by Guest » Sat Jul 18, 2009 04:46 pm
Hi
I have been paying on two While Life Policy for over 15 years. Is it worth it to keep paying for the two policy that are only worth 10,000 each. One has a Guaranteed cash Value at 1278.00 other is 2200.00
I have term life also I wil be keeping and my husband has life insurance through his job.
What do I do with these policies. I feel like i am throwing my money away.
Is a whole life policy ever paid in full to where I dont have to pay any more? But keep the policy?
Thank you
gina
I have been paying on two While Life Policy for over 15 years. Is it worth it to keep paying for the two policy that are only worth 10,000 each. One has a Guaranteed cash Value at 1278.00 other is 2200.00
I have term life also I wil be keeping and my husband has life insurance through his job.
What do I do with these policies. I feel like i am throwing my money away.
Is a whole life policy ever paid in full to where I dont have to pay any more? But keep the policy?
Thank you
gina
Posted: Sun Jul 19, 2009 07:06 pm Post Subject:
Ginna, the question can't possibly be answered without more information. In general, WL is worth keeping if you want to leave money behind when death occurs regardless of when death occurs.
Most whole life policies require premiums for a long time. Often this is to age 90 or 100. It could be for a shorter period of time such as to age 65 or 10 or 20 years. However, just because a premium is required doesn't mean that one will always have to be paid out of pocket. If it is a participating whole life policy, it will probably pay a dividend. Dividends can be used to pay for part of the premium or all of it, if it is large enough.
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