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 Posted: Sat Jul 04, 2009 2:01 pm Post subject: i want to know the paid up value of my lic policy |
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i have submit my policy no.481953599 with requird... and now i want to incash. please let me know the surrendered value.
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Debashish Saha
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| Posted: Sat Jul 04, 2009 7:33 pm Post subject: |
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| The surrender value is $8.52 |
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dgoldenz
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Joined: 10 Jan 2009
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Location: Virginia
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| Posted: Tue Feb 16, 2010 3:04 pm Post subject: Flexible Premium Adjustable Life |
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I have (2) $50,000 policies which the following charges increase with time: Expense Charge, Cost of Insurance, and of course the Premium Charge. These policies will become unaffordable to me in future years. I don't have much cash value built up as I had to withdraw money through the years. The policies are with Western & Southern. Should I start shopping for a term policy or try and hang on to what I have?
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JES 1958
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| Posted: Tue Feb 16, 2010 3:42 pm Post subject: |
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How old are you and how is your health? If all you want is a guaranteed death benefit for life, you may be able to do a 1035 exchange to transfer the cash value to a guaranteed universal life policy and "buy down" the premium. Do you want the policy guaranteed for life, or do you only want it guaranteed for a specific period of time?
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dgoldenz
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| Posted: Tue Feb 16, 2010 9:15 pm Post subject: |
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For educational purposes, JES 1958 has current assumption universal life insurance policies. Dgoldenz has brought up a good point, that it may be possible to 1035 (transfer the money without paying taxes on gains to another policy) the money to a secondary guaranteed universal life insurance policy, which is permanent no cash value (even if it says there is  ) life insurance. Term to age 100 or infinity, or whatever you want to call it, so long as you pay the premium.
To also address the question, are you currently losing money in the contract due to charges? Or is the account value still rising as you pay premiums. How long have you had them? |
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BNTRS
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| Posted: Mon Mar 29, 2010 11:08 pm Post subject: whole life matured |
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my whole life policy has matured. All premiums are paid. Should I take the cash value now? I will be 90 in 6 weeks and I'm healthy. Thanks.
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swilkes3
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| Posted: Wed Mar 09, 2011 3:10 pm Post subject: paid up life ins. policy |
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My term life ins. policy has been paid up for awhile. I have other ins. policies to cover my expenses when I die. I need the cash value of this policy now. Do I have to pay Fed. Income Tax and State Tax on it when I file next year?
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kay m
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| Posted: Fri Mar 18, 2011 5:19 am Post subject: |
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| Quote: | | My term life ins. policy has been paid up for awhile. I have other ins. policies to cover my expenses when I die. I need the cash value of this policy now. |
Generally, term life insurance = no cash value. So your question has little/no relevance. Return of premium term policies do have a cash accumulation, but that would never exceed the cost basis (premiums paid), so terminating a ROP term policy early would not incur an income tax liability in most cases.
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MaxHerr
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| Posted: Tue Apr 05, 2011 12:37 pm Post subject: |
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whatever you do dont lapse that policy. I would just make the payments and then have the policy pay for itself thought the dividends.
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Orlando_Insurance
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| Posted: Tue Apr 05, 2011 5:40 pm Post subject: |
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| Quote: | | whatever you do dont lapse that policy. I would just make the payments and then have the policy pay for itself thought the dividends. |
Please give an example of a DIVIDEND-PAYING term life policy -- I've never seen one since I was first licensed in 1980.
The OP in the most recent thread says his is a "paid up" term policy. I'm not sure he's correct in that statement, either.
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MaxHerr
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| Posted: Fri Dec 16, 2011 9:07 am Post subject: Loan |
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I converted my term life policy in to whole life policy with a cash value of $14,000, can I make a loan against the $14,000?
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Life
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