Sentences with phrase «ul policy lapses»
A UL policy lapses when the cash value is no longer sufficient to cover the insurance and policy administrative expense.
https://en.wikipedia.org/ Not exact matches
Protection UL policies automatically include a no - lapse guarantee called Death Benefit Protection.
It guarantees that the UL policy won't lapse, even if policy values drop to zero, as long as the policy meets premium payment, loan and other conditions.
A no - lapse guarantee universal life (UL) insurance policy to age 111 or 121 is one of the best if not the best policy of all the final expense options for a healthy senior.
The no - lapse UL is the policy of choice for many affluent seniors looking to protect their estate.
Fixed Premium UL is paid for by periodic premium payments associated with a no lapse guarantee in the policy.
Because ordinary universal life insurance must have cash value to stay in force, the guaranteed UL allows policies that would otherwise lapse to remain in force so that the beneficiary receives the death benefit that they are entitled to.
Loans with UL policies greatly increase the risk of policy lapses.
When you choose Symetra UL - G, you are purchasing a flexible premium universal life insurance policy with a no - lapse guarantee.
I recently spoke with an independent agent who suggested a UL policy from North American that has a life time no - lapse guarantee.
The benefit of a Guaranteed No Lapse Universal Life is that the rate is guaranteed never to increase and the policy can not lapse like some other ULs.
Because a regular UL policy needs to have a sufficient amount of cash in order to remain in force, the GUL can allow a plan that would otherwise lapse to stay intact.
With a traditional UL policy it has the possibly of lapsing in certain circumstances.
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In question was that company's decision to replace their no lapse guarantee UL as an option for conversion with a universal life policy that only has a 10 year guarantee.
So we replaced the policy with a GUL, no lapse guarantee UL, a guaranteed level premium to age 100, with a guaranteed death benefit to age 121 and by rolling the cash value (which really had no value) into the new policy we were able to drive the annual premium down to $ 33,000 a year.
Term insurance and no lapse guarantee UL's, non cash value policies, will continue to be the best thing you can have in or add to your portfolio.
I like UL with lapse protection too and I often recommend a combination of UL and term, sometimes layering in several term policies so as to decrease the death benefit over time.
I will be telling every customer I work with that if a final expense policy is in the thought process for when you are finished with your term, that you should buy a final expense no lapse guarantee UL for $ 50,000 or $ 100,000 now.
We just recently sold that property so I really didn't need to carry that $ 500,000 any longer, but it was a policy that had a tremendous conversion option to the best priced no lapse guarantee UL in the business.
The no lapse UL is essentially a permanent term policy.
Using Lincoln Financial who is currently offering one of the hottest no lapse guarantee UL's on the market I came up with the following single premium individual policy scenarios.
Don't buy something you don't need, but if you need a new term insurance policy to add to your existing portfolio or replace one with a term too short for your needs, or a low priced universal life with a no lapse guarantee to replace an overpriced traditional UL or whole life, it's fire sale time.