Why, after more than 22 years, am I still paying premiums on a 20 years Whole Life Insurance Policy from Great West Life Insurance Company?
Total Comments: 5
Posted: Thu Nov 29, 2007 07:34 am Post Subject:
Normally, for the whole life plan you have to keep on paying the premium through out the life of the policy and the policy will stay in effect as long as you pay the premium.
The whole life plans are designed to cover you through out your life time. Therefore, if you stop paying the premium the policy will lapse.
Posted: Thu Nov 29, 2007 07:42 am Post Subject:
Good morning Sig and welcome to Ampminsure.
The premium payment period will depend upon the type of whole life plan you have purchased. For some whole life plans one has to pay the premium for a certain period of time and for some others the premium needs to be paid through out the full tenure of the policy. IMO you might have committed for the second type of whole life plan. Therefore, I'll suggest you my friend to refurbish your policy clauses to find out the actual reason. You can also seek the help of your agent for more clarification.
Warm regards,
Carol
Posted: Thu Nov 29, 2007 09:03 am Post Subject: Think about the good points before deciding....
Hi Sig, I can understand your dilemma but my friend try to find some good points about continuing paying for the whole life plan.
It'll cover you through-out your life.
You can continue enjoying a peaceful life as it'll take care of the financial needs of your family at the unfortunate event of your premature death.
You will keep enjoying tax advantages as long as you continue paying the premium.
It is building an asset for you and you can receive the cash value whenever you are in dire need of fund.
I think you should mull over these points before deciding weather or not to continue paying the premium for the policy. However, I also agree with my previous poster that you should re-read your policy terms for further clarification on this matter.
Thanks,
Macmilan
Posted: Fri Nov 30, 2007 06:21 pm Post Subject:
Hi Sig, welcome aboard.
Why, after more than 22 years, am I still paying premiums on a 20 years Whole Life Insurance Policy from Great West Life Insurance Company?
What a great question. If it a 20-pay life or a 20-year endowment, why are you still making payments on it? May I ask, who told you that premiums would only be required for 20 years? Were you told atthe time of sale that no premiums would be required after the 20th year?
On my home page, I state very clearly the "40% of every life insurance policy sold in America since 1983 will not perform as sold". That statement has been thrown in my face in places as high as the New York State Supreme Court (Harris et al. v Prudential) and never proven incorrect.
Let's chat about this a little more and see if we can figure out a solution.
Posted: Sun Dec 02, 2007 04:07 pm Post Subject:
Good morning sig and welcome to the forum, sounds like you have gotten some really good answers here on the forum. I have learned alot by reading the responses, I am hoping that you continue the thread with more probing questions to expand on this subject a little more. Hope you got all the information that you need.
Posted: Thu Nov 29, 2007 07:34 am Post Subject:
Normally, for the whole life plan you have to keep on paying the premium through out the life of the policy and the policy will stay in effect as long as you pay the premium.
The whole life plans are designed to cover you through out your life time. Therefore, if you stop paying the premium the policy will lapse.
Posted: Thu Nov 29, 2007 07:42 am Post Subject:
Good morning Sig and welcome to Ampminsure.
The premium payment period will depend upon the type of whole life plan you have purchased. For some whole life plans one has to pay the premium for a certain period of time and for some others the premium needs to be paid through out the full tenure of the policy. IMO you might have committed for the second type of whole life plan. Therefore, I'll suggest you my friend to refurbish your policy clauses to find out the actual reason. You can also seek the help of your agent for more clarification.
Warm regards,
Carol
Posted: Thu Nov 29, 2007 09:03 am Post Subject: Think about the good points before deciding....
Hi Sig, I can understand your dilemma but my friend try to find some good points about continuing paying for the whole life plan.
I think you should mull over these points before deciding weather or not to continue paying the premium for the policy. However, I also agree with my previous poster that you should re-read your policy terms for further clarification on this matter.
Thanks,
Macmilan
Posted: Fri Nov 30, 2007 06:21 pm Post Subject:
Hi Sig, welcome aboard.
Why, after more than 22 years, am I still paying premiums on a 20 years Whole Life Insurance Policy from Great West Life Insurance Company?
What a great question. If it a 20-pay life or a 20-year endowment, why are you still making payments on it? May I ask, who told you that premiums would only be required for 20 years? Were you told atthe time of sale that no premiums would be required after the 20th year?
On my home page, I state very clearly the "40% of every life insurance policy sold in America since 1983 will not perform as sold". That statement has been thrown in my face in places as high as the New York State Supreme Court (Harris et al. v Prudential) and never proven incorrect.
Let's chat about this a little more and see if we can figure out a solution.
Posted: Sun Dec 02, 2007 04:07 pm Post Subject:
Good morning sig and welcome to the forum, sounds like you have gotten some really good answers here on the forum. I have learned alot by reading the responses, I am hoping that you continue the thread with more probing questions to expand on this subject a little more. Hope you got all the information that you need.
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