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tim o | How much can I borrow on a whole life policy which is paid up..worth 100k/117 with added paid from dividends ? |
the cash value is 13,000
how can I get some cash out of there to pay off some debt. ? |
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aaron p
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Most of the people I have met who no longer pay premiums on their WL policies do not have paid-up policies. There are too many ways to steer yourself the wrong way following random internet advice, and too many variables at work here. Talk to a financial planner to help get yourself back on the right track.
The strategy you outlined in the question doesn't get you out of debt, it just moves your debt to the safety net you have set up. |
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prairieangel24
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Contact your insurance company, most of the time they will let you borrow against it with them. You can usually get part of the cash value---a few thousand in your case. |
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Thin Kaboudit
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You can surrender it for $13,000 (minus fees). It is NOT "worth" $100K, because "whole life" is a complete scam. The only way to get $100K is to DIE! |
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Mark S
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You can get up to 13k if you cancel the policy now. Usually you can borrow up to 75-80% of cash value. If you die after this, that amount will be deducted from your face value of 100k. You only get 100k if you die, this is the death benefit. Amount it is worth now, is 13k cash value.
Write a letter to the co. and they will send you your money in about 6 months |
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mbrcatz
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You can usually borrow up to 80% of the CASH VALUE. And when you do that, it usually stops paying dividends until the cash value is paid back, which means you have to start paying the annual premium again. |
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