DO NOT buy the Transamerica IUL without watching this video!
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- Опубліковано 20 вер 2024
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Have you been pitched a Transamerica IUL? This video is specifically for you. Odds are you have not been fully educated on this product and not told the full story as it pertains to what you are being sold.
We get 15-20 policies sent in to us every week to be reviewed, and about half of them are Transamerica policies. The agency force that is selling these policies has great selling tactics, but is severely undereducated on what they are selling!
Cash Value Life Insurance has been and will be one of the best ways to generate maximum tax-free income for life, but it takes the right design and product to get you there.
We specialize in creating strategies that are designed for Maximum Cash Growth and Income.
Here is a very important reminder to everyone who watches the video, when the speaker said "NO cash value", he was actually showing you the "SURRENDER Value" of the policy which are two different things. When the surrender value is '0' it didn't mean there was no cash value accumulated, it actually means you won't be able to get any cash back if you surrender your policy during those years due to the surrender charge which happens on all IULs. The numbers under 'Policy Value' column implies how much cash value would possibly be accumulated over time!
Transamerica 1: when the surrender value was "0" in the first two policy years, the cash value was $10,938 in the first year and $22,577 in the second year. NOT "0" as he said!
Transamerica 2: Cash surrender value was 0 in the first three years, while the cash value was $5,900, $ 12,188, and $18,673 over these years.
。。。。
Thank you! You are exactly right! There was Accumulation value, but if designed the right way, then there are no 0 years in your cash surrender value either. We are still talking about a terribly designed policy, and a WFG agent has been exposed in the process. Thanks for watching!
What is the cash value anyway in those transamerica IUL you cannot do anything with the cash value, you cannot redraw from it you can not borrow from it
What is the cash value anyway in those transamerica IUL you cannot do anything with the cash value, you cannot redraw from it you can not borrow from it
@@johannemonfiston7484 what companies do you recommend instead?
@anoto6192 I do not have any recommendations. Really, my question was to prompt the speaker in the video to further explain. All financial products are good and designed to accommodate someone specific need. A great product is the one that does what you want it to do. I love IUL, but there are pros and cons to it, and the design of the policy would determine it performance. I wanted the author to explain that surrender value is not a charge it goes away within surrender time. It is just a sort of probation at the beginning of the policy. We get burned because we want the products to do what they were not designed for. If the fund is needed, what away or immediate emergency fund, you want death benefits for ur love one get life insurance, you want investment it involves risk, money and patient
Companies like WFG put a bad taste in the financial world when it comes to life insurance. When people get burned with poorly designed products it turns them away from them for the rest of their lives. A properly structured one will work wonders in a person's life, so many use cases. The sad thing is for every 1 good one there are 10 horror stories.
I appreciate your reviews and watch everyone, I have 2 policies myself and luckily feel they are optimally designed or very close. Keep up the good work!
You paint with a very broad brush... wonder how many people at your place of business operate at optimal efficiency?!?!? They are bad people in every company but that doesn't mean there aren't good people!
@@davidsimpkins1423 the fundamental point is if there are a lot of poorly designed policies coming from one place its most likely that the company doesn't instruct correctly and allows the situation to keep happening.
Watch Oregon Cash Flow Pro's youtube page, very transparent and explains when structured the way these policies shown here are, it is not in the best interest of the client/customer. There should be much much more liquidity available than what is being illustrated. Life happens and these are set up for potential lapse if the client gets in trouble in the first couple of years financially.
Also I don't believe that statement that there are bad people in all companies. Possible but not a certainity.
@@davidsimpkins1423 good people don’t stay at bad companies
@christopher forbes, give us an email at info@leveragedwm.com , I'd love to connect!
You say there is $0 in cash value. However that is incorrect as the Cash Surrender Value is the Policy Value minus Surrender Schedule. The policy value is the starting point for calculating important values under the policy, such as the Cash Surrender Value and death benefit. The Policy Value equals the sum of the Basic Interest Account value, the S&P 500 Index Account value and the Global Index Account value, plus the Loan Reserve, if any. Policy Value is shown on a guaranteed basis and on a non-guaranteed basis. Please don't further confuse people just so they call you to make a sale. This is exactly why clients have trust issues when dealing with fiduciaries.
Thanks for watching! I stand by the $0 in cash value. The cash surrender value is what you have access to, the policy value is what is earning interest. Regardless, that is far from the point. The point is that when a policy has 0 cash surrender value, or "cash value" as referred to by most carriers, the policy is not designed for maximum cash and accumulation. Can't get around that.
@@CashValueLifeInsuranceReviews Thats why they need to be built to custom fit the client. These people in the beginning may have had to pay off debt or didn't have the income to max fund at the moment or possibly was looking at this as retirement account to add in their portfolio. Thank you for the video, very informative of how these can be flexible for different dynamics.
Beautiful video and analysis. Thanks for sharing.
However, what would you say to a client who wants a policy that also maximizes free critical and chronic illness riders that come from high face values? I think one selling point of Transamerica policies, which i have, is their critical and chronic illness riders.
Also, what about the ability to add so much more money into your policy later, if desired? And this is not possible with a low face amount if one wants to avoid MEC.
I think that there's no general right and wrong way to designing a specific IUL policy without knowing the goal of that client/policy. These options are available when putting the illustrations together, it's not rocket science. Although some agents do not know about them.
Please share your thoughts.
Thanks.
I want to start off by saying something that for some people will cause them to think I am not a good source of information or maybe it makes you feel I am. I AM A WFG AGENT.
Now that that is clear, lets clear some other things shall we?
first things first is you are showing 7 legitimate examples and on behalf of all agents who are doing the right thing I apologize for the ones who are not.
secondly, the policies you are showing are all policies that are not targeted to max fund which you are correct. BUT you missed something crucial, clients have goals to accomplish, their income increases, debts get paid off and more. showing 7 Target policies and showing just the first 5 years is a very big injustice in the entire industry, yes if the policy was structured from the start at max fund of course it would look good, here is the truth, agents have not much control and cannot force their clients to overfund their policies.
the example with the 19 yr old funding their policy, are you telling me you want us to structure a max fund of 250 in premium and then once they over fund to start a whole next policy? that makes no sense. the purpose of IUL and one of the strengths is being able to Backpay your IUL with additional funds you receive over life, a ROTH IRA cant do that.
the reason you guys do these videos... lets be real is for 2 reasons. to expose crappy agents and help the clients but 2 because you want to close out policies, rewrite them, and now they are your client. then you get them an IUL that WILL underperform. Why don't we have a Sit down on zoom and have a conversation how we can make the industry better together. cheers, great video regardless.
just don't be like the USA media and be like the liberals who leave one side of the story out. you have to look at every perspective. thank you and anyone who reads this!!! DO YOUR RESEARCH!! DONT TAKE EVERYTHING AT FACE VALUE
So would you recommend this iul with transmerica? I have a wife and daughter, 22 yo, just trying to look out for my family’s future.
@@tonyhollis3385 I tried reaching out to you but they keep removing my comment lol
🎉🎉🎉🎉
I'm curious as to why the channel owner hasn't responded to this comment? I'm new to the industry and also a WFG agent and noticed that none of these policies were structured correctly?! 😮
@@elijahcox7380 hello I am curious what did Tony Hollis commented? or what did you comment that they keep on removing?
I TRIED TO TAKE MONEY OUT AND TRANSAMERICA GOT ME CHASING MY TAIL FOR ABOIT A MONTH. DO YOUR RESEARCH ABOUT THIS COMPANY.
It is true that with lower face amounts of the policies, premiums are smaller, and that can be a good thing. However, the policy illustrations that you show are not indicative as to how much additional cash can be contributed into all those policies, even after year one, if a person chooses to overfund his or her policy when paying the premiums. In all of this video and all the discussion from the author that followed, I don't see any discussion or mention about the Modified Endowment Contract (MEC), the Seven Pay Test, and the huge advantage/incentive to make sure that your policy avoids becoming an MEC, in order to keep your accumulated savings tax free, while at the same time overfunding your IUL. You make no mention of the possibility of making additional contributions to an IUL, which would have solved ALL the "problems" of all the policies having zero cash, which you showed in your examples, while keeping the proper protection amount of death benefit which the agent and client agreed was the proper amount. The whole point in having an IUL versus other types of insurance policies, besides having an insurance policy to provide proper protection in case of death, is also to have the ability to save lots of cash and get great returns, tax-free. It is perfectly fine and normal that IUL policy illustrations have no cash value in the first few years, as in the illustrations that you show here as examples, especially if the person is unaware that they can overfund that IUL, up to a limit. An agent can ensure that you start your policy out by overfunding it slightly by an amount that you can afford. What any owner of an IUL needs to know is that they can call or write the insurance company (yearly at minimum, or anytime- or ask your WFG Agent, who will call for you), and find out exactly how much they can increase their premiums for the year, so that they can overfund their policy without causing their policy to become a Modified Endowment Contract (MEC). Once you find that out, all you have to do is submit a form to the insurance company, to increase (or later adjust) your premiums to your desired amount, and then all of a sudden, you are saving money and getting the returns promised to you on your policy! If you never contribute more than the minimum premium, of course the values will be zero in the first few years, like your policy illustrations show! I highly recommend that everyone read, "Top 25 Ways An IUL Can Secure Your Financial Future And Build A Tax-Free Family Bank" by Mark J. Quann. People watching this video- I hope that rather than listening to this video (and letting your perfectly-good IUL policies lapse and giving this guy a sale) is that you buy Mark J Quann's book, and ask the agent who sold you your policy about how this policy works. The IUL is not "too good to be true"- oftentimes, a new Agent does really not know how to explain it thoroughly- there is a lot to know! Heck, even the maker of this video OBVIOUSLY doesn't know about proper protection or about the whole purpose of having an IUL! Lots of new agents (and most agent videos online like this one) don't quite know how to explain all of this adequately. I have an IUL myself from Transamerica and it is an amazing policy which also has amazing riders, which will affect your premiums if you choose to get them. Transamerica INVENTED the Indexed Universal Life policy (IUL), and it debuted in 1997. You cannot lose cash value in your IUL. Cash in these accounts have been earning between 8 and 10 percent annually, on average. By the way, the talk about the fees of policy loans here are kind of ridiculous. IUL's are really intended to be for long-term savings. In the illustrations, if you are credited back interest, you are at most paying one percent maximum of the amount borrowed, guaranteed, which ain't that bad in policies which will have earned significant compounded interest, tax free (if you make sure that you avoid the policy becoming an MEC) in just a few short years.
Policies should always be a max funded design if the goal is maximum cash growth.
Thanks for the comment. There is a lot here, but not much makes sense. It seems like you know not what you talk about, and that's okay.
Thanks again for watching!
Not everyone can afford to max fund an IUL in the beginning. That is why it’s important to get an IUL as early as you can, and for the years that you don’t have enough to max fund, those amounts under the max fund will roll over and increase the allowed contribution limit each year.
@@Hollywoodnotary and this is why there is a bad rep toward this product
@@Hollywoodnotarythat is me! I had to pay off consumer debt, continued reading about CVLI, increased contributions after freeing up debt. In hindsight, the utmost importance was that it was within my budget & that I got approved right away (table B). You are right.
Why don’t you also show a policy that was properly designed? It can go both ways with any company ,not just Transamerica.
Because they are never properly designed
I worked on the Finance side, and I kid you not people would call in for their insurance policies and we had no where to send them. Literally zero info, then when we complained and got a list, I would stay on the line and make sure they would get a rep, and most didn’t. Unbelievable.
It was so concerning.
Are you not looking at the policy? Cash value is when insured withdraw money or surrender policy. If taking loans, shouldn’t you look at the policy value?
Doesn't matter what you look at, the policies were designed poorly. Thanks for watching!
You can build a policy for death benefit, or accumulation. All IUL are flexible. Put more money and sure it will have more cash! If you have a fixed death benefit, you may end up paying too much for the same payout. Dont blanket listen to this dude, because he is making assumptions that may not fit your actual needs.
So do I remove my money to the bank or do I transfer somewhere else?
Don’t remove your money , speak with your agent .and go over your policy with them to see how it’s design. A lot of time these videos lead people in the wrong direction
Could you please show an illustration how to apply more Premium in investment than death benefit?
Increasing death benefit, max cash value
Is there a way to exit my policy without loosing all the funds invested? So far 20k invested and 6k in fees after about 18 months. Horrible scam so far.
No, just stop paying
@theoneabove9633 Hello, is your policy from transamerica as well, did you stop it or surrender it? any update? thanks
Hi, I bought a Transamerica IUL product from WFG. How do I send you my policy for a review. Counting on your response
Do you have any videos that show a properly designed or well-designed policy and what are some of the parameters to look for? Are these considered poorly designed because the applicant is loaded up with a higher-than-needed death benefit to maximize cash value growth? Plus, several seem too young to have the amounts of coverage - seems way too high to have a million of coverage when you are 19 or 22... cheers
I need your input. I have two iul’s, one for my daughter who’s 11 and one for my son who’s 13. The purpose of these are to grow money for college expenses and also later in life to purchase their own houses. I have a term life of $500k which I pay $46 a month. These products are through Transamerica. I don’t know much about this. I don’t if I made the right decision in purchasing iul’s. I pay $100 on each. Is there something better than you can help me with?
Hello what age did you acquired your term insurance and how long is your term insurance? thanks!
Can you explain the benefits of the large death? 1. It's a legacy creating tool. It can be passed on to the next generation tax free. Your payout for living benefits for Critical illness, terminal illness and chronic illness are based on percentages from death benefit. Oh can you show the long term cash value? I would like to see that as well. Because you actually get a return of all your premiums, and you actually accumulate interest ( compound interest) which is actually locked in.
Would you be able to give a top 3 recommendations for iul products so people that are interested know where to compare? And if you have records of those can you add the links?
The initial question you should ask (prior to which product): "Is my agent worthwhile and do they have my best interests in mind?"
Getting the proper professional to guide you will take care of most of your questions, including which product.
We can't "prescribe" the best product/s without doing appropriate due diligence for each situation.
Thankgod I watched this. Could you please suggest the best one?
Glad it is helpful!
Too broad. We'd need to know all the details. There isn't necessarily a "best one" since every situation is unique.
Question..if you have a fixed annuity for life by transamerica..does the annuitor own the policy or does transamerica owns annuity policy?
I'm a new WFG agent and I hated it when I was taught to fully target a client but I don't have the heart to structure their policies that way. I always do "minimun non MEC" to help my clients grow their cash even if I don't make much but at least I'm able to help them. Am I doing the right thing?
Yes you are, but I would love to network with you personally
I was an agent with WFG for a couple of months before leaving for greener pastures and I’m so happy that I did. Feel free to connect if you want to chat and best of luck to you!
What if they have wife, kids, debts, etc. In that case, the protection would be their priority, no? Unless they supplement with term
@@sbk1398 A target funded policy is at risk of collapsing under the ever increasing cost of insurance that is baked into IUL. Especially if the policyholder lives a long time or if they started the policy later in life.
A max funded policy offers less death benefit (for the same price) but a much lower likelihood that there will be problems later on.
Unfortunately I had bought a Transamerica IUL insurance prior to meeting Matt and learning from his great videos! However Matt was able to provide great help . Thanks Brady for posting these great educational videos ! Highly recommend working with Matt and his team.
i have an IUL account from Transamerica. my agent put me through thoroughly and i am 100% certain of my living benefits, cash accumulation and tax free death benefits. there are bad agents everywhere just the same way there are unserious employees in every organization. IUL account when properly done, yields maximum benefits without any loss. i recommend you review your policy and be sure u were placed in the right direction.
@@diaryofjasminejordan lol bet there’s a better product
@@texasowl5356 u are entitled to your opinion just as everyone in the world is especially on social media.
@@diaryofjasminejordan opinion? Lol numbers don’t lie
@@texasowl5356 exactly, numbers dont lie....
Any advice on what to do if you followed the advice of a bad advisor and invested in one of these and it’s been less than 3 years? How do I get out or convert to another account without losing everything? Is that even possible? Lesson learned, how do I rectify this mistake with a little piece of my dignity (and money). Invested about 6k and after the cash value, closing fees, and whatever nonsense my takeaway is about 1k. Willing to let it sit until I’m 90 with them or be converted into something else but would love to not lose everything. Please help great wide web!! Please!
please book a call with our team - we would be happy to review the current policy and give you options for next steps. www.leveragedwm.com/bookmeeting
That's bc I blame those who made that policy like that who ever structured it messed up
This video is flawed. It contains inaccurate assertions and is misleading. He keeps talking about no cash value. The column he is referring to is the Cash Surrender Value. There is cash in the policy value but the client cannot access the cash during the initial surrender period. He also talks about the loan provision. 2.75% interest is very low by any standard. Whole Life policies charge up to 8% interest. Additionally the client gets 2% credit which means the net effective rate is 0.75%. I do not know what he is talking about.
Finally he asserts that WFG exclusively sells Transamerica. That is flat out incorrect. WFG gives agents access to dozens of insurance companies and is up to the agent to contract with who they want. Hope this helps to clarify any questions.
Thanks for your comment but you are mis-educated.
how can a professional mistaking cash value and cash surrender value?
Thanks for watching!
I agree that the FFIUL is ridiculous. You can't even reduce the death benefit for redesign until after the 3 years.
Who are the other two companies? Poor designs of the iuls. Policies like the speaker said should have lowered the death benefit to grow cash value quicker.
Transamerica Actually has very accurate illustrations and designs are always conservative and then exactly what a client gets depends on underwriting. NYL will ALways KEEP YOU GUESSING.
Of course a Transamerica CAN be designed well - but it's up to the Agent to do that. We have 100s of examples where that hasnt' happened. But have recieved some where they are. The question above design for TA is, "Have I seen any other options to compare against."
How did you determine that net death benefit is too large on all those sample policies you showed?
Look at the Guideline Annual premium - if that amount is significantly above the annual premium illustrated, the policy is not designed of max cash accumulation and the death benefit is too high for that goal.
@@CashValueLifeInsuranceReviews then how do you lower the guidelines annual premium for a specific annual premium? Say for eg a 4yr old male someone wanting to put in 10k, guidelines annual premium for all are around 35-40k and net benefit is around 500-600k for multiple carrier's...
OMG!! I wished I had this video 5 years ago!!
Can i which the policy
Truth I see the life insurance cost keep increasing, and the fee cost index increases.monthly, I think the policy not good in the long term to purchase the policy
Wow.. it appears im etting screwed on my policy just started 15mo ago. I have no cash value for the first 10 years!
Reach out to us - maybe we can help!
Any videos on how you properly structure a IUL?
For CV and Tax Free Retirement Income, if design is the key, should we just look at what policy can squeeze the most dollars for you say from 66 to 121 regardless of the COI? I called a couple of Insurance companies with the same scenario and I was amazed at the difference in Yearly Tax Free Retirement income from both. Used 60yr old, want to get 500k in a policy at 100K per year and start withdraws at 66. Can you run it and show the best you can do?
Depends on what you want the policy to do for you! Thanks for watching.
Can I send you my policy contract before I sign up?
You did not mention what policy to purchase.
There are many other products that outperform the TA IUL - for specific recommendations, we would need to know more about your specific goals & situations. We would have to talk further - you can book time with our team at www.leveragedwm.com/bookmeeting
Is there any way this Transamerica policy could be designed by the insurance agent withing the existing parameters?
Yes, depending on what you want. If cash investment is your priority, this can be setup by using min. Death benefit and maxi income stream. This way u can have cash available to you in your first year. But when you prioritizing death benefit the policy samples u see in this video is what u will always get. Now, I don't understand why agent will preach iul as a way of investment for retirements and then design a structure that prioritize death benefit. That is totally because of their commission. I partner with this same WFG but my I make sure I structure the policy in such as a way that will work as an investment vehicle and not prioritizing death benefit.
The better question is "Why TransAmerica?" Technically a good agent "can" structure it better.....but there are much better product options out there.
Why settle for less?
@@CashValueLifeInsuranceReviewswhat are the other products that are good?
@@legarla2524 "CashValueLifeInsuranceReviews" cannot answer you, He does not know, He does not have. He only have a limited resource, hahaha!
@CashValueLifeInsuranceReviews what's the best product for a 41 year old, with cash value, and please help I'm interested
I don’t understand the cash value.
Watch more of our videos!
Please help. I have 2 life insurance accounts with Transamerica. 1 was surrended in March 2023. It's been 3 months and numerous calls and emails, but the funds have not been released to my bank account. I called on 2 occassions, and the representatives on both of those calls told me they can't find my account. While email responses assurred that they are working on it, blah, blah, blah. With the other account, only $3500 was released when $5000 was deducted as a cash withdrawal. This is from April and they still have not solved this issue. Are they scamming me? And what can I do? This is really frustrating. Are they trying to exhaust my patience and resources and scam my money?
What happened now?
Whats the 7 pay premium of this illustration?
Who would you suggest for the best cash value and return on your money
Depends on various factors, and there are a handful of great companies out there, but the point of this video is showing that Transamerica is not one of them.
Thanks for watching!
@@CashValueLifeInsuranceReviews what i see here, was bad life insurance agents.... not a bad company
I bought the Transamerica IUL, and I would like to quit. How do I do that exactly?
Call the carrier. Thanks for watching!
I work with WFG and those policies are trash. I see these types of structured policies with several different providers. It’s the same with financial advisors choosing high fee funds.
Thank you, I was almost about to fall for this. I felt like it was too good to be true
Read my comment that I just added before you get rid of your policy!
Thanks for watching!
Me too
@@Hollywoodnotary what did the comment say?
I work in this industry. The IUL is a great option for retirement, it just needs to be structured properly. What he is showing you is that we should all educate ourselves and if you have an agent that cares about you more than the dollar you will be ready for the future.
Transamerica is one company on a platform of hundred of companies! You are misrepresenting the opportunity of WFG! WFG is a marketing company and the fact that there might be agents who don't represent in the most ideal way, is no different than any other company. WFG is an incredible opportunity and as a high standing member, I would just like fair treatment!
Wish this was true. I’ve audited HUNDREDS of WFG policies and have not come across a SINGLE one structured properly. If you have proof of an inforce policy being structured by a WFG agent I’ll eat my words. Just send me the inforce illustration including the issue date, premiums paid to date, guideline level premium, guidelines single premium, 7 pay and if it’s level or increasing death benefit option.
Lol ok buddy. Because the opinion of a salesman isn’t biased.
WFG is an opportunity to build a team, not do the right thing.
@@CashValueLifeInsuranceReviews You really have no clue what you're talking about!!! Instead of being jealous because of the volume of business we do, go get some therapy!!!
Think I may be the latest WFG Direct misfortune. I really don't like speaking ill on anyone or anything, but I literally just got off a phone call where my WFG "agent" got into a verbal argument with a rep from Fidelity Investments. I don't want to out her, but what the WFG person in that call was saying made me regret my decision getting myself and my son a Transamerica IUL. I am actually thankful to Fidelity because what the WFG person was instructing me to do would hurt me come tax time...even Transamerica agreed that the WFG rep was trying to do something they could not allow. Currently feeling weird about it all and definitely look forward to following learnings here.
I have one, can someone tell me how to cancel it
Call the company.
Other than Transamerica, who are the other two carriers that have increased their fees?
I thought of the exact same question when I heard that statement.
@@CdotForbes13 Pac Life and F&G.
@@parthivc6353 that is not accurate. The increase in fees for PAC Life is because someone chose to turn on a threshold modifier. You DO NOT have to turn it in….. however getting a 2.7x multiplier is pretty nice and worth the additional 7% fee in most decades.
@@Bryan-om3wq lol that isn’t the only increase
@@texasowl5356 Pac Life is one of the best IUL companies. Unfortunately I do not have access through my IMO. Their PDX2 product had potential gains of over 158% in a single year.
Once you’re in one of these policies is it possible to sell it to a third party to make back at least a little bit off losses? If so where could one do that?
How much is the IAMC charge?
Depends on the policy. Thanks for watching!
Can I send you my policy from trans America?
Yes! leveragedwm.com/iul-review
IULs are garbage with their high fees/commissions and capped gains.
Thanks for watching!
Can you link proof to increasing fees?
Look at the illustration lol
@@texasowl5356 I need comparisons, or is he just going off of what other people said. A one off illustration doesn’t allow me to compare
@@prezedentx he showed how many? Lol
@@texasowl5356 let me clarify a one off illustration without showing fees from year to year doesn’t give me a gauge on fee increase. I’ve heard TransAmerica has actually reduced their PUC charges
@@prezedentx “heard” and seen are two different things
Can you review my securian policy
Sure thing: Head over to www.leveragedwm.com/iul-review to start that process.
how do i request a review???
head over to www.leveragedwm.com/iul-review - complete the form & upload your policy and we take it from there!
I’m a broker so I offer a good amount of carriers. One Transamerica benefit that was not pointed out is their approval rating. I've had clients that wanted Iuls but did not qualify for health concerns, and trans approved them. Financial foundation should be used for policy’s under 250k. Policies above that should be financial choice, and your right those illustrations where horrible. Clients should see cash value with in the first year. What's crazy is the initial premiums in comparison to the the death benefit it was too much I would have broken the initial premium up over 5 years on that 16k. That was either pure greed or ignorance
Another thing in my green collar finance community we point out about the company is they don’t have war exclusion clauses. Opens up more service members for permanent insurance.
The agent took my checking account a year later it had me pay for other people's policies people I've never heard of my Bank closed the account and call the fraud department I'm trying to get back money right now cuz I know none of those people the agent had me paying for he got away with it for 6 months
Is any IUL appropriate for a healthy 73 yo Male?
Generally you're looking at a sub par health rating after age 60 and that will mean low cash value growth, if any, due the senior being hard to insure. You may be better off insuring their children/grandchildren with the 73 y/o being the policy owner who is funding the policy
@@yourcompoundcoach268 I am the 73 year old :)
Bob, I believe we answered this exact question for you through your email in January of 2021. Thanks for watching!
What do you guys think about the nation wide IUL?
I think 85% of a policies strength comes from the structure and funding and the other 15% is represented by the company. Even as I don’t care for TA I’d rather take THEIR policy properly funded and structured than to take THE best companies policy not set up
Properly.
The transamerica has a strong financial rating and honestly that makes them stronger. The only problem is the way some agent structure it.
This agent is a super rookie
Clearly this kid does not fully understand what He is talking about. every policy illustration design has its own purpose based on Financial Needs Analysis. CVT design has its purpose, GPT has its own purpose, Graded has its own purpose etc. so, what am I talking about here? it's about the felt need of the client that is why it shows that way. and why are you concentrating on surrender value? concentrate on the policy value instead. Life insurance is a long term need 15-20yrs or more.. not 2 to 10 years, unless you know your end day.
your illustrations are so wrong. your information is biased.
I agree! These were illustrations sent to us from other agents. Thanks for watching!
Hello, I have an iul for my children who are still minors. I’ve been paying $100 into each every month since January of 2023. I guess I purchased the policy’s since my agent told me this would “built” great cash value. However, I really don’t understand what the iul’s are actually doing. I almost feel as if I should just close the accounts and open a regular savings account. So I’ve paid almost $1000 into each but both have different cash values less than $400. Should I keep them or close them?
Will they refund the money back ? I am going to call them tomorrow.
That is a tough road to hoe. You can try to call the insurance commissioner in your state and NAIC
@@benjaminborden7946 Omg I think my provider was a scammer. Bc she’s not answering her calls or emails.
Would you recommend Pacific Life accumulator 6?
Watch our Videos on Pacific Life here: ua-cam.com/video/--yXX_u6l-s/v-deo.html
But the short answer is no, we wouldn't. In some cases this product is 5x more expensive than any other products in the industry.
I wanna be just like you! I would work for you for free just to learn what you know! 🙏🏻😇
Stop being biased and go through all benefits of an IUL, so people can understand you. And you should say it's how you fund the account which permits it to grow in the first few years.
Wow!.....big time incompatant, inept wfg agents...
Cant i just call transamerica and lower my death benifit
Depends!
WFG = bad
WFG agents sell more Policies with Nationwide than they do TransAmerica. Don’t come on your videos telling lies. Also just cause you have no surrender value in the first year doesn’t make the policy a bad a design. Sure no cash value the first 3 years I agree.
If you don’t have cash value in the first year that IS A HUGE indicator it was not written properly. You should have 75-90% of the cash available after 1 year. IUL is too commonly sold as life insurance, and it’s a horrible vehicle for that with potential increasing fees as well as lowering of caps. IUL is made for CASH ACCUMULATION and if not structured 100% efficient it’s a waste in my opinion
@@Bryan-om3wq sure it is structured for cash accumulation I agree with you but to say if there is no surrender value after just one year it’s structured wrong is not completely correct. Why worry about the first year when it’s not designed to take money out after just one year?? I agree anything past 1 year and no surrender someone has too much insurance and not enough contributions. Also to lower the death benefit down as low as you can go your basically capping someone on how much they can put in in case later on down the line they want to increase contributions.
@@TheOpinionSports if there’s no money in the first year it’s structured improperly. Rules of compound interest 101. If it’s low in the first year it’s gonna be lower than it should be EVERY year after. If it’s option B increasing death benefit then the guideline level premium should match the actual
Premium. If it’s option A level the 7 pay should match the premium. If those are not correct, it IS not set up for max cash accumulation period!
@@Bryan-om3wq that’s where you are slightly wrong, I have ran illustrations with a slight higher Death benefit on option B increasing and the client actually takes out more money because the cash value is stacked on top of the death benefit than they would if I absolutely just lowered the death benefit as low as I could get it.
@@Bryan-om3wq also once again if a client comes into more money later on by doing what you said of matching the guideline annual premium you just called what they can contribute. Also these reviews don’t show what the conversation was between the client and agent. Someone may need more insurance for other reasons. Again I’m not an advocate of boosting the death benefit too much but someone may need a bit more insurance coverage than the minimum and may not be able to afford an extra term policy on top of what is going into the IUL. It’s going to be on a case by case basis.
Dude, you’re just criticizing and bashing. You don’t understand how this product works obviously. If you do this, show a comparison at least, apple to apple. There’s no such thing as perfect policy. The title of your vlog is deceiving and in a way telling people not to buy this policy? What should they buy? Let’s see the cons on your recommendation? Duh
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