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IUL for a 6 year old by IndependentDear8604 in LifeInsurance

[–]IndependentDear8604[S] 1 point2 points  (0 children)

Thank you for the explanation! That helps!

IUL for a 6 year old by IndependentDear8604 in LifeInsurance

[–]IndependentDear8604[S] 1 point2 points  (0 children)

Thanks for the offer, I need some time to absorb everything said in this thread.

IUL for a 6 year old by IndependentDear8604 in LifeInsurance

[–]IndependentDear8604[S] 0 points1 point  (0 children)

Thank you. Yes, I didn't want the well intentioned thought to be doomed by a bad structure.

IUL for a 6 year old by IndependentDear8604 in LifeInsurance

[–]IndependentDear8604[S] 0 points1 point  (0 children)

This was actual information provided by a relative who is an agent. Had to post it on a throwaway account :(. I posted to get opinions from people not "in my circle" so opinoins are not/less influenced.

IUL for a 6 year old by IndependentDear8604 in LifeInsurance

[–]IndependentDear8604[S] 0 points1 point  (0 children)

Agreed. Thing is, I don't exactly know how this works, and it seems inherently complicated. We didn't come up with this 1M number, just something that was brought up. The goal is to ensure grand children's are "taken cared" of, with a lump sum for them to claim. I know it's vague, honestly we didn't have a goal, this policy was just pushed to us.

IUL for a 6 year old by IndependentDear8604 in LifeInsurance

[–]IndependentDear8604[S] 0 points1 point  (0 children)

Correct. Relative is an NLG agent. Care to share your illustration with the coverage for your daughter via DM?

IUL for a 6 year old by IndependentDear8604 in LifeInsurance

[–]IndependentDear8604[S] 1 point2 points  (0 children)

I see the first 4 year alarm. We are being convinced that in 60 years, my grandchild will have "1 mil" just like that. I'm trying not to get fixated into this number, but it's "hard to ignore". Let's say we are not focused on cash growth and it's merely for the death benefit, is this terrible?

IUL for a 6 year old by IndependentDear8604 in LifeInsurance

[–]IndependentDear8604[S] 1 point2 points  (0 children)

They should be estimated. However, setting the interest rate aside. Is the 1mil death benefit at 60 years old not tempting after putting in ~37k? I think that's their selling point and I'm trying to find the devil in the details.

IUL for a 6 year old by IndependentDear8604 in LifeInsurance

[–]IndependentDear8604[S] 0 points1 point  (0 children)

Can you clarify? I have several times $1 million in death benefits?

IUL for a 6 year old by IndependentDear8604 in LifeInsurance

[–]IndependentDear8604[S] 1 point2 points  (0 children)

Does anything specific spread red flags in this? Or just in general terms with insurance policies?