by Newark » Tue Dec 04, 2007 02:17 pm
I need to know if there is any risk for I am not receiving dividends to pay off my premiuns after 15 of whole life policy ? I need anyone who have expirence on this matter ...I have a feeling that some agents are palying with my money.
I want opinion of some out of this dirty game to tell me the truth..thanks my email is ananewhome@hotmail.com
email deactivated for your security
I want opinion of some out of this dirty game to tell me the truth..thanks my email is ananewhome@hotmail.com
email deactivated for your security
Posted: Wed Dec 05, 2007 12:46 am Post Subject:
I need to know if there is any risk for I am not receiving dividends to pay off my premiuns after 15 of whole life policy ?
We need more info...
For example, it sounds as if you have purchased what is referred to as a "participating" (or "par") life insurance contract. Par policies are those that are eligible for dividends, but there are a couple of things to keep in mind:
Dividends are typically derived from profit, and are completely different than "stock dividends" especially when considering taxation.
Policy dividends are NEVER guaranteed. How can you possibly guarantee profitability? Answer? You can't.
There are many carriers that have paid dividends year after year, but there is no guarantee that they will pay one next year, keep that in mind.
With most carriers, the policyowner has choices as to what they can do with declared dividends...it sound as if you were using yours to offset your premiums. A common, and good choice!
Don't worry about your agents playing with the dividends. They will never even see them, as they are not paid to the agency. They are only the policyowner's, and the agent doesn't see them, ever.
Hope this helps!
InsTeacher 8)
Posted: Wed Dec 05, 2007 06:15 am Post Subject: Agreed with InsTeacher
Policy dividends are NEVER guaranteed.
Very true! In my opinion the mutual funds are a better option in terms of assurances.
Don't worry about your agents playing with the dividends.
True again! In today's world auto-adjustment is a common feature. So I don't see any reason why agents should get involved in this picture. Now if you wouldn't have chosen the dividends to be adjusted with your premiums & wished to receive a check for the amount- which again had to be transited via your agent, then I might see a reason for your blaming the agents.
Regards, FullproofJerky
Posted: Wed Dec 05, 2007 06:22 am Post Subject: Agreed!
Agreed with you guys before me!
But then again scam-artists are too smart these days! Friends, we need to understand that these days even insurers may team-up with agents & deceive us from availing the assured benefits.
Regards,
ArindamSenIndies
Posted: Thu Dec 06, 2007 05:31 am Post Subject:
Hello Newark, wecome to the show.
First, tell me why the 15-year time frame is important to you? Did someone tell you that after 15 years the dividends might somehow cause your policy to be "paid-up?"
You told us that you have a whole life policy. Understand that your policy's terms and conditions probably state that you'll need to pay premiums for much longer than 15 years. Tell me why you you don't agree with that, if, in fact, you don't.
What makes you think the agents and/or the company might be playing with your dividends and/or money.
You used the term "dirty game." Tell me what you meant by that in more detail.
Thanks,
Mark
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