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AFK | Can you convert a wholelife insurance to something else? |
maybe other investments? |
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mbrcatz
|
Life insurance is NOT an investment. It's just NOT. So if that's the GOAL, cancel the whole policy. If you want PROTECTION, see if you can replace it BEFORE you cancel it.
Or, you can see what the cash value is, and think about borrowing that out, BUT, you'll decrease the payout by that amount, AND the interest that you'll owe the company.
You need to define (redefine?) the goal, and see what the most cost effective way is to reach that goal. |
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ntemp
 |
Yes. To another life insurance or annuity. It's called a 1035 exchange. Sometimes, a whole life policy is older and has a lot of cash value. And usually, people end up needing a more coverage as they get older (ie. spouse, kids, etc.)
It might surprise you that if you converted (depending on several factors) to another type UL/IUL (universal or index universal life), you might pay the same amount of more coverage. You'll have to sit down with an agent and work out the numbers. Find an agent that you trust that knows more than just one company. Unfortunately, there are too many uninformed agents and worse too many that push one-type of product for everyone. |
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Zarnev
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As said before, never consider a life insurance policy to be an investment.
First, you'll need to call the company and find out two things: the cash value of the policy and your basis (the amount you've contributed). The difference between those two numbers will be taxable. The only way to avoid those taxes is to do a 1035 exchange into an annuity.
If you don't mind paying the taxes you can cash in the insurance policy, set aside some money to pay the taxes, and do whatever you want with the balance. |
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anna_ruseva
 |
Keep the insurance you already have. By itself it is not an investment, but it is a financial tool you can use to reach money. As long as you have it it will show you more benefits: you can take a loan against the cash value, you can use it as collateral, you can ad long-term rider, you can ad disability income rider, you can ad term rider...without evidence of insurability.Talk more with your agent about all the opportunities this insurance is giving to you. Time and inflation is working for you, not against you. In this deal the insurance company is bearing the risk, not you. So why from this point of view it is better then investment.
I didn't have a case like this, but it is very possible your ins. to be converted in a variable life insurance with a portion in a general account which means: the amount from your whole life payments will be kept in the account where the ins. company bears the risks, and you will start to fill/ to invest in separate accounts where you bear the risk about all the generated incomes or losses. As an agent I don't advise any life ins to be canceled. Here is difficult to say more, because L Ins. is just a piece from the picture of your planing. But it is situated into the base. Whole Life is the better variation then term one. Of course it's up to you. |
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aaron p
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I see you have your series 6 and are actually in the business. Here's a hint about how you can remember the 1035 rules - "L.A." Like the town Los Angeles. You can go life to life, annuity to annuity, or life to annuity, but not the other way around. So remember "L"ife before "A"nnuity.
Good luck learning the biz. |
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