Chances are you’ve heard about ads for Wealth beyond Wall Street offering numerous benefits to change your life for the better. Even though there is some truth in this, you need to exercise caution if everything is to turn out the way you expect. After all, this method of attaining your financial goals makes use of the Indexed Universal Life or UIL.
However, there are downsides of the Indexed Universal Life that Wealth beyond Wall Street is not warning you about. Keep on reading to find out more and clear some of the doubts you might be having in your mind.
With Wealth beyond Wall Street, high chances are you could pay premiums every year and still end up with no cash value and no death benefit. That’s mostly the case when the market indexes don’t p0erform as projected. Unlike Participating Whole Life Insurance, IUL premiums are not fixed for life. For this reason your premiums could increase during the time you hold the policy.
Furthermore, the life insurance could cost you more for no increase in benefits. Of course, you can still pay extra money for a guaranteed level premium but that only defeats the purpose. No wonder more and more people are hesitant to use IUL for Wealth beyond Wall Street.
Most Companies Do Not Credit You the Interest
Even though some policies offer an interest guarantee rate per year to offset years where the market is flat or goes down, some do not actually credit you that interest every year. Instead, they may do it after every five or ten years with others crediting you only when the policy is terminated. Yes, this makes the situation look good but its pure fiction.
The Bottom Line
Before turning to Indexed Universal Life policy, it is in your best interest that you clear all the doubts you might be having in mind. After all, this is the only way that you stand a better chance of reaping maximum benefits without going through a lot.