Universal Life Time Bomb, Review Your Life Policy.
UNIVERSAL LIFE A TIME BOMB
I have been in the Life Insurance Industry for over 45 years:
There are different types of life plans each product has a specific purpose and is recommended for different reasons to the client.
In today's blog I would like to EXPLAIN why if you are a senior you MUST REVIEW your Universal Life Plan.
Universal Life is a flexible premium semi permanent Life Plan that can provide coverage for Life and may have a cash build up. This program became popular in the 80's. Based on high interest rates the cost was much less than Whole Life and the cash build up was tremendous as well.
However, these high rates are no longer and the cost of these old plans are so high that most seniors must drop these plans.
As a result in the late 90's the industry changed the structure on this plan with less cash but a guaranteed death benefit for a number of years and could exceed age 100.
However, most brokers priced the plans to go to age 80 or 85, but few to age 100. The result of this plan design is that if you own a universal Life Plan and are a senior you do not have any idea of the true future cost of coverage.
So if you own a UNIVERSAL LIFE PLAN and are 65 and older give Saul a call.
Saul Appel CLU ChFC
617-610-1898