|
Fri, Mar 18, 11 at 11:35
| With a Universal Life Insurance policy that I have in force, there is the "Stay in Force Date" that ends in about 15 years. The company also sent me an illustration of the policy, which shows the "guaranteed assumptions" date for what I have been paying, which makes it look like the policy would end at a much later date than the "Stay in force Date". Can anyone explain this well for me. I don't like the help that the company gives over the phone.
Thanks. |
Follow-Up Postings:
|
| Find an independent insurance agent who writes universal life policies for multiple carriers, and have s/he read your policy and give you an explanation of what it means. Any good agent will do this for you, gratis. |
|
- Posted by two.25acres (My Page) on Fri, Mar 18, 11 at 15:36
| There's cost associated with the policy itself, administrative and the actual cost of the death benefit. Those are probably based on current cost, interest rates and the amount you are paying. The assumptions may include a different premium amount, interest rate etc. It sounds to me as though they are saying they guarantee as long as you continue to make your payments and make no changes to the policy that it will stay in force until the date they give you (15 years). On the other hand to go further than the 15 years, maybe they have increased the premiums, the interest rate etc. to enhance the length of time the policy will remain in force. Is the product fixed or variable? Just curious why you went with the universal life policy? |
Please Note: Only registered members are able to post messages to this forum. If you are a member, please log in. If you aren't yet a member, join now!
Return to the Household Finances Forum
Instructions
- You must be a registered member and logged in to post messages on our forums.
- Posting is a two-step process. Once you have composed your message, you will be taken to the preview page. You will then have a chance to review the contents and make changes.
- After posting your message, you may need to refresh the forum page in order to see it.
- It is illegal to post copyrighted material without the owner's consent.
- HTML codes are allowed in the message field only.
- No advertising is allowed in any of the forums.
- If you would like to practice posting or uploading photos, please visit our Test forum.
- If you need assistance, please Contact Us and we will be happy to help.