Social Media - IUL - Indexed Universal Life
- 2016 0221 - Half_r_mk5 - CTV News Toronto - The bad side of Universal Life Insurance - [VIDEO-YouTube-02:55]
- 1988 - purchased Universal Life - thought Premiums that would stay the same. paid up after 10 years. Vanishing Premium. money was being taken from the cash portion of his policy, now it is all gone, the insurance told him talk to the agent who sold him the policy,
- 02:15 - Spokesperson from Transamerica said - "Transamerica is committed to helping our customers achieve peace of mind and financial security through various insurance protection solutions. This requires that coverage be maintained according to the terms and conditions of individual policies." -- Suzzette Chapman - Transamerica Life Canada
- Comments:
- @shavkats7131- 5 years ago - If you do your compliance training regularly, then you know that policies issued over 20 years ago probably were based on different market assumptions and therefore need to be reviewed by a financial professional. This applies to all financial strategies and goes without saying. That's first of all. Second of all, the video presents only the point of view of the consumer. It says nothing about the contract. For instance, I would like to see if the he was making the guideline payment or just the minimum payment (I suspect it was the latter). Lesson learned: always do annual reviews. When approached by a financial professional, do not dismiss him by saying "I am all set". That's just dumb.
- @MonroeRuiz - 5 years ago - "I would like to see if the he was making the guideline payment or just the minimum payment (I suspect it was the latter)."
- ---That's the same justification mortgage lenders or loan officers used when selling IO ARM loans during the housing bubble and blaming the borrower for only making the 1% IO payment