by InsInvestigator » Fri Jun 21, 2013 11:54 pm
A representative of a large life insurance company meets with a young couple, with 2 children under 5 years old, to discuss their need for life insurance protection. He determines they need $250,000 each and shows them how an Equity Indexed Universal Life policy with a Spouse Term - Early Pay-Off Option is the way to go. Here's the way the plan works:
The husband takes out a policy and adds the wife on with a Spouse Term Rider. He pays the full target premium for 7 to 10 years; then reduces his premium to around $25 – according to this new state-of-the-art plan, it never increases after that.
At that point, they’ll cancel the spouse term rider, and divert the money they were previously paying on the husband’s policy over to the same type of policy on the wife. In only 7 to 10 years, her $250,000 policy will only require around $25 per month – for the rest of their lives.
The husband takes out a policy and adds the wife on with a Spouse Term Rider. He pays the full target premium for 7 to 10 years; then reduces his premium to around $25 – according to this new state-of-the-art plan, it never increases after that.
At that point, they’ll cancel the spouse term rider, and divert the money they were previously paying on the husband’s policy over to the same type of policy on the wife. In only 7 to 10 years, her $250,000 policy will only require around $25 per month – for the rest of their lives.
Posted: Mon Jun 24, 2013 04:16 pm Post Subject:
You can get that from an agent who can be sent to jail for committing fraud in the marketing of the policy.
No UL product will work according to those terms.
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