Posted by (American Life Insurance Guide 11/06/2019 Los Angeles News) Two whole life insurance products (Whole Life) have been approved by the California Insurance Bureau and will be officially sold in the California market from the end of 2019.
Savings dividend insurance: the choice to carry the risk
Savings dividend insurance, The English name Whole Life, due to its fixed fees, guaranteed rate of return or cash value, and guaranteed payment amount, etc.It is more suitable for conservative groups who need lifetime protection, but are unwilling to take any market risks.
Facilitate the application of foreigners (non-US residents)
According toAmerican Life Insurance GuideInformation obtained from official channels,These two products were launched at the end of November and early December, respectively, and are open to foreigners (non-US residents).
The savings dividend insurance issued by one of the insurance companies will be issued after December 2019.Directly cancel the minimum insured amount of $100 million for foreigners,Adjust the minimum threshold for foreigners to insure to US$25.
Guaranteed cash value and guaranteed rate of return
These two savings and dividend products, which will be listed in California, provide policy account benefits for policyholders in the form of guaranteed cash value and guaranteed rate of return (Interest Rate) respectively.
Savings and dividend insurance products that guarantee cash value need to be calculated and customized according to the individual case of the insured.And another deposit dividend insurance product that provides a guaranteed rate of return, the rate of return given isNot less than 4%.
Provide comprehensive pre-mortem benefits and insurance
along withWelfareThe concept of the insurance industry in the United States continues to popularize, and major insurance companies have more or less increased their newly issued insurance products.Life Insurance Additional Insurance.
After evaluation by the American Life Insurance Guide, these two products have more comprehensivePre-mortem benefit clause.The insurance policies provide core additional benefits such as critical illness insurance, chronic illness insurance, and early withdrawal.
It is worth noting that under the current market system,Non-U.S. residents who are insured cannot enjoy full pre-mortem benefits and insurance.Specific welfare needs and professionsbrokerAnd the underwriting department confirmed.
Evaluation of insurGuru©️Life Insurance Academy
With the approval of these two new savings dividend products in California,Foreigners buying U.S. insuranceThis existing market has ushered in new competitors.For wantForeigners who purchase U.S. insurance (non-U.S. residents), This is good news-exceptForeigners buying U.S. insuranceIn addition to the existing insurance types and products in this market, policyholders have more comparisons and choices.
At the same time, the launch of these two new products brings new solutions to family offices or wealth management institutions that provide services for US dollar assets.
The insurGuru©️ Insurance Academy will follow up the evaluation of the cash value capability and COI insurance cost of these two policy products after the product is officially released.
(Reported by American Life Insurance Guide Network)
1 Guaranteed cash value assumes the policy is designed using only guaranteed values. Actual results may be more or less favorable for policies designed using non-guaranteed dividends.
2 Accelerated Benefits Riders are optional and may not be available in all states. Payment of Accelerated Benefits will reduce the Cash Value and Death Benefit otherwise payable under the policy, may result in a taxable event, and may affect your client's, your client's spouse or your client's family eligibility for public assistance programs. Please have your clients consult their personal tax advisor to determine the tax status of any benefits paid under this rider and with social service agencies concerning how receipt of such payment may affect eligibility for public assistance.
3 Whole life policy's Dividends are not guaranteed. The use of policy values to pay premiums will reduce the cash value and death benefits and may affect the policy's paid-up status or cause the policy to lapse. Minimum premium payments must be met or policy will lapse which may result in a taxable event. Riders are optional, may be available at additional cost, may be subject to underwriting, exclusions and/or limitations and may not be available in all states.
