by Guest » Fri Dec 28, 2012 05:47 pm
Took out whole life policy at age 19 now 61. Premiums $170.30 annually. Death benefit now $19588.00. Net Cash value now $15017.00. Guaranteed Cash value now $6400.00. What does it all mean? I understand in 4 years at age 65 it matures.
Posted: Fri Dec 28, 2012 05:51 pm Post Subject:
also have variable appreciable life policy with $298.20 semi-annual premium which I took out in 1995. Any advise on that?
Posted: Sun Dec 30, 2012 06:48 am Post Subject:
Net Cash value now $15017.00. Guaranteed Cash value now $6400.00. What does it all mean? I understand in 4 years at age 65 it matures.
Without seeing the contract, this sounds like an incorrect statement. You do not mention what the face amount of insurance is, so any answer is not really going to be accurate at this point. A "whole life" policy would not normally "mature" at age 65, but an endowment policy might. A "whole life" policy might be paid up at age 65 but not mature until age 100.
also have variable appreciable life policy with $298.20 semi-annual premium which I took out in 1995. Any advise on that?
Essentially the same answer. Without seeing the policy, no one can tell you anything about it. Even after seeing the policy, without knowing anything about you or your situation, no one is in any position to give you any advice.
Having policy analyses performed on both policies is probably a wise thing to do.
Posted: Fri Feb 15, 2013 07:10 am Post Subject:
In some situations when you can a combination of whole and relates to term life insurance. This is a case where the additional paid dividends are used to additional term insurance. This means that the value of the policy at the time when the person dies is higher
Posted: Fri Feb 22, 2013 09:47 am Post Subject:
Well everyone knows that whole Life insurance policy provides coverage for the lifetime also there is bounce, tax benefits etc. This policy also allows the insured to be covered for life and the premiums can stop after 15 years, 25 years or at age 60.
Posted: Sat Feb 23, 2013 04:19 pm Post Subject:
there is bounce
I have no idea what this is supposed to mean, but it has appeared in other posts written by this person whose first language is probably NOT English.Well everyone knows
That's also not true. Many visitors to this website do not know the difference between term life insurance and the various forms of cash value insurance, of which "whole life" is one. There are several other forms of cash value insurance which are often described as "whole life" but are somewhat different (such as universal life and variable universal life).If you read the OP's statement that began this thread, it is apparent that he has no idea how his policy works. And his statement that the policy "matures" at age 65 was almost certainly 100% wrong, unless his policy is an "endowment" form of whole life insurance, and could eventually cause him to lose his life insurance because he stopped paying premiums based on what an agent may have improperly told him or led him to believe.
the premiums can stop after 15 years, 25 years or at age 60
For this to be a certainty, the contract must be written as such. Most whole life policies say "Premiums payable to age 100" (or to age 120 or 121). Many universal life policies say "Premiums payable throughout the lifetime of the insured" which could actually be longer than "to age 121".Agents have been guilty of misrepresenting when premiums no longer have to be paid, sometimes telling folks, "After seven years, your policy will pay for itself," and they might even show you an illustration that "proves" this. But illustrations are not part of the policy and unless the policy actually states that premiums are only payable for seven years, such statements by agents are a bold faced lie.
If you've been told anything like that by an agent, please contact me. You may be entitled to a full refund of all the premiums you have paid, or you may be entitled to a policy that is completely paid up as a result of the lies of the agent.
Posted: Mon Feb 25, 2013 08:55 am Post Subject:
I think you take me wrong I said there is also . Well I have read about this that you can convert the whole life insurance plan. Well if I am wrong then please provide me some info regarding the same.
Posted: Mon Feb 25, 2013 11:38 am Post Subject:
A person should consider whole life insurance when the need for coverage is lifelong. Whole life may be used as part of your estate planning because it accrues money after a person pays the premiums, as mentioned before.[Link removed per TOU]
Posted: Tue Feb 26, 2013 02:16 am Post Subject:
I said there is also .
Also what?Well I have read about this that you can convert the whole life insurance plan
Please explain what you think you mean by "convert the whole life insurance" and I'll tell you if you are correct or not. At this point I think you are mistaken.I also assume you are not a licensed insurance agent anywhere in the USA.
Posted: Tue Feb 26, 2013 10:25 am Post Subject:
Well I am not a agent, I think we can convert the whole life insurance to term life insurance, well I have read that you only need to connect with the advisor and need to fill out the form that you want to convert your universal life policy to a term life policy.
Posted: Tue Feb 26, 2013 01:32 pm Post Subject:
I think we can convert the whole life insurance to term life insurance
That's why you should not be posting as if you were an agent. This statement is 100% WRONG! Any licensed agent would know that.I have read that you only need to connect with the advisor and need to fill out the form that you want to convert your universal life policy to a term life policy.
Please tell me where you read that. I would like to read it for myself. Whoever wrote that is an idiot because it just isn't true.Here's what insurance companies let you do: convert from low cost term insurance to high cost cash value insurance without proof of insurability. They are in business to make money, and they don't make money by letting you out of a high cost contract and into a low cost contract. You can always terminate your high cost policy and apply for a low cost one, but that's a different process, because you have to prove insurability -- it's not a conversion. (And you would never cancel the existing insurance before a new policy was issued.)
When you convert from term to cash value, your higher age will also translate into higher premiums, so they are happy to let you convert from term to cash value. It never happens the other way around as you claim.
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