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The Golden Rules Of Buying Indexed Universal Life Insurance

By newadmin / Published on Monday, 29 Jan 2018 15:53 PM / No Comments / 5 views


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Getting an indexed universal life insurance policy tailored for you can be a daunting task. Why? Because universal life insurance was designed to be flexible, which means there a lot of options to consider. In fact, if you took some time to shop online, you’d likely end up empty-handed.

To help you get a handle on the topic, I reached out to Tom Murphy, President of Murphy Financial services, who specializes in indexed universal life insurance.

Below are four golden rules to remember when considering indexed universal life insurance.

Rule #1: Shop your broker, not your companies.

This is where the internet can get you in trouble. There are tons of calculators and companies to be found on search engines that will try to persuade you to make a hasty decision, typically by pitching the cheapest rate. The most important item to remember about IULs, however, is that one size does not fit all.

“The fortunate thing for consumers is they have many strong options when shopping for permanent life insurance such as an IUL. The unfortunate thing is they have many options,” says Murphy.

I wholeheartedly agree with Tom. This is why it’s more important to shop your independent agent versus trying to shop all the companies on your own. Find an independent agent who specializes in indexed universal life insurance, not just term or whole life, and let them shop for the best options that meet your specific goals.

Having a strong independent agent can have a drastic impact on the quality of your policy.

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Shutterstock

Getting an indexed universal life insurance policy tailored for you can be a daunting task. Why? Because universal life insurance was designed to be flexible, which means there a lot of options to consider. In fact, if you took some time to shop online, you’d likely end up empty-handed.

To help you get a handle on the topic, I reached out to Tom Murphy, President of Murphy Financial services, who specializes in indexed universal life insurance.

Below are four golden rules to remember when considering indexed universal life insurance.

Rule #1: Shop your broker, not your companies.

This is where the internet can get you in trouble. There are tons of calculators and companies to be found on search engines that will try to persuade you to make a hasty decision, typically by pitching the cheapest rate. The most important item to remember about IULs, however, is that one size does not fit all.

“The fortunate thing for consumers is they have many strong options when shopping for permanent life insurance such as an IUL. The unfortunate thing is they have many options,” says Murphy.

I wholeheartedly agree with Tom. This is why it’s more important to shop your independent agent versus trying to shop all the companies on your own. Find an independent agent who specializes in indexed universal life insurance, not just term or whole life, and let them shop for the best options that meet your specific goals.

Having a strong independent agent can have a drastic impact on the quality of your policy.

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