I am a new member here and wish I had found this site about 5 years ago.
A couple of years ago I was convinced to purchase IUL policies for my wife and I. The benefits we were sold on were the typical guaranteed
returns in a down market, asset protection being physicians, and use of the policies to build cash value to take it as income in retirement.
I have read quite a bit lately about the reasons not to buy these policies including this article
Now, I am trying to figure out what is the right thing to do at this point.
My wife and I are in our 30s, both physicians, have about 500K in retirement accts and 1,500K in brokerage accounts.
Only debt is mortgage of about 500K at 3%. 5 kids with 529s.
Expected annual income is about 850K per year combined.
We will have a 50k per year government pension starting at age 60.
The policy we both have is Penn Mutual Accumulation Builder II IUL
We have cash value in each of our IULs of about 70K and a listed cost basis of 71K.
Looking at the yearly statement for one of the accounts it shows - 11K in premiums paid, 6K in interest credited, and 2K in charges.
So my question to the insurance experts, is what to do now? Or at least what variables should I be looking at to make that decision.
I understand a cheap term policy is typically the right answer but now that I have so much in this policy - should I continue?
Appreciate your advice and time.
CAGR
A couple of years ago I was convinced to purchase IUL policies for my wife and I. The benefits we were sold on were the typical guaranteed
returns in a down market, asset protection being physicians, and use of the policies to build cash value to take it as income in retirement.
I have read quite a bit lately about the reasons not to buy these policies including this article
Now, I am trying to figure out what is the right thing to do at this point.
My wife and I are in our 30s, both physicians, have about 500K in retirement accts and 1,500K in brokerage accounts.
Only debt is mortgage of about 500K at 3%. 5 kids with 529s.
Expected annual income is about 850K per year combined.
We will have a 50k per year government pension starting at age 60.
The policy we both have is Penn Mutual Accumulation Builder II IUL
We have cash value in each of our IULs of about 70K and a listed cost basis of 71K.
Looking at the yearly statement for one of the accounts it shows - 11K in premiums paid, 6K in interest credited, and 2K in charges.
So my question to the insurance experts, is what to do now? Or at least what variables should I be looking at to make that decision.
I understand a cheap term policy is typically the right answer but now that I have so much in this policy - should I continue?
Appreciate your advice and time.
CAGR
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