All Life Insurance Tips
Whole Life Insurance Policy Knowledge Base
What happens to the dividend option term rider on a whole life insurance policy? If the cost of insurance on the dividend option term rider is higher then the monthly premium being paid. What happens to the term insurance portion of the whole life policy at that time? I have this rider now on my whole life policy to maximize my death benefit at the lowest cost but I'm thinking that either I will have to pay more premium if the cost goes up or I have to drop the rider.
How do I get any of my whole life insurance policy payments credited should I want to cancel? There is cash value to it but only 10% of what I have invested over the last 5 years. Being young and healthy, where would I turn to try to sell it - please indicate successful places for a young, healthy man selling a whole life policy? Furthermore, can I get any credit for 100 monthly payments made any other way besides trying to sell it? Is there barter opportunities or other means?
get back what I have paid into a whole life insurance policy? I have a Northwestern Mutual whole life policy that I have had for almost two years, so, obviously the cash value is a lot less than what I have put in it. Is it possible to have them buy me out and get back what I have paid in? I have no interest in keeping this policy or transferring it to another company. I just want to get my money back. Is it possible to get what I have paid in back (instead of cashing it in for the cash value)?
Does the owner of a whole life insurance policy have to die prematurely for the policy to pay out? Hi. I'm trying to learn more about how life insurance works...basically, I know nothing at this point. So, lets say the father in a family has a whole life insurance policy for like $2 million. What will his family receive if he dies prematurely? What would they receive if he died of natural causes when the children have grown up? Thank you!
should we cancel our whole life insurance policy? we bought a whole life policy for a couple of years ago b/c we liked the "safety" of not losing our money(the way u do w/ term)--anyway we have since learned that u don't make any money this way and it's better to take those premiums and put them in better returning investments. we already have a huge chunk of money in this whole life policy that will be down the toilet if we cancel. what should we do? can we convert it back to term?
Whole life insurance policy and borrowing from it? Hi. I am 26. I am interested in getting a whole life insurance policy. Why I am thinking whole life, is so I can borrow from it in maybe 10 or 20 years. I am seeking around $400,000. How do I figure what the cash value would be in 5 years, 10 years etc., I need a chart!
Can you transfer a whole life insurance policy to another company? I am unhappy with both the performance and service on a whole life insurance policy that I've had for about 11 years. Do I have any options? I'd never get the same rates now. I was told when sold the policy that dividends could pay the premium after 20 years...doesn't look like that is the case. Also, the cash value is LESS than the actual money i have put into it. Is this normal or do I have a crappy policy?
Should I cash in my whole life insurance policy? I purchased a whole life insurance policy about ten years ago. I know, bad decision. Now I have acquired some debt from a divorce and if I cash in the policy minus any taxes and/or fees I can wipe this debt out. I still have an SGLI policy currently for 200K and can increase this after I close the other policy. Is this a good decision?
Are these charges on my whole life insurance policy typical or excessive? I have a $1,000,000 whole life insurance policy. I'm wondering if the following charges are customary in the insurance industry or excessive? 1. The net cash surrender value is $24,990. 2. The expense charges are 15.5% of the premium. (Which seems high to me, but I never had life insurance before.)
whole life insurance policy cash in value on taxes? My wife quit her job. She was contributing around $10 a month to a 25,000 whole life insurance. We got a letter that said the cash value was around $700. If we cash it in is there a tax cost to us? The letter stated that the cash value will be used to pay the insurance cost till it is depleted then the policy would be closed. If we cash it in do we have to pay capital gains or other cost on it. Or the monthly amount she has been contributing offset it??
Have you ever heard of Universal Whole Life Insurance where your policy is up to 120 years of age? If so, what really is the difference between regular whole life and Universal whole life? A family member has purchased and so called Universal whole life policy and I just want to make sure there is no scam or something involved?
Should I open a whole life insurance policy or a 401k first? I met with a financial consultant who told me that the 401k is the last thing I should start. She says it makes more sense to open the whole life which compounds 8% return on my money yearly and pays a yearly dividend. Which is smarter to do first?
What whole life insurance policy is best for a 24 year old? I have a policy from New York Life, but 2 of my friends who are financial planners, say Mass Mutual would be better... there's a bunch of baloney I'm not understanding i.e. guaranteed benefits, crap about withdrawing money for retirement. Altogether, it doesn't seem like I am getting that much from death benefits with the amount I am putting in ($1K/year until pretty much I'm 65). I don't want to pay forever for this... where in my policy does it say when I can stop paying?
How soon after you get a whole life insurance policy can you borrow against it? Also, does anyone know about the tax penalties that come with borrowing against your policy?
Can anyone tell me about non participating whole life insurance policy? I'm 24 years old and working as a professional in malaysia.Recently i bought an insurance policy from AIA.After reading my insurance policy, i want to know a few things like 1) will i'll be getting annual cash dividents? 2)if let say i want to surrender my policy after 20 years..will i'll be getting my premiums back + the dividents? 3)is this the best savings+protection policy? I'm confused..i want to ask my agent but i think its better to get opinion from other people first before consulting her. and one more thing..is it benificial to own a few insurance policies? Yeah..actually im more looking towards protection compare to $$ because i want to make sure my children have enough $$ to support their lives in case something happened to me...
Borrowing agianst cash value of whole life insurance policy.? My whole life insurance statement reflects that my cash value is $49K. Can I borrow that amount or just a portion? Do any previous loans need to be subtracted from the cash value reflected?
How is the loan value of a whole life insurance policy determined? The policy may be paid and it is payable on death in the amount of $50,000. It isn't my policy - I don't have access to the terms. I am providing a service (legally) for someone. I don't want a loan - I just need to know the amount so I can document the loan/cash value of the asset. So I was looking for a percentage or formula to calculate it.
How much would a paid up purdential whole life insurance policy from 1936 valued at $380. be worth toda? The insurance policy was paid in full in 1956 and had cash value at that time of $171.00. The policy states that all dividends earned will be returned to the policy in the form of paid up insurance. That is what the policy stipulated in 1936. Does any one have any idea what it might be worth in todays dollars. Bigjoe
what is the current cash surrender value of a whole life insurance policy? Is this the amount I would get after I cancel a policy? My policy shows this amount minus loans asnd interest and plus dividends and go-rider cash values. I can no longer afford the premiums. I just need to know that if a stated cash value is the amount i would get. In my case that is $17,000.
If I buy a million dollar whole life insurance policy on my wife and I die first - What will my wife be paid? So, I am the owner of the policy on my wife which let us say has a cash value of 450,000 dollars and the death benefit was promised to be a million dollars. But instead of my wife dying - I, the owner of the policy, die. My will states that all my assets pass to my spouse. So what will my wife be paid - 450,000 or a million or some other figure?
I'm 26. How long would I have to pay premiums on a whole life insurance policy? Eventually, the dividends of the policy would outweigh the monthly policy cost. In short, how long does it take for the dividend payments to outweigh the cost of the policy?
Can a whole life insurance policy be used to secure a loan through collateral assignment? specifically a home loan. Also, if it does secure a loan, how much? based on value of death benefit or cash value?
How do you set up an account in Microsoft Money for my whole life insurance policy? There doesn't seem to be an appropriate category to choose. Is it considered an Investment? An Asset? Or what?
I have a c corp with 4 employees including myself......i have a whole life insurance policy that i stopped pay? e policy that i stopped paying on about 1 year ago..... what is the best move for me start a 401k(non matching high limits) or resume the whole life insurance policy jeff
I have a whole life insurance policy and have earned $3.04 in interest. Will I recieve a 1099DIV and do I nee? I have not pulled nothing out of the policy. It just grows interest inside the policy. But need to know if I need to clam it and will I recieve something in the mail with the interest income .. ?
How do I calculate the IRR of a Whole Life insurance policy in Excel? Column A lists the fixed annual premium each and every year and Column B lists the Death Benefit which is growing every year.
I would like advice about a whole life insurance policy.? I had the policy when I was employed full time at an area hospital. I am no longer employed there but still have the policy. I have not been paying the premiums and there is an outstand loan balance, over $1000.00. What should I do about this?
How does whole life insurance work? Here is my main question: If I have a whole life, Life Insurance Policy and the face value is $100,000 and the Cash Value is $112,000 and I die, does my beneficiaries get the $100,000 or the $112,000? Anything else I need to know about whole Life policies would be appreciated too. If my premiums are invested and the rate of return is high enough, why couldn't my cash value be $112,000 or just higher than the coverage amount whatever it is?
what is the value of a 20yr pay whole life insurance policy worth today paid up 20 years ago $1000.00 face val has it been drawing interest for the 20 years ago that it was paid in full?
Can't request money back on whole life policy through Shenandoah Life Insurance Co.? We sat down tonight with my mother about her estate and we are (and she is ) concerned about not being able to cash in her whole life insurance policies through Shenandoah Life Insurance Co. She has paid the full max. amount that was to be in their, but now she would like to cash her policies out and they said that they won't let her do that. Our question is, are they able to say that to her, that they can't cash out her whole life insurance policies and cancel the accounts through Shenandoah? She did receive a letter in the mail a few months ago saying that they were in "receivership"? and I did just look at their web site and found the following info. too... (A moratorium placed on the payment of claims and benefits, except for accident & health claims, death claims, and periodic annuity payments, at the time of receivership will remain in place during the parties’ negotiations. And, Shenandoah will not resume the issuance of new insurance policies until a plan of rehabilitation is approved by the SCC.) Can anyone please help us with understanding how we can help our mother be able to cash out her policies and close her accounts? Any help would be greatly appreciated! Thanks!!
should recently diagnosed high blood pressure be added to an existing whole insurance policy? if someone recently discovered that they have high blood pressure and did not have high blood pressure when they purchased their whole life insurance policy, should they add it now? will it affect the policy?
Paid term life insurance policy conversion to whole life? If a paid term life ins policy (virtually no cash in value) is expiring and is converted to a whole life policy..is the rolled over policy value available for cash in immediately? Or is there some type of rebuild/regathering of interest time span before it has the same face value as before? The policy was actually purchased when I was an infant, so I had no choice in the matter. I just know that if I were to of cashed it in I wouldn't receive anything remotely close to the face value, and it wasn't worth doing it considering what family members paid into it. I was considering keeping it for burial/death expenses however I agree that it is quite possibly not worth it if I am able to just cash in and not sink anymore money into it..my money at that.
whole life insurance policy? My whole life insurance policy has been paid up? My mom borrowed money off of it in the past...how much are you allowed to borrow on that?
I have a whole life insurance policy, should I cash it out? Would I pay taxes on it? This policy is about 18 years old...I do have a larger term life policy...My premiums are $50 a month...and the cash value is going no where...I could use the cash to pay most of my debt down and I would like to start investing in my deferred at work?
Should my 90-year-old father continue to pay whole life insurance premiums? He has three $10,000 life insurance policies. Two, Knights of Columbus and New York Life, are whole life policies that have cash value. The third is his WWII military policy. He does not need the cash flow. Should he cash out, or use the cash value to pay premiums, instead of continuing to pay premiums?
I purchased a single premium whole life insurance policy in 1984. I am confused about the tax on policy loans Original premium- $50,000. Total loans- $66.000. Cash surrender value-$64,000. I would like to access that $64,000 so I can earn a better return than the 3.25% the insurance company is paying. I realize that i will have to pay tax on the loans I have but the company is claiming I will also have to pay tax on all the interest on these loans that has been accumulating for years at 8%!! I understood that this interest charge is a "wash" meaning I am charged 8% but also credited 8% since I am borrowing my own money from policy earnings. This total interest is well over $100,000 which of course would prevent me from surrendering the policy since most of my $64,000 would go to taxes. I believe the company is mistaken on this and they may be saying this to keep my money. The original contract does not address this at all and I have researched the IRS code and have not found a specific statement. The company says this is their interpretation of the code, but not the actual code statement. Help
What's the maximum loan amount that a person can write against a whole life insurance policy? I don't understand it very well yet...thanks in advance...
Anyone have a whole life insurance policy they use as a savings account? I've been told by my financial adviser about investing in a whole life insurance policy with a company instead of an IRS sponsored program and using the money in it as a fund to borrow off of while the account still pays dividends and I simply pay the money back into it. Kind of using it as your own bank so you don't have to borrow money from a bank and pay them back the interest. You pay yourself back what you WOULD pay a bank on principal and interest and you make your money grow. I have yet to see or hear any real life feedback on if this system really works. Anyone have a policy they use as their own bank and if so how effective is it?
Can you ever get out of a Whole Life Insurance Policy? Let's say you get talked into a whole life insurance policy by a greedy insurance salesman. Then 5 years later you find out the truth--that whole life insurance is a rip-off, and that your young family (say you have children ages 3 and 5) would be better off if you had term insurance. Can you get out of the whole life insurance policy? Would a penalty be involved? Let me expand upon my question--since Whole Life Insurance is part 'real' insurance and part investment--can you get any of your investment money back? Raysor, You must be from the UK, and they must do things differently there. My husband and I have never heard of anything called 'Whole Life Assurance'--and 'Term insurance' in the US is straight insurance (the Good Way to Go, with no investment plan attached to make insurance companies rich). But thanks anyway--it's interesting to hear about differences in different countries.
How may I find out about a whole life insurance policy someone may have on me? My father had me sign a life insurance document when I was eighteen which he said was just to cover funeral costs should I pass away. I signed the papers, not even reading them. I no longer have a relationship with my father however a few years ago before I cut off contact with him he mentioned he had a whole life insurance policy on me. He told me that it was left to him should I die and if he was deceased it would go to my uncle (his twin brother) and that if my uncle throught I was mature and responsible enough he'd give me the policy...since it's worth a lot of money. My father claimed he way paying a lot into it. My parents are divorced and my father's side of the family doesn't really have contact with him, he's pretty much isolated himself from everyone. How may I find out if such a policy does exist and given my father's previous life threats to me and dangerous nature I'm not comfortable with him having this policy. Is there anything I can do about it? Would it be possible since the policy is for my life to force my father to change it into my son's name? Well, it sounds like my father is most likely the owner (knowing him that's probably how he set it up) and my uncle would be the contingent owner of the policy. I guess I just will have to let it rest from the sound of it, I won't be able to find any information about it... When I was sixteen I signed some paper making it okay for him to take out life insurance on me...it was supposed to be enough to cover funeral costs and he insisted on it since I was sixteen. That part is clear. Now, I may or may not have signed papers for him to change companies when I was nineteen...I can't completely remember...but it's quite possible. When I was twenty I asked him about the life insurance policy. That was when he said he was paying a lot of money into it. He also said that if I died he'd get a lot of money. I didn't quite get that but I asked him what would happen if he died first, which was more likely to happen. He claimed that the policy would then go to my uncle. He also said that my uncle would hand it over to me when my uncle felt I was mature and responsible enough to have it. At that point he said it would be my choice to keep it or to cash it in. He may have even terminated the polciy since I cut off contact with him.
A question about whole life insurance policies? Assume two groups of policies,each consisting of 1000 policies, issued at the same time to groups of the same age. One group consists of single premium whole life policies and the other of 20 payment whole life policies. If mortality is less than anticipated, which group will show the largest mortality savings ?
How much tax will I pay when cashing in Whole Life Insurance Policy? My grandfather started a mass mutual whole life insurance policy for me when I was born. I began paying the yearly premiums when he passed 2 years ago. Yearly premium is $250. I am looking to buy my second home and would like to cash out the policy and use the money for a down payment. I am 26 years old and have life insurance through work for $100,000. If I cash out the entire policy , current cash value is $70,000, what am I looking at for taxes. Will it just be on my 2008 taxes? Taxed as regular income? How much should I set aside in order to cover that income? Thanks for your help.
Has a life insurance company ever refused to let you surrender your policy? My dad has a whole life insurance policy that he's had for years and wants to surrender and get the cash value. The insurance agent has been giving him the runaround and trying to get out of sending him the forms to surrender the policy. Is this typical and what can you do about it?
Can States Take out Whole Life Insurance Policies on Their Employees? Can States or State agencies ( such as department of transportation, agriculture, etc) take out Whole Life Insurance policies on their employees? (Meaning if their employees pass away, the state or state agency would be the beneficiary.) I know companies such as WalMart are able to do this on their employees. But can states/ state agencies? I also need to know which states can and which states can not. I have been looking everywhere with little luck. Who can I call to get this information? Thanks!
I would like to take a life insurance policy for my whole family? My family consist of 3 adults & 1 minor i want a life insurance policy which covers my whole family from ill, accidents, natural detriment. Insurance policy amount may be 10,00,000 - 15,00,000. Insurance premium payable annually. Who is the best company to deal with & what would be a premium amount. Pls give your valuable solutions.
What is the best life insurance policy? What is the best health insurance and life insurance policies? I am recently out of the military and need to purchase an individual health ins policy. However, I am not sure which ones are the best. I am a student, do they offer any good student policies? Also, is the SGLI to VGLI conversion a good change to make? If not, which is better term or whole life insurance policies?
Can I use whole life insurance issued in my name for collateral on a loan? I have a 5,000 dollar whole life insurance policy issued in my name, but of course I am not the beneficiary. Can I use this policy as collateral on a loan? If it has no value to the insured person then why can you borrow money off the whole life insurance?
What is the best life insurance policy? What is the best health insurance and life insurance policies? I am recently out of the military and need to purchase an individual health ins policy. However, I am not sure which ones are the best. I am a student, do they offer any good student policies? Also, is the SGLI to VGLI conversion a good change to make? If not, which is better term or whole life insurance policies?
Can an insurance agent in one state issue a life insurance policy for another person living in another state? We live in the state of NJ and we had a baby in 2009. My father-in-law, who lives in MD and who also happens to be an insurance agent in MD, took out a whole-life insurance policy on my child without my consent. Can my father-in-law do this and is the policy valid if he did it outside the state of MD?
Should we wait to get rid of our whole life insurance policy? My husband and I are trying to cut back on expenses and want to get rid of our whole life policies. My question is: when it comes to collecting the surrender value of our insurance, would it be better to wait to cancel on our anniversary date? I wasn't sure if the surrender value builds up monthly or yearly. Thanks for your help. Thank you for your answer. However, I would prefer to get both my cash out of it AND save money by not having the premiums anymore. Keeping it really isn't an option right now.
Is there any way around the cancellation fee for whole life insurance? I have around $4,000 dollars in my whole life insurance policy. A year or so ago, I decided that this type of "investment" is not for me so I stopped funding it. When trying to "cash out" of this policy I discovered that there is a $5,000 surrender fee, which would leave me with nothing. Does anyone know of a way around this, or at least a way to contest it?
Will I lose my cash accumulation value if I cancel my whole life insurance? I am realizing now (6 years after opening) that my whole life insurance policy is a bad investment. I notice on the policy there is a cash accumulation value and a cash surrender value. They are grossly different. If I cancel the policy do I only get the cash surrender value? If so, is there any way to get more? Do I just admit making a financial blunder and walk away from the policy?
What are your chances of getting a whole life insurance policy if you put down as occupation "suicide bomber"? Life in prison? That would be a good thing. Having everything go according to plan would be a bad thing.
if i have a whole life insurance policy with premiums that go up every year,can i sell it to someone else ? who would pick up the payments and then cash it in when i die
Need advice on Whole Life Insurance Policy!? Just to make a long story short: I have had a life insurance policy since I was 22. I put in $1200/year. I am now 26. I was talked into getting this policy from someone who I respected but does not now, knowing they did not have my best interests in mind. I do not need life insurance at this moment, although I know there will be a need further down the line when I might have a greater chance of being uninsureable and the premiums will be higher. However, I am rated as preferred so I dont know if that will hold true. Should I surrender this policy? If I do I will have a check for $1331- basically I would lose out in $3469- BUT it might be better to lose that money now than to keep contributing $1200/year while the cash value grows very SLOW and my death benefit is only $176,000 anyways, which is NOT enough anyways... Any advice would be helpful. If I do surrender the policy I plan on opening a ROTH IRA and funding it with $200/month- the 100 from the ins. and 100 more of my money.
Pay the Extra Premiums for Whole Life Insurance Quotes? I currently have a term life insurance policy and am considering converting it to a whole life policy. I'm married with no kids. My wife has her own life insurance and retirements already in place. We are not going to have children. The main reason I was interested in the Whole Life was the investing portion to supplement my current mutual fund retirement. Should I pay the extra premiums for the Whole life or should I keep the term life and put the extra money into a Roth IRA? Any advice would be great. Thank you
Should I cancel my parents whole life insurance policy? Ten years ago I bought life insurance for my parents and at the time being young and not familiar with my options, I simply chose a whole life insurance with a face value of $2000 for each, with a quarterly premium of $30 each. Now ten years later, I come to learn that whole life insurance isn't the wisest way to go. My question is...should I cancel it? and if I do, what will happen to the money I've already invested? Thanks to anyone who can provide me with some sort of information! @Ryanjw - Thanks for the information! @Mbrcatz - Thanks, my goal when I purchased the LI was to be able to pay for my parents funeral arrangements should they pass before I do. Having said that, as I previously stated, I bought the LI (10) years ago, when I was younger and not well informed, hence, why I bought a $2,000 policy. At the time, I thought $2,000 would be (if not enough) at least helpful to me, since I am an only child. Now, ten years later, I am more informed and I am trying to figure out whether I should continue it or if I am better off canceling it, taking whatever money I will get from it (if any) and putting in into a savings account in which at least it accrues interest and I can continue to add to it going forward. So that when the time comes (hopefully not for a very long time) I am (at least) financially prepared to deal with the situation.
Are all whole life insurance policies not insured by the FDIC? Which companies provide FDIC insured whole life insurance policies and which companies do not?
How much commission is paid on Single Premium (or single payment) Whole Life Insurance Policies? And is this a percentage of the total lump sum premium/payment or is this a percentage of the TARGET premium/payment....Again, I'm looking to find out about SINGLE Payment whole life insurance.
What is the best life insurance policy to go with? What is the best health insurance and life insurance policies to go with? I am recently out of the military and need to purchase an individual health ins policy. However, I am not sure which ones are the best. I am a student, do they offer any good student policies? Also, is the SGLI to VGLI conversion a good change to make? If not, which is better term or whole life insurance policies?
What is the best life insurance policy? What is the best health insurance and life insurance policies? I am recently out of the military and need to purchase an individual health ins policy. However, I am not sure which ones are the best. I am a student, do they offer any good student policies? Also, is the SGLI to VGLI conversion a good change to make? If not, which is better term or whole life insurance policies?
What is the best life insurance policy to go with? What is the best health insurance and life insurance policies to go with? I am recently out of the military and need to purchase an individual health ins policy. However, I am not sure which ones are the best. I am a student, do they offer any good student policies? Also, is the SGLI to VGLI conversion a good change to make? If not, which is better term or whole life insurance policies?
whats the best company to go with for a whole life insurance policy? Im 27 now,Basically getting it for the return in cash value later in life.
Can you transfer a whole life insurance policy to another company? I am unhappy with both the performance and service on a whole life insurance policy that I've had for about 11 years. Do I have any options? I'd never get the same rates now. I was told when sold the policy that dividends could pay the premium after 20 years...doesn't look like that is the case. Also, the cash value is LESS than the actual money i have put into it. Is this normal or do I have a crappy policy?
Does the owner of a whole life insurance policy have to die prematurely for the policy to pay out? Hi. I'm trying to learn more about how life insurance works...basically, I know nothing at this point. So, lets say the father in a family has a whole life insurance policy for like $2 million. What will his family receive if he dies prematurely? What would they receive if he died of natural causes when the children have grown up? Thank you!
Whole life insurance and leaving the country? When i reach retirement i plan on leaving the country USA (My relatives live overseas). If i have a whole life insurance policy does it still cover me even though i am out of the states? Does it pay my beneficiaries upon my death?
Can whole Life insurance be cashed out? My father has a Whole Life Insurance policy he opened when I was born for me. IT was for 50k and I am 34 years old now. What good is it to me now? Can I cash it in for money? Should I continue to pay it? What are my options? My father insist that it is work at least half the face value. A little insight please.
We are getting term life insurance. Should we cancel the whole life policy? Before my husband and I purchased a home, he had a basic whole life policy. Now that we are homeowners, we need more coverage, so we are adding a term life policy that is probably six times larger than the original whole life policy. Because he has diabetes (he is only 32), the cost of the term life policy is kind of expensive. We are wondering if we should cash in the whole life policy and save the extra money from not having to pay the additional monthly premium? Or is there a benefit to keeping both policies?
I cashed in a whole life insurance policy last year and took a $10,000 loss, can I claim the loss? The surrender charge was $10,000+/-, that is the loss I want to claim...
What is the difference between a whole life and a 10 or 20 year term life insurance policy? And what company has the best price available? In the USA...
Any one know which life insurance company paid the most Non-Guaranteed dividend in whole life policy? Farmer? New yoke Life? State Farm? Prudential?AIG? AAA? AXA?........ -Ben s, thanks to let me know the company, but how do I the dividend history without contact with mass mutual agent? - Mark, I already had Term life, but invest the different is hard to do, most of the people can not keep up thire investment for long term. I just really want to know how to find out the dividend data. Thanks to all answer.
Should I cash out a Variable Adjustable life insurance policy? A little over 2 years ago, I was sold a $100,000 Variable Adjustable life insurance policy. At the time I didn't really know much about life insurance, but it sounded good at the time because of the cash value feature. I am 25 with no dependants, with an additional $25,000 whole life policy that my parents started for me long ago in addition to about $70,000 in group insurance through my employer. Now I am thinking that this VAL policy was not in my best interests considering my situation and am thinking about cashing out. I have paid in about $2500 in premiums and the cash value is about $1200. Is this a foolish thing to do at this point after paying so many fees thus far?
What are the pros and cons of modified whole life insurance? I'm really confused by all this insurance biz. What I'd really like to know is whether I'd be losing out alot by cashing in my whole life policy that I've had since 1985. The total death benefit is about $12,400. The cash value is $2400 which I could really use now. Would I be losing much since my job automatically provides basic life insurance to me which covers $38,000? I also have additional voluntary AD&D which covers another $38,000?
whole life insurance surrender tax consequences? I cashed in a small whole life insurance policy last year. Is this money taxable???
How does the insurer make profit on a whole life insurance plan? ? The insurer sells you a whole life policy in which your earning cash value and interest. What are some ways that the isurer is making profit if the cash value and interest is your to use at any time?
Do I need Whole Life insurance after I retire? I am 30 yrs old. My whole life policy is less that five years old and I feel it is breaking my bank to pay monthly. It is 50k and I also have term for 500k. Why cant I drop that expensive WL policy and invest that monthly cost into a Roth. I could pay funeral expenses out of that if my term insurance ran out by then. Does this sound like I am on the right track?
Whole Life Insurance? So I read on bankrate.com that one can borrow against their life insurance (whole life insurance) policy to pay off debts. This sounds like something I may be interested in. How long do you need to hold your policy before you can borrow the funds. (EX if I purchase a 125k policy and need to borrow 30k)
Maxed out IRA...what about whole life insurance? I have maxed my IRA and my employer does not offer a 401k. I am 28 and make 85k/year. Where can I invest my money for retirement? Is a whole life insurance policy the only option remaining? Why is 15k the amount for 401k and only 4k for IRA's?
Do I keep old whole life insurance policies? Or cash them in for term? My father just gave me five (5) $10k insurance policies he had on me to me (i'm now 33 and married). They are about $100/year each ($500 total a year for $50k). I would think I would need a lot more coverage and get a term policy - but is there an advantage to keep the others? or just cash them out (worth less than $4k)
How do Life Insurance companies make money? Someone I know has a whole life insurance policy with Metlife with a face value of $50,000. The annual payment is $290. How does Metlife earn money when they pay out much more than they get in?
which is a reputable life insurance company to get whole life insurance without a physical exam.? Can you name a few companies where I can take out a life insurance policy against myself, my husband without take a lenthly physical exam.
What is the best health insurance and life insurance policies to go with? I am recently out of the military and need to purchase an individual health ins policy. However, I am not sure which ones are the best. I am a student, do they offer any good student policies? Also, is the SGLI to VGLI conversion a good change to make? If not, which is better term or whole life insurance policies?
I currently have whole life insurance, to help my family in case something happens. Should I have term also? Also, what is a reasonable amount to have for both? I originally just wanted a whole life policy to cover funeral expenses etc just in case something happens to avoid burdening my family, but maybe I should try to get more while I'm young to save money, and also so my family will have money left over. I plan to live a long life, but ya never know. :)
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