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 Posted: Thu Jun 23, 2011 3:44 pm Post subject: |
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I'm not doing your homework for you. You sling BS and refuse to post details in any thread in which you become involved -- and when push comes to shove, you state things like, "Well, I really don't know . . . " as in:
| Quote: | | I'm asking you to do it because I know of none, yet you claim that 8% is common. |
So tell us what you DO know. So tell us how YOU think VUL sales charges are paid (before or after the money goes to the separate account) and how they are calculated. Tell us how much YOU think the maximum cumulative sales charge in a contractual plan, such as a VUL, is permitted to be, and for how long a period it can apply to.
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MaxHerr
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| Posted: Fri Jun 24, 2011 1:19 am Post subject: |
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The last two vul policies that I saw were from AMP and Mass Mutual. Neither had a sales load approaching 8%. Max, if this is the norm, can you name one company?.
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fast Eddie
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| Posted: Fri Jun 24, 2011 12:23 pm Post subject: |
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| Quote: | | I'm not doing your homework for you. You sling BS and refuse to post details in any thread in which you become involved -- and when push comes to shove, you state things like, "Well, I really don't know . . . " as in: |
Don't you have things a little backwards? You are claiming that 8% is common. I have done my homework. I can't post about a company charging a 8% sales load because I can't find one. That is why I am asking you to back up your claim.
The previous poster mentioned 2 companies that don't charge 8% loads.
MetLife charges 2.25% up to the target premium.
Prudential charges 4% up to target in years 1-4 and 3% in years 5-10 and 0% after 10 years. The amount that they charge for amounts above target are 1% less.
Ok, since 8% is what is common and 4 companies have been mentioned and they are all way under 8%, isn't it now on you to back up your claim?
I'm curious as to how you are going to handle this since you don't have it in you to ever admit that you are wrong.
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FDSA
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| Posted: Fri Jun 24, 2011 12:40 pm Post subject: |
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| Quote: | | So tell us what you DO know. So tell us how YOU think VUL sales charges are paid (before or after the money goes to the separate account) and how they are calculated. Tell us how much YOU think the maximum cumulative sales charge in a contractual plan, such as a VUL, is permitted to be, and for how long a period it can apply to. |
Unlike you, I have no problem admitting when I don't know something. You are willing to have conversations about a product despite not being licensed to sell it. I don't sell the product because the fees are outrageous and it doesn't make much sense, in general, to buy a permanent insurance product in which the cost of insurance per thousand increases every year.
The sales load comes immediately off the top before it goes into the separate account. Ex. Max buys a VUL with a 3% load and pays a $100 premium, $3 comes off the top. This $100 may get hit with other charges, but this is immaterial to our discussion about sales charges.
I don't know what the maximum sales charge that the government allows. I don't know how long it can apply. Those questions are changing the subject. We are talking about what is COMMONLY charged and not the limit as to what is charged. You will criticize me for not knowing those answers. I, at least, can admit to not knowing.
To defend myself on that lack of knowledge, my opinion is that it doesn't matter unless I am trying to take a test. VUL is sold by prospectus. What matters isn't the most that can legally be charged by VUL in general. Rather, what matters is what the contract purchased is charging currently and how much their maximum is. In other words, it doesn't matter if legally a contract can go as high as 8.5% if ABC VUL has a maximum of 6%. ABC can't go above 6%, so the 8.5% is meaningless to the client.
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FDSA
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| Posted: Tue Jun 28, 2011 10:14 am Post subject: |
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I am bumping this to see if Max will respond since he appears to be wrong.
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Curious Reader
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| Posted: Tue Jun 28, 2011 2:19 pm Post subject: Insurance misconduct by AGENT |
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Massachuetts Mutual Life Insurance Co. refuses to admit forgery by Agent ,for LOAN REQUESTS with out my approval or consent.
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Albert H. Kandel
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| Posted: Tue Jun 28, 2011 10:31 pm Post subject: PLEASE EXPLAIN "ENDOWMENT POLICY".I PURCHASED TWO. |
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| CAN MASSACHUETTS MUTUAL LIFE INSURANCE PAY MY PREMIUMS FROM THE CASH VALUE IN MY POLICIES TO KEEP SAID POLICIES IN FORCE? |
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boomboomkandel
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| Posted: Mon Jul 04, 2011 6:26 am Post subject: |
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| Quote: | | CAN MASSACHUETTS MUTUAL LIFE INSURANCE PAY MY PREMIUMS FROM THE CASH VALUE IN MY POLICIES TO KEEP SAID POLICIES IN FORCE? |
If your policy has an "Automatic Premium Loan" provision, the answer is YES . . . until all the cash value has been loaned out, after which time the policy will lapse if no additional premiums are paid.
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MaxHerr
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| Posted: Mon Jul 04, 2011 6:30 am Post subject: |
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| Quote: | | Massachuetts Mutual Life Insurance Co. refuses to admit forgery by Agent ,for LOAN REQUESTS with out my approval or consent. |
If you believe this is what has happened, file a complaint with your state's Dept of Insurance and let them investigate it.
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CA-licensed P&C Broker-Agent and Life Agent. CA Insurance Lic #0596197. Now investigating insurance company abuses, and providing litigation support and expert witness services. Send me your questions, and I'll send you my answers. |
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MaxHerr
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| Posted: Tue Jul 05, 2011 2:44 am Post subject: |
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Look at your policy. On the applicatio, is the provision checked for an automatic premium loan? If so, a missed premium will result in a loan. You are not borrowing the cash value. You are borrowing the insurance company's money and collateralizing it with the cash surrender value.
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mass mutual agent
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| Posted: Fri Jul 08, 2011 9:13 am Post subject: Life Insurance |
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How does life insurance differ from other insurance?
[[ Link removed by Moderator MaxHerr per TOU ]] |
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autoinsurance005
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| Posted: Fri Jul 08, 2011 7:44 pm Post subject: |
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Life insurance provides protection against the risk of death. All other insurance does not provide the same protection.
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MaxHerr
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| Posted: Sat Jul 09, 2011 12:35 am Post subject: |
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Is there a reason why the moderator won't back up his erroneos claim or be honest enough to admit his error?
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insurance one
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| Posted: Sat Jul 09, 2011 2:13 pm Post subject: |
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Is there a reason why the moderator won't back up his erroneos claim or be honest enough to admit his error?
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insurance one
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| Posted: Thu Aug 04, 2011 9:28 am Post subject: mortuary "life insurance" policy |
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I have a life insurance policy that will pay for my cremation upon my death - and for that only.
There is a beneficiary listed, and that is the name of an individual who was supposed to see to it that my remains were treated as I wish.
I have since discovered by the terms of this policy, I will end up paying five times what I would have paid if I had paid it up front instead over the term of 20 years. (Don't judge me, I was suffering from severe brain damage at the time) Also, the person who is the beneficiary has an extreme substance abuse issue and I cannot trust them do with the money as it's intended and I can't find anything in the document that states anyone other than the beneficiary would have control of the funds. It is not a spouse, we were never married or engaged, nor is this person related to me by any kind of blood.
I called the insurance company and asked how to change the beneficiary, or get the insurance company out of my bank account for the next 20 years.
They sent me two letters. The first, was a bill for the next month's payment. I don't understand that, since it is automatically paid every month.
The second was a letter stating that in order to change the beneficiary name or get their hands out of my bank account, the request must be signed by myself and the beneficiary. I am looking at the contract, and cannot find anything that says the beneficiary is irrevocable. I am listed as the owner of the contract.
They are saying that unless the beneficiary signs off on it, I must forfeit all monies paid up until now.
I cannot find the word "irrevocable" anywhere in this document. If it's is an irrevocable beneficiary, shouldn't it state that somewhere on the document?
Does anyone know of any state resources (in California) that assist disabled/cognitively impaired people in resolving such issues? Or can anyone point me toward a website that explains more about these type of life insurance policies?
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oldnavy
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