tnvolfan1 t1_iueaq7k wrote on October 30, 2022 at 5:57 PM

At that age most people should start transitioning out of investment products into safer strategies to protect their retirement not starting.

As far as the IUL in this situation it’s a big no for me. The cost of insurance at their age is going to be too high and short period of time to grow makes it almost impossible. If they illustrate over 5% don’t believe the hype. Remember just like all market products there are no guarantees.

If they want guaranteed and safe and income for the rest of their lives they should look into fixed index annuities.

Reasonable-Program29 OP t1_iueky1h wrote on October 30, 2022 at 7:04 PM

I wish they had the information for retirement accounts and investments when they were younger but unfortunately, that is their situation. For them, they just want to leave something to us when they eventually pass and believe a Term policy isnt long enough of a time window.

tnvolfan1 t1_iug5ea8 wrote on October 31, 2022 at 1:45 AM

They are not alone. Unfortunately the United States ranks 14th in the world in financial literacy. I think an IUL has its place but this isn’t one of them. Your sister is doing more harm than good in this situation. Shame on her boss as well. I honestly think given your situation a fixed income annuity with an income rider is the best way to go. They can get an 8-10% guaranteed return per year for 10 years.