by Guest » Tue Dec 23, 2008 12:23 pm
I have a small whole life policy that I took out many years ago. The policy will be paid up in 2013. I currently have a premium that is due.
What are my options (other than paying until 2013) and the pros and cons of each?
Thanks.
What are my options (other than paying until 2013) and the pros and cons of each?
Thanks.
Posted: Fri Mar 18, 2011 05:19 am Post Subject:
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.
Posted: Tue Apr 05, 2011 12:37 pm Post Subject:
Whatever you do don't lapse that policy. I would just make the payments and then have the policy pay for itself thought the dividends.
Posted: Tue Apr 05, 2011 05:40 pm Post Subject:
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.
Posted: Fri Dec 16, 2011 09:07 am Post Subject: Loan
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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