s guide section, but… the complexity grows each and every year and it’s been a struggle to keep up with it all.
Which is why I lean on industry insiders to help me with the arcane, above the shoulders mustard sh*t that happens in the back room of these product design sessions.
Here’s what I mean:
It has come to my attention that with some of these Indexed Universal Life products, the contract charges equal 120% of the annual premium. And… those charges assume the product is “max funded” (in insurance-speak, we call it “solve for cash value”). Basically, the policy is designed to produce high cash surrender value… except that in this case, the fees and charges might prevent that even under optimal scenarios.
Let’s think about that for a microsecond.
If the policy charges and fees are more than the annual premium, how are policyholders making money on their cash value?
In my weird way of thinking, it’s backwards. The policyholder must believe the indexed life product will perform so well that it will completely overcome all the premium dollars (and some of the interest earnings on those premium dollars) going toward expenses of the policy.
This is probably why, when I run illustrations on some of these products, an assumed 5% rate of return causes the policy to come unraveled, crash and burn, boom blow up.
Which is why I don’t offer these products for sale on the regular. And in fact, I rarely recommend universal life policies because of the inherent added risk of these policies.
That’s not to say they are scam products or that they don’t have their place.
It’s just that when I think of my ideal client and the type of people I do business with… most of them want safety, security, and a stable return on their money.
That screams whole life insurance, not indexed UL.
Indexed UL, in my mind, is more like a speculation play.
Which is weird, given that it’s life insurance.
Which is why I often call universal life “supplemental permanent insurance”.
It has its place, but it’s probably best suited for specialized scenarios and plans where there is a very specific need for permanent insurance of a certain type and duration and where the client understands the risks and the insurance agent builds the total insurance plan around the risks of the UL policy.
In other words, it’s not my first choice for life insurance and mayhaps it should not be your first choice, either.
With that said, it’s entirely possible that it is a good idea for you. And… if you KNOW for a fact this is the type of policy you need, then you should buy it.
Speaking of which, I recently partnered with a national brokerage firm to expand the type of insurance I offer.
Now… there is a catch here so listen up. This new application service I’m offering is only for folks who want to “go it alone”. In other words, if you know for a fact you want life insurance and you know exactly what you need and you don’t need any hand-holding and also if you’re certain you don’t want me to design a custom life insurance plan for you (and service said plan for you)… then this offer might be for you.
I’ve scoured the interwebs for companies and brokerage firms who know how to do this sort of thing and there is but one single company in the entire insurance industry that I’ve found that is tech savvy enough to pull this off.
Perhaps, but that is what I’ve discovered and I’ve only been doing this for near 15 years.
Anywho, this could potentially be a boon to you if… you need life insuance and you want a no-hassle simple way to buy it. No gimmicks, no B.S…. no army of life insurance agents beating down your door to browbeat you into submission. And more:
The companies I partnered with have some really unique offerings like… perks for policyholders who decide to live a healthy lifestyle but also… I’ve partnered with insurance companies who are — how shall I say this — not rated as highly as some insurers but who also have very aggressive pricing on their life insurance policies (if going cheap is your thing).
This is not — I repeat not — my custom life insurance policy design and plan service. You will not be receiving the type of support my insurance-based financial planning clients receive. What you get, instead, is the simplest, most no-hassle, online “quote and apply” e-app system ever devised. You can “design your own” indexed universal life policy (if you want), or you can buy a cheep cheep cheep term policy or… buy a guaranteed UL policy for death benefit protection.
Then, apply online, choose your beneficiaries, see (and download) the policy illustration in real time (no waiting) and… submit the app directly to the insurance company. Unless there’s a problem with the application process, you’ll never have to talk to me or any other insurance agent.
It’s totally unlike anything you’ve ever experience before, and… it’s available here. Don’t delay, buy today: