Newest innovation provides customers strong death benefit coverage and strong cash value accumulation potential WEST DES MOINES, Iowa, Sept. 09, 2019 (GLOBE NEWSWIRE) -- Midland National Life Insurance Company (Midland National), a member of Sammons Financial Group, Inc. (SFG) and one of America’s leading insurance companies, today announced the launch of its Strategic Accumulator Indexed Universal Life (IUL) insurance product. The new IUL offers strong death benefit protection, a return of premium death benefit option, as well as accelerated benefits for a qualifying critical, chronic, or terminal illness . Furthermore, the product includes a redesigned Account Interest Multiplier ,...
Continue reading...
North American Company for Life and Health Insurance Announces Builder Plus Indexed Universal Life 2 Product Newest innovation provides customers strong death benefit coverage and strong cash value accumulation potential WEST DES MOINES, Iowa, Sept. 09, 2019 (GLOBE NEWSWIRE) -- North American Company for Life and Health Insurance Financial Group, Inc. (SFG) and one of America’s leading insurance companies, today announced the launch of its Builder Plus Indexed Universal Life (IUL) 2 insurance product. The new IUL offers strong death benefit protection, a return of premium death benefit option, as well as accelerated benefits for a qualifying critical, chronic, or terminal illness ....
Continue reading...
Universal Life Insurance Universal life insurance is permanent life insurance — that is, it remains in force for your whole life. But universal life insurance has an important difference from other types of permanent insurance: it provides a flexible premium. That means the policyholder decides how much to put in above a set minimum. By extension, the policyholder also determines the face amount of the policy. Universal life insurance policies accumulate cash value — cash value that grows tax deferred. Guarantees are based on the claims-paying ability of the issuing company. Universal life insurance policies normally let policyholders borrow a portion of their policy’s...
Continue reading...
Financial planning is crucial for everyone, especially those with a family. Life insurance offers the protection that you need, in the event of a death. It’s not a subject that you like to think about, but one that should definitely be planned for. One of the two most popular types of permanent life insurance, universal life insurance is known for its cash value component. The difference between the premium cost and the cost of the insurance policy is placed into a cash value of the policy. The cash value earns interest monthly at a rate determined by the insurer, typically between 2% and 4%. Main Uses of a Universal Life Insurance Policy Final Expenses – funeral service, burial and any...
Continue reading...
Paid-Up Universal Life Insurance? One of the niftiest features of whole life insurance is the option to make it paid-up at any point in your lifetime. The reduce paid-up feature for whole life allows you to electively stop paying premiums and guarantee the policy will never lapse so long as you are willing to accept a smaller death benefit on the policy than the one you currently have. But what about paid-up universal life insurance? Does this same feature exist for people who own universal life insurance? The Reduce Paid-Up Whole Life Insurance Option As outlined above, all whole life policies have a feature that the policyholder can trigger at pretty much any time to stop paying...
Continue reading...
Universal life (“UL”) insurance is the most flexible form of life insurance, but you need to actively manage the policy to maintain sufficient funding so it doesn’t lapse and leave you without insurance. The promise of universal life insurance is a savings element (similar to whole life insurance) which is invested to provide a cash value buildup, along with low-cost life insurance protection (similar to term life insurance). In a universal life insurance policy, the company credits the premiums to the cash value account, where the money earns interest. Periodically, the company deducts from the cash value account its expenses and the cost of insurance protection, usually described as the...
Continue reading...
Life insurance that comes to a dead end Philip Mendel prides himself on being the sort of a guy who plans ahead. So he purchased a $100,000 life insurance policy in 1988 to cover any costs that would come up in the event of his untimely demise. “I didn’t want this to be something my wife would have to worry about,” Mendel, 74, of Mission Viejo, told me. “I wanted her to have something to be able to put me away.” Now he and his wife are both worried. The insurer, Conseco Life Insurance Co., has informed Mendel that to maintain his current level of coverage, his monthly premium would have to rise to $510 from $25. “I told them they’ve got to be kidding,” he said. “There’s no way we could...
Continue reading...
An Explanation of Universal Life Insurance Universal life insurance was launched in the early 1980’s at a time when interest rates were historically high and its forebear, whole life insurance couldn’t satisfy consumer appetites for high returns that were available in bank CDs and money market accounts. Universal life offered an alternative means to purchase a permanent form of life insurance that also provided flexibility, low costs, and the ability to earn competitive rates of return all of which was not available in the more rigid and low yielding whole life policy. Although interest rates have come back down to earth, universal life remains a popular choice for people due to...
Continue reading...
Universal Life Insurance Universal life insurance is permanent life insurance — that is, it remains in force for your whole life. But universal life insurance has an important difference from other types of permanent insurance: it provides a flexible premium. That means the policyholder decides how much to put in above a set minimum. By extension, the policyholder also determines the face amount of the policy. Universal life insurance policies accumulate cash value — cash value that grows tax deferred. Guarantees are based on the claims-paying ability of the issuing company. Universal life insurance policies normally let policyholders borrow a portion of their policy’s...
Continue reading...
Whole life or universal life: which is better? Is indexed universal life (IUL) a viable option? Is whole life really worth the extra premium cost? Should I cancel or exchange my whole life policy for a newer or different type of policy? These are questions have been debated amongst insurance agents, financial advisors, so-called financial experts, gurus, and financial bloggers for years. And by now, we believe the answers are actually quite clear-cut. The dangers of disadvantages of universal life can no longer be ignored. In September of 2018, published an article from the Wall Street Journal: “ Universal Life Insurance, a 1980’s sensation, has backfired.” It details multiple instances of...
Continue reading...
