IUL’s

[tv0689]

Any Life Insurance Brokers in Dallas that I can get concrete information on IUL’s trying to see what is best for the future of my family and I? Any company I should look or start at?

 

[psalm9one]

@tv0689 Make sure to do you own research on IUL’s if structured properly and funded properly an IUL can be absolutely amazing.

 

[oldguy]

@psalm9one Yup! Education is key! Like any other insurance vehicle it's not for everyone. I invested in an IUL years ago and it was the worst financial decision I ever made as I lost 4k that I invested.

 

[psalm9one]

@tv0689 Make sure who ever you work with understand TEFRA, DEFRA, TAMRA and the internal revenue codes of 72(e), 7702, and 101(a). You want to make sure it stays within the guidelines and doesn’t become a MEC so that you get all the tax advantages. Tax free accumulation, tax free access, tax free transfer at death. By definition of IRS make sure this doesn’t cross the line from insurance to an investment.

 

[resjudicata]

@tv0689 They are good products. Not perfect. They have faults yes. But a good agent will provide pros and cons of Whole, VUL, IUL and even term.

Education is key.

 

[javelinda]

@tv0689 Don't do it bro lol stay away unless you have fully funded every other retirement plan known to man first and still have tons of cash to burn. Idk if your goal is income protection or retirement supplementation but if it's just insurance there are better options if it's savings there are better options the fees and mortality cost will erode your cash value until your policy empodes the illustrations never turn out they way they show you there been tons of screenshot I have from this group about how people lost so much money messing around with these things. If you don't believe me scroll the post yourself and you'll see for yourself

 

[oldguy]

@javelinda Like he said of you don't believe him scroll past comments, if you don't feel like doing that then believe me... I lost 4k with IUL

 

[jeshurun1111]

@tv0689 The fact that this thread has the most solicitation I’ve ever seen here tells you everything you need to know. Sold by everyone and their brother, though understood by few.

 

[success1969]

@tv0689 Ridiculous. All insurance products have pros and cons. IUL' s can be a good option if whole life is pricey. It is very much dependent on the carrier you are dealing with. Alot of folks don't like term but it has some pros depending on someone's situation. Bottom line get that financial safety net and use it as a safety net. Insurance was " never" designed to be a stock option. It was designed to give financial security and protect one from losses which are unpredictable. The debates on good or bad are very subjective and if you do some research I'm pretty sure you will find that it depends on the carrier and yes it is competitive so take your time get several quotes and then pick a reputable carrier and once you have made your decision be confident you did what was best for you! Wishing everyone well with much love & Gratitude!

 

[shanthisornamani]

@tv0689 I can get you in touch with one. IULs are best in my opinion because they act like a savings/401k as well. Without the fees or penalties of early withdraw. So if one of you gets cancer or don’t have money for mortgage that month, you aren’t empty handed. Also the banks have interest and inflation is hard to beat. Your interest is taxed as well. IULs you’re paying yourself, not someone else. Also a whole life policy works the exact same but without being tied to market.

 

[eldersmith]

@tv0689 Don’t do an IUL.

 

[dawnbre]

@eldersmith Why do you dislike iul? A lot of people say this but I think most people do not fully understand them

 

[psalm9one]

@dawnbre That’s because a lot of financial advisors/CFPs don’t fully understand them.

 

[dawnbre]

@psalm9one Yes which is why it’s more advisable to talk to a seasoned insurance agent

 

[psalm9one]

@dawnbre Seasoned and intelligent. I’ve seen seasoned agent who still fudge things up. They weren’t informed, weren’t taught, or didn’t care. Gives other people and policies bad reps.

 

[dawnbre]

@psalm9one Okay I understand from this perspective. But self education is also a good trait to have as well.

 

[psalm9one]

@dawnbre I couldn’t agree more