Purchased a ING Investor Elite VUL 9 months ago, no I am have 2nd thoughts. How can I exit out?
We are 36 yrs old and trying to hide away as much as possible for retirement. Both of us max out our 401k and have a wearing clothes amount of cash save up. We purchased this ING VUL as an insurance / retirement tool, however, after doing more research (I know after the fact) I am wondering if I made the right choice. Or how I can cut my loss and get out? Any feedback would be handy
Answers:
Don't believe all of the hype give or take a few buying term and investing the difference (BTAITD). I took a long thorny look at the concept and here's a quick summary.
You will be further ahead by using the BTAITD concept during the extent when the term premiums are guaranteed.
Due to the make-up of the premium structure of level residence insurance you will be at a disadvantage when the premium guarantee runs out. You will either hold apply for new coverage (assuming you are still healthy) or verbs your coverage by paying ever higher and fast increasing premiums. You will end up much farther ahead sticking near the VUL concept in this time frame.
I am curious something like the face amount of your policy. Do you and your wife own term coverage surrounded by addition to the VUL? Is the VUL basically on one of you or do you each own them? How did you arrive at the $600k face amount?
For my clients that are contained by a similar situation, I often use the overfunded VUL concept to supplement retirement reserves. It can be a very efficient tool. I would never use just VUL to cover a ample need, however. As Rich suggested, desire out a financial planner to assist you. The VUL concept is a good one, assuming you call for the life insurance, it only may not have be executed effectively for your situation. If it makes sense to do so, you could downsize the face amount of your policy. Premiums on a VUL are flexible inside certain guidelines. You could stifle the face amount of the policy, cut back on the premiums and still end up near a sizeable account merit in retirement.
If you would approaching me to share more details on my examination of the possession vs. VUL concept let me know.
Other Answers:
Insurance policies are unilateral contracts. What that method is the only requisite you have is to reimburse the premiums. If you decide you don't want the contract any more, adjectives you have to do is stop paying for it. You own no other obligations.
As far as the VUL policy, if you bought it as a retirement vehicle, it probably wasn't the best piece to do. I would though, highly recommend you keep hold of some kind of lasting insurance. You protect your future insurability that method, and later within life you can wallow in all of your accumulate assets instead of having to pick up some for whatever final expenses you may have need of.
Also, stay away from online insurance companies. You don't get professional proposal
Source(s):
29 years in the insurance business
If you'd approaching any help or information have a feeling free to email me Before you started this policy did you meet near an advisor to go over your financial plan? If you did than I would contact that professional to review your second thoughts and discuss as to how you come up with the VUL 9 months ago. If you lately purchased this online, then possibly now you should contact an advisor to review your entire financial plan. You can find a chronicle of agents here: http://www.insuremylife.org