by Guest » Fri Nov 06, 2009 05:11 pm
I am 78 years old and have a $250,000 life insurance policy. My yearly cost has just been raised to $15,000 per year. There is approximately $7,000 cash value. Policy is about 20 years old. My survivors do not NEED the money, but of course, would like to have it. Should I cash it out?
Posted: Sat Nov 07, 2009 12:53 am Post Subject:
Please tell us specifically what type of life insurance policy you own and we'll be able to give you some more information. Kind of hard to guide you unless we know a few more things, but we're glad to assist!
InsTeacher 8)
Posted: Sat Nov 07, 2009 04:02 am Post Subject:
Sounds universal life based, fixed or variable probably doesn't much matter. Also sounds like it was a tad underfunded. The sad truth is that you will have that cost increase substantially every year.
Let me ask you this. When you say survivors don't NEED the money does this mean they are aren't dependent on you? Or there are other assets likely going to them? Or both? Do you need the $15,000 it's going to cost to keep this thing?
There are a lot of possible options on the table here but it really depends on your situation. The information you've provided so far isn't enough to make even a slightly good recommonendation.
Posted: Mon Nov 09, 2009 09:10 pm Post Subject:
What state are you in? Do you want to continue paying premiums? How long is the policy guaranteed? How is your health? If you no longer want the policy, you may be able to sell it and receive much more than your $7,000 in cash value. Depending on your health, you may be able to get $15-50,000 on a life settlement. If you would like to discuss it further and don't want to post the above information here, please feel free to email me at dgold@goldfinancialgrp.com or give me a call at 1-877-656-1436 (toll-free)
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