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Life Insurance: Variable Life Vs Whole Life, Which One Is Really Better?

Question by bizygal | Posted in Insurance

Is Whole Life premium more money than Variable Universal Life? I asked for a Whole Life insurance quote from one of the big insurance companies around, instead the agent tries to convince me that I should go with Variable Universal Life. He said Whole Life premium is always higher than Variable Life. He generated a printout for Variable Universal Life but not for Whole Life. I just want my premium to remain fixed in my old age and dont want the death benefit to fluctuate hence I prefer Whole Life. He stated that the death benefit is guaranteed for VUL. Is it really? I have a feeling it's not and that the premium for VUL will increase in my old age since it's dependent on my market

Answer: Neither is good. Go for term life and put the difference in premium to an investment account.
 
 

Muslim Life Insurance - Whole Or Variable?

Question by SlopeDirk | Posted in Religion & Spirituality

I have a client who is Muslim and I understand the issues with earned interest. Client would like to get permanent insurance, but he was not sure about whole life being OK. The cash value does earn a return, but the company does not state a fixed interest rate. Dividends are a return of premium based on performance of the entire product (such investments, expenses and actual death claims). Another alternative is variable life, where the cash value can be put into separate accounts (similar to mutual funds) and not interest bearing. Any opinions on if whole life is acceptable for Muslims?

Answer: lifeinsurance.awardspace.info - try this one. I have their insurance and, as remember, they can provide such a service.

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What Are The Pros And Cons Of Whole/variable/universal Life Insurance?

Question by missambitions | Posted in Insurance


Answer: Wholelife provides a death benefit upon the death no matter when that occurs as long as you pay premiums. It is more expensive than the other forms of insurance. You may receive a dividend that can build up cash value and help pay for premiums in later years. You may also borrow against your policy in later years. The good thing about these types of policies is that as long as you pay you will have a death benefit. Will not lapse.

Univirsal life also pays upon the death of the insured as long as you pay premiums. It is less expensive than a wholelife policy. You are paid interest on your excess premiums that can build up cash value and you can borrow against. The interest

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What Type Of Life Insurance Do Most Wealthy People Prefer ? Whole Life, Variable Universal Life, Or Term?

Question by Steve | Posted in Insurance


Answer: Majority of people don't have a clue how life insurance works, whether they are poor or wealthy. They are sold on it. Agents prefer to sell whole life or universal life than term insurance because of the big commissions they can earn from it. Commissions are base on annual premiums that the client pays, so that means that whole life or universal life insurance have very high premiums compare to term insurance. You should be very careful when someone recommends whole life or universal life insurance. If you do get it, read your policy and you will see how crappy the product is.

Most wealthy people I know don't see the need for life insurance. Some agents will argue that life insurance

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Is There A Way To Switch From Variable Life Insurance To Something More Secure?

Question by Linda | Posted in Insurance

When my mom was offered variable life insurance, she didn't know the risk of it and didn't know that part of will be invested into stocks, now she is losing money. Her agent doesn't seem to be helping her with this. Is there a way to switch from variable life insurance to something more secure like whole life insurance?

Answer: Well...most VUL's have a guaranteed interest subaccount (usually around 2-3%) or a money market subaccount for people with less market tolerance. However, the agent who sold the policy to her would have been required to put her money into subaccounts that match her risk tolerance, and go over the risks with her. I'd be willing to be that he/she did because most companies with require documentation of such before issuing the policy. Whether or not your mother understood the risk is a different story.

Typcially, you can't change a VUL to another type of policy, you can only alter what subaccount (what you might consider her "investment") your mother has her money in.

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Figuring out whole life insurance | Getting Personal | Marketplace ...

Don't buy a whole life policy until you and your partner are sure it's the right product for your financial needs. I understand term but I don't fully get the whole life product. Figuring out whole life insurance Question: I live with my girlfriend of 4 years. Josh, Chicago, IL. Answer: My advice is simple: Don't buy the whole life policy. She also has a couple term life insurance policies. A good rule of thumb is to never purchase any financial product you don't understand yourself. I understand the money is tax free because the company treats it as a loan....

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