I got the BI for the prulifetime income plan. Can I have some opinions assessing it? I'll go first, please note I have no financial background so I may have missed something; would appreciate advice.
The total premium is around $94k, to be paid over 4 years ($2000 a month). (no idea how they came up with this sum but the 2k a month is to qualify for 1.88% cashback if paying by credit card.)
death benefit/Surrender value
To me, the death benefit seems average, you get back around 105% of what you paid should you die and it goes to your family. But the surrender value doesn't look enticing, even if you somehow live till 99, based only on the nonguaranteed returns, you won't get back the principal sum.
Yearly cash benefit illustration
Based on the yearly payout illustration, if we go by guaranteed sum alone, it really doesn't look good at aroundd $1350 yearly. I guess the appeal of these to buyers must be from the nonguaranteed amount, which looks sizeable)?
The bank agent keeps calling me to hurry up and fund the plan, but I'm not convinced at this point. Although with the cashback from paying for this by credit card works out to amost $10k off the sum required.