I have a whole life policy. I am 33 years old. Should I liquidate and convert to a team assurance?
Total Comments: 3
Posted: Thu Dec 03, 2009 07:30 am Post Subject:
The sequence of events is wrong. You should not terminate existing insurance without obtaining new coverage first.
Having said that, there is no standard answer for your question. It depends on your situation and needs.
You don't say what the insurance amount is, or what the WL premium is, or how long you've had the policy, or what your surrender value is. No way to give guidance without knowing that, and more.
All that can be said with any certainty is that, at any age, a new term policy will be less expensive than a new WL policy, simply because of the cash accumulation component. It may not be true of your situation if your WL was started say, at age 21. A new term policy of the same face amount could cost more, even at the favorable age of 33.
New York has very strict replacement laws, so there are many disclosures that you would need to be given.
Posted: Fri Dec 11, 2009 01:43 am Post Subject: insurance
Team Assurance? I've never heard of this. Is this a TYPE of Insurance, etc?
Posted: Fri Dec 11, 2009 05:19 am Post Subject:
Just a typo -- I'm sure the intention was: term insurance.
Posted: Thu Dec 03, 2009 07:30 am Post Subject:
The sequence of events is wrong. You should not terminate existing insurance without obtaining new coverage first.
Having said that, there is no standard answer for your question. It depends on your situation and needs.
You don't say what the insurance amount is, or what the WL premium is, or how long you've had the policy, or what your surrender value is. No way to give guidance without knowing that, and more.
All that can be said with any certainty is that, at any age, a new term policy will be less expensive than a new WL policy, simply because of the cash accumulation component. It may not be true of your situation if your WL was started say, at age 21. A new term policy of the same face amount could cost more, even at the favorable age of 33.
New York has very strict replacement laws, so there are many disclosures that you would need to be given.
Posted: Fri Dec 11, 2009 01:43 am Post Subject: insurance
Team Assurance? I've never heard of this. Is this a TYPE of Insurance, etc?
Posted: Fri Dec 11, 2009 05:19 am Post Subject:
Just a typo -- I'm sure the intention was: term insurance.
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