No Load Life Insurance from TIAA-CREF
I came across this post by blogger and financial planner Michael Kitces. Kitces does an excellent job explaining TIAA-CREF’s no-load life insurance contract along with its benefits and down-sides, and even the comments to Michael’s post are informative themselves. It’s not clear to me how extensive the fee-only advisory network is in Manhattan; probably larger than in any other city I would imagine if for no other reason than the population of New York is large and generally wealthier on average than most other cities. It’s hard to see though how fee-only advisors, and therefore TIAA-CREF’s product is ever going to make a significant dent in the marketplace. Marketed under the “Intelligent Life” brand, the prospectus for the VUL and it funds exceeds 1,000 pages, so you’ll have to read Mr. Kitces analysis of the product as I won’t be able to get to this for quite some time. I’m going to reach out to the TIAA-CREF contact for more information and perhaps report back on what I find.
UPDATE: Interestingly, I stopped today at Kitces.com and his site is down. I hope he’s all right.