Goals:
Income replacement to protect spouse, children, cover mortgage, cover debt with 10, 15, 20, 25 or 30 year term life insurance;
Build cash value accumulation: Whole Life, Universal Life (UL), Indexed Universal Life (IUL) preferably with an increasing death benefit option, option B.
This is the best time in your adult life to start a Whole Life policy. This is also a good time lock in a 30 year term.
Recommendations:
Term: Transamerica “Transamerica Trendsetter LB” Chronic Illness and Critical Illness Accelerated Benefits
Whole Life: Penn Mutual “Guaranteed Whole Life II” dividends, increasing cash value, increasing death benefit, participating “par” whole life, maximum non-MEC ability with Enhanced Permanent Paid-Up Additions Rider, Chronic Illness Accelerated Death Benefit Rider (see Jan ’24 case study below)
Indexed Universal Life (IUL): Securian or American General
Universal Life (UL): John Hancock “Protection UL”
Guaranteed Purchase Option Company Comparison:
Penn Mutual recommend best features
“Guaranteed Whole Life II”
Guaranteed Purchase Option: (issues ages: 0-49) on policy anniversaries nearest the attained ages of: 22, 25, 28, 31, 34, 37, 40 43, and 46; or alternately, 90 days following marriage, childbirth, or legal adoption by the insured of a child less than age 18; The maximum allowed total face acquired from Guaranteed Protection Option exercises is $2,000,000
Nationwide
“Nationwide YourLife WL 100”
“Nationwide YourLife 20-Pay WL”
Not available for ages 38 or greater; maximum $50,000; must be exercised by age 40
MassMutual
Whole Life products
Guaranteed Insurability Rider
Available for: Issue Age 0 – 40
Minimum is $25,000, Maximum is (2 x Face Amount) and not to exceed $125,000
“UL Navigator” Guaranteed Insurability Rider, maximum $125,000 increase schedule age 37, age 40, age 43, age 46
Lincoln National
Guaranteed UL and Indexed UL products
Guaranteed Insurability rider
issue ages 0-38 (15-40 in NY)
Minimum is $10,000, maximum is $50,000
Minnesota Life, a subsidiary of Securian Financial Group, Inc.
Universal Life, Indexed UL and Whole Life products
issue ages 0 – 37
Maximum is $100,000
Contact me for a free confidential quote:
Licensed agent: Sean Drummey
phone: (910) 328-0447
email: spdrummey@gmail.com
national producer #5534308
February 2024 case study: Male, age 25, preferred best
whole life, Penn Mutual, Guaranteed Whole Life II
$40.72 monthly $50,000 benefit
$80.65 monthly $100,000 benefit
$120.97 monthly $150,000 benefit
$161.30 monthly $200,000 benefit
$141.06 monthly $50,000 benefit, with optional maximum Enhanced Permanent Paid-Up Additions (EPPUA) $100.74 a month
$282.14 monthly $100,000 benefit maximum EPPUA: $201.46 a month
The minimum EPPUA $25 a month
January 2024 case study: Male, age 37, preferred best
$3,540 annual $250,000 benefit, participating whole life, Penn Mutual “Guaranteed Whole Life II”, optional Enhanced Permanent Paid-Up Additions (EPPUA) maximum $7,936,59. Initial premium with EPPUA $11,476.56; 7-Pay Premium: $12,533.94
$6,880 annual $500,000 benefit, participating whole life, Penn Mutual “Guaranteed Whole Life II”, optional Enhanced Permanent Paid-UP Additions (EPPUA) maximum $16,073,18. Initial premium with EPPUA $22,953.18; 7-Pay Premium: $25,094.53
January 2024 case study: Female age 29, preferred best
$2,288.00 annual 10 pay, $250,000 benefit, age 120 no lapse guarantee, IUL, Securian,”Eclipse Protector II Indexed Universal Life”. Client 10 pay for $250k in 2013 in NY was $1,715. I did not do an exhaustive comparison, but two others were $2,847 and $3,561. I was interested in how premiums have changed in 11 years.
November 2023 case study: Female age 23, preferred best
coverage options for term and permanent
$187.50 annual $250,000 benefit 30 year term, chronic & critical illness, Transamerica “Transamerica Trendsetter LB 30”
$375.00 annual $50,000 increasing benefit whole life, dividends, cash value accumulation, Penn Mutual “Guaranteed Whole Life”
$545.00 annual $100,000 increasing benefit, indexed universal life (IUL), cash value accumulation, chronic illness, partial return of premium yr 20, yr 25, American General “Value Plus Protector III”
Carriers Recommended:
John Hancock Life Insurance Company
Minnesota Life Insurance Company, Securian Financial
Protective Life Insurance
Pruco Life Insurance Company, a Prudential Financial Company
The Penn Mutual Life Insurance Company
Transamerica Life Insurance Company
updated: 2/14/2024