Agent Owner, Gilmore Insurance Services, Marysville, Washington State
Yes, it can.. or it can fail. When a person decides a Variable Life policy is the choice of plans they want, they must realize they are making a commitment to monitor and track and adjust that policy for the life of the policy. A Variable Lfie Policy is not a purchase, put away and forget till you have a death claim policy. If a preson does that, there is a strong chance the policy won't be there.
A VUL requires review and action (like rebalancing) on a consistent level through the life of the policy. While this may sound like a chore, it is also what can create the advantage of using a VUL in your portfoilio. The ability to adjust the investment part of the policy to take advantage of market opportunities.
If you are considering a VUL as a purchase, ask yourself if you are willing to pay attention to your policy and make adjustments as needed during the life of the policy to make it work for you. If that sounds like too much work, a VUL is not a choice for you. No worries, there are other choices out there that can help you too.
Owner, Wright Insurance Agency, Great Pittsburgh Area
It's a great policy as long as you understand what you are doing with the cash value that is being generated. A portion of your premium is being invested for you in stocks / mutual funds etc so you need to understand where the money is being put and if that is a good investment. You can earn a lot or lose a lot with those types of policies. It's essentially a life policy with a certain face along with an investing platform and just like stocks you can gain / lose a lot of money.
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A VUL requires review and action (like rebalancing) on a consistent level through the life of the policy. While this may sound like a chore, it is also what can create the advantage of using a VUL in your portfoilio. The ability to adjust the investment part of the policy to take advantage of market opportunities.
If you are considering a VUL as a purchase, ask yourself if you are willing to pay attention to your policy and make adjustments as needed during the life of the policy to make it work for you. If that sounds like too much work, a VUL is not a choice for you. No worries, there are other choices out there that can help you too.