e**p
发帖数: 4259 | 1 最近好多IUL的代理都来找我,哈哈,我显得很有钱么? 我这人远虑近忧都有，所以是保
险代理的最佳猎物。是的，我很想买人寿保险，但对于白扔钱的term下不了决心买，对
投资性的IUL又持怀疑态度。所以他们一个个来了又走，走了又来，最后对我失去兴趣
，联系就不那么频繁了，但新一轮的agent又找上门来，试图说服我，但说来说去，就
是省税这一好处。对于大部分双职工家庭来说，省税这一功能确实诱人，但对于投资7
万多刀（比如说50万的保额）是否最后打水漂，确实是最大的担忧。而且，哪里有稳赚
的生意啊？天上是不会砸馅饼的啊？没有人能回答清楚，最后统一的答案是，投资有风
险，要根据自己家庭的财务情况来选具体的产品。
那如果是双职工俩娃家庭，只有W2收入，双亲无需赡养，这样的情况，IUL是否可以选
择呢？能否列出具体情况让你们的客户对号入座呢？我没有得到回答，我还是在买和不
买之间徘徊。我是很open-mind的，但我的朋友们包括家人们一听这个东西，就吓得立
马说，老鼠会的东西，别碰，现在改头换脸又来骗人了。
呵呵，确实，10年前有人就给我介绍过这种东西，穷学生一个，没钱，对金融财务也不
了解，没听懂；隔了几年，我做博后了，终于有点小钱了，又有另外一批人来找我，拉
我去上课，没去，有朋友去了，说被骗了100刀，不过也算有收获，懂了啥叫401K了；
又隔几年，又有一批又一批人来找我了，先是讲如果避税如何给孩子规划大学学费，最
后的结论是-请买IUL。这不是扯蛋么？但这次，我没有反感，我最好的朋友之一在国内
卖各种保险，我心想，她都卖保险了，我确实需要对保险有新的认识，所以就敞开大门
让这批人来了给我讲课了。我要抛弃陈旧的观念，学习各种金融理财知识。无奈，几次
课后，我这个金融财务盲还是没有找到答案，还是在买和不卖之间犹豫。
有真正懂IUL的人么？ 同胞代理们，别为了几千刀佣金，能讲讲你们对IUL的真正认识
么？别忽悠金融财务盲的同胞们，大家在美养家糊口不容易！ | r******u
发帖数: 281 | 2 I am not an agent. To see whether IUL works for you is whether you feel
comfortable with the investment strategy the company uses first. You may
compare IUL cost/return to term insurance + a similar return/risk profile
structured note during the period you want insurance protection.
The insurance company manage the indexed fund return by using the following
strategy. Use premiums to buy bonds, and use the return from the bonds to
buy at the money call options and sell out of money call options at the same
time. I will give you an example below.
Let's also assume following,
1. you have $10,000 and invest a bond with an annual coupon rate of 4%. In
this case, you can receive $400 cash flow from holding a bond for one year.
2. S&P is at 2,000.
3. one year point to point S&P price Index call option with a strike of 2,
000 cost you $550 and S&P call option with a strike of 2200 cost you $150 on
a notional amount of $10,000.
4. You buy $10,000 notional amount of S&P Price Index at the money call and
sell $10,000 notional amount of S&P out of money call with a strike of 2200.
This will cost you 550-150=$400, which is the amount you can fund by the
bond coupon. (We ignore interest cost to the coupon funding for now)
The strategy of buying at the money calls and selling out of money calls
plus holding a bond will result you a return profile with the following.
At the one year option maturity, if S&P is lower than 2000, both at the
money and out of money call worth 0.
-You net cash flow = $400 form bond - $400 spend on options=0.
If S&P is between 2000 and 2200, the at the money call with worth (SP index
- 2000)*10000/2000 and the out of money call will be worth 0.
-Your net cash flow = $400 from bond-400 spend on option + (SP index - 2000)
*10000/2000=SP annual return *10,000
If S&P is above 2200, the at the money call the at the money call with worth
(SP index - 2000)*10000/2000 and the out of money call will be worth (SP
index - 2200)*10000/2000
-Your net cash flow = $400 from bond-400 spend on option + (SP index - 2000)
*10000/2000-(2200-SP index)*10000/2000 = 2200/2000*10,000=$2000.
In essence, life insurance company uses the return from bond portfolio to
buy and sell options for the underlying index. They manage the CAP, which in
the above example is 10%=2200/2000-1, to make sure the money they spend on
the option is within the return from the bond portfolio in long run.
Sometimes, the company is willing to use higher than portfolio return as
option budget in a very short term for marketing purpose to attract customer
. In reality, company may explore more advanced technique to manage the risk
such as dynamic hedging using future, which could be more cost effective
than buying option direct from the market/dealer. As a personal investor,
the above strategy may not work for you because your volume is low , spread
and transaction cost will be too much for typical individual investor.
You can calculate the IRR using your net premium ( IUL level premium - term
premium) as your net investment after the insurance protection and final
Cash Value (at which point you deem that you don not need protection at all
such as your retirement age) as return. The return will largely be driven by
the assumed indexed fund long term annualized Price return.
NAIC may adapt new regulation as how to illustrate these products (what
maximum indexed return can be used). For a S&P Price index, I will not look
at anything beyond 6.75% annualized return as of today for long term 15 year
plus. You want to do a 4% also to see whether the illustrated value still
be appealing to you compare to other options.
You need to prepare to hold the policy for at least 10 to 15 years. Also,
understand what loan/partial withdrawal option you have if you need to
access Cash Value before that period and the tax consequence. |
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