by Guest » Tue Jun 26, 2012 11:14 am
Hi,
I have a whole life insurance policy for which I've been paying $2,500 as premiums annually for the past 7 years. Now, I wish to surrender the policy. How much can I expect as a cash value return from the policy? Any help will be appreciated.
I have a whole life insurance policy for which I've been paying $2,500 as premiums annually for the past 7 years. Now, I wish to surrender the policy. How much can I expect as a cash value return from the policy? Any help will be appreciated.
Posted: Sat Jul 14, 2012 01:03 am Post Subject:
Do you stand by your statement that the companies have a table of guaranteed values instead of annual statements?
This is a mixture of apples and oranges. The contract contains a Table of Guaranteed Values. An annual statement is not part of the contract.
Companies issuing nonparticipating whole life policies, which are the only ones Prudential now offers as new contract -- since they are a stock insurer and are beholden to stockholders not policyholders, have no need to send annual statements. But nothing stops them from doing that, so if they want to who cares? Besides, a WL statement looks nothing like a UL statement.
But arguing over something as trivial as this is a waste of time.
Posted: Sat Jul 14, 2012 08:40 am Post Subject:
Max,
You are the one who is mixing apples and oranges.
Insurance Teacher brought up the point that annual statements are sent. You were the one who said that they usually don't send them because they have oranges.
It's a shame that you will spend more time arguing with me instead of just admitting that you are wrong. Here's your quote which you are refusing to retract:
"Whole life insurance does not normally provide an annual statement"
I've been in business a long time and everyone of my clients with a whole life policy gets an annual statement.
Posted: Sat Jul 14, 2012 05:33 pm Post Subject:
And you sell participating whole life policies. Those aren't the only ones sold. Enough said.
Posted: Sun Jul 15, 2012 02:45 pm Post Subject:
Well then, if it's non part the policy holder need only go back to the policy itself as the guaranteed values should be in there.
If it's par, then the policy holder could probably just call the company, work through the automated system, and get the current cash surrender value.
You guys make me laugh. :lol:
Posted: Sun Jul 15, 2012 03:42 pm Post Subject:
I do sell participating whole life policies. They all send annual statements. I have seen non-par whole life policy annual statements.
You are the one who made the statement, "Whole life insurance does not normally provide an annual statement".
...So, I guess that you are standing behind that statement.
...So, that means that you believe that the majority of whole life policies are non participating and those policies typically don't send out annual statements.
Max, I'm not saying that you are wrong with that. I have said that I don't know if it is true. I'm just trying to pin down your beliefs since you frequently post things as facts that aren't true.
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