 Dispute with insurers re home contents policy .? |
| Home contents insured through Lloyds TSB, including valuables, however, have lost a valuable gold ring given as a gift by late husband. Value at the time, approximately 20 years ago was around £800 ... |
|
 Can the company I work for garnish my entire check? |
| I supposedly owe the company I work for around $1000 for health insurance. The company was not taking the right amount out of my checks for months and sent me a bill for $1000 telling me to pay or ... |
|
 Who pays the damages when the power surges and goes out? |
| This past week we had really bad storms go through I think so far this Thursday has been the worst. Well the power went out and is estimate to be out for a few days. Before it went out my power seem ... |
|
 Can an employer take away a pay check? |
| I'm a cameraman and a few weeks ago I was setting up a camera on the tripod. I was next to it about to get the next cord and it fell. I did not tip it or anything the tripod is old and crooked.... |
|
 What is your opinion of VUL? Variable Universal Life? |
| I know their fees are ridiculously high and their returns aren't anything special. I feel that it's smarter to buy term life insurance and invest in no load mutual funds versus putting ... |
|
 My PPO group plan-- dental,med.,rx, vision--costs me over $700 a mo./for family...Is that normal?? |
medical = $500 deductible each person/$1000 fam., $20. copays for reg.doctor visits, $40 copays for specialists.
vision = $10 copays for exam & corrective wear
rx = $10 ... |
|
 What compensation do you think I could get? |
what compensation should I be due for a little toe amputation because of an accident at work
the insurance company have accepted 75% ... |
|
 Do I need to keep old insurance policy documents? |
| If I have documents from a policy term that has expired is there any reason to keep those documents anymore?... |
|
 *10 points to first experienced answer* Insurance question? Body shop problems.....? |
I have a car that has damage to the body and a small corner of the bumper.
The body shop my insurance picked wants to paint part of the bumper and clear coat the whole thing.
T... |
|
 I'm covered under my mom's health insurance plan, can my spouse be covered too? |
| I'm a full time student, and still living at home so I'm currently still covered by my mom's insurance, but if I were to get married, could my husband somehow be included in our policy ... |
|
| Whole Life Insurance? |
| So I read on bankrate.com that one can borrow against their life insurance (whole life insurance) policy to pay off debts. This sounds like something I may be interested in. How long do you need to ... |
|
 Is there a car insurance that is not a total rip off? |
| So far we have been ripped off by Farmers and State Farm.... |
|
|  |
mike | I bought Whole life insurance in 1990, has not done well. How can I get better return on this? Cash / reinvest |
return rate is really bad. Was suppoese to pay for itself after 7 yeras. has not done that. Now has negative premium, keep on reducing total insured amount with age. |
 |
 
WHO
 |
buy turm & invest the difference |
|
Financial JUSTICE
 |
Well, you were definitely screwed by whoever sold you that life insurance policy. Here is the real truth about whole life insurance: (you can also get the truth by reading your own life policy).
1) Your whole life policy is never paid up. You are paying premiums for the rest of your life. That's why its called "whole" life.
2) Life insurance is never an investment. Its an insurance contract between you and the company.
3) Whole life insurance have low rate of return of 1-3%.
4) If you ever wanted to use the cash value, you have to borrow it and loan interest of 8% will be charged (check your life policy for actual interest being charged).
4a) Borrowing the cash value will reduce the death benefit.
4b) If you cancel the policy and there is loan balance on it, you will pay income taxes on the loan.
5) If you die someday, you will lose all the cash value.
My suggestions to you:
1) I would shop around for term insurance. I don't know your age right now, but I would get the longest term insurance length possible such as 30 year term.
2) If you qualify for term insurance, then you should either cancel the whole life policy or do a 1035 exchange into a variable annuity. (make sure there is no loan balance on it).
3) There is a good chance you will save money by buying term insurance. You should use the savings and open a Roth IRA. There are many mutual funds out there and only a retirement funding specialists can help you pick the right mutual funds for you.
I don't know your investment goals are, but retiring financially independent should be one of your goals. If you have a 401(k) at work, I would max out your contribution. If you have an IRA, I would max that out as well. If you are able to max out your contributions to both accounts, then I would look at tax-efficient mutual funds. Investing outside of life insurance is always better than investing in them. |
|
insuranceguytx
|
Go meet with a local agent and discuss your options including a Variable Universal Life insurance policy. First have an in depth conversation about the amount of insurance that you need and then the best way to fulfill that need, i.e., types of insurance.
By the way, insurance companies do not always make money on the policies they sell. Someone could take out a policy, pay for a year and die in a crash.
If you buy only term, someday you end up with no insurance. That works well if you have no further need but that is a rare occurrence.
* |
|
mbrcatz
 |
LIFE INSURANCE IS NOT AN INVESTMENT. It's a tool, in case you die. Just being alive, means it's done what it's supposed to do.
Whole life is much more expensive than term. The varients - universal, variable, etc. are STILL much more expensive than term.
When you buy insurance, the INSURANCE company makes the most money. That's how it works.
If you're looking for "returns", cash out the policy and invest your money in the stock market, mutual funds, or cd's. |
|
tranxstepz
|
Compare Life Insurance, 2insure4less
http://compactsource.info/rdnet/2insure4less/2 |
|
aaron p
|
You bought a whole life policy on a non-guaranteed basis - relying on the dividends, but dividends are subject to change and cannot be guaranteed. Next time someone tels you that whole life is always guaranteed, laugh at them because it's only true if you fund it properly. Of course the same thing is true with other types of permanent life policies.
I personally love helping people out of these types of situations. It sounds like your goals are to pay very little and have it paid-up as soon as possible. That shouldn't be difficult to do if you haven't had a significant change in health (like cancer, diabetes, heart failure, etc). You can email me through Y! Answers or find an experienced independent life agent. |
|
avaldreteiv
|
I know this is not what you or most people on this forum are going to want to hear, but it sounds like you got taken by an agent from a stock company. First off if the policy has been getting a 4% or better internal rate of return on the cash value then it hasn't been doing badly. The reason I say that is if you look at what bonds have been doing since 1990 your are staying pretty close to even with a compariable return. Don't look for 12% or better returns with life insurance, even variable life. Now if you haven't been getting something comparable to the bond market, then there are options for you to exchange the cash value in the policy for something of like kind, such as another life insurance policy or an annuity. Again you shouldn't be looking for wild returns from these exchanges, and you should know, that almost any policy that is saying that it will be paid for in 7 years will have to do it on guarantees alone first, and then if there are any dividends they should just help speed up the process, because dividends are never guaranteed, just like if you were investing in Microsoft, or any other stock. Are there policies out there that can do that, yes there are, are they good deals, some of them, but ultimatly it all depends on what your goals are. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
8 | 11 minutes(s) ago
| | | |
7 | 27 minutes(s) ago
| | | |
7 | 1 hour(s) ago
| | | |
7 | 5 hour(s) ago
| | | |
7 | 9 hour(s) ago
| | | |
7 | 2 day(s) ago
| | | |
7 | 4 day(s) ago
| | | |
8 | 2 week(s) ago
| | | |
6 | 2 month(s) ago
| | | |
6 | 5 month(s) ago
| |
|
Homepage 
Financial
Forum 
Insurance 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
