Hi All,
just found this forum, looks awesome!
Seems I too fell for the "here the greatest investment" strategy from an AMP FA, and just got into several VULs a couple months back...
I'm now understanding the complexity of them, and have read through James H. Hunt's (consumerfed.org) reviews of them, etc...along with all of the pro's/con's of Ameriprise.
All in All, I'm very nervous about continuing with these VULs, I'm only 37, and just started several of them two months ago, so I'm only two premium payments in.....
These things are so complex, and so riddled with charges, stipluations, etc....let along the variance in the Net Death Benefits depending on your age....
What I really want to be 100% sure of, If I just decide to bail/surrender/lapse or whatever these contracts (ie just stop any further bank withdrawals), I will be entirely negative in the cash value versus surrender charge..
ie each VUL only has let's say average $300 or so in them (some more), and say the average SC for each is over $10k...
Is there any way shape or form AMP can come after me for the difference, or will they just take my money from each VUL to drain it to $0, and that's it??
I certainly don't remember signing any contract stating this agreement, but I want to make sure 100% this is the case??
Thanks so much in advance for any help!!
just found this forum, looks awesome!
Seems I too fell for the "here the greatest investment" strategy from an AMP FA, and just got into several VULs a couple months back...
I'm now understanding the complexity of them, and have read through James H. Hunt's (consumerfed.org) reviews of them, etc...along with all of the pro's/con's of Ameriprise.
All in All, I'm very nervous about continuing with these VULs, I'm only 37, and just started several of them two months ago, so I'm only two premium payments in.....
These things are so complex, and so riddled with charges, stipluations, etc....let along the variance in the Net Death Benefits depending on your age....
What I really want to be 100% sure of, If I just decide to bail/surrender/lapse or whatever these contracts (ie just stop any further bank withdrawals), I will be entirely negative in the cash value versus surrender charge..
ie each VUL only has let's say average $300 or so in them (some more), and say the average SC for each is over $10k...
Is there any way shape or form AMP can come after me for the difference, or will they just take my money from each VUL to drain it to $0, and that's it??
I certainly don't remember signing any contract stating this agreement, but I want to make sure 100% this is the case??
Thanks so much in advance for any help!!