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Not the usps guy | I have $50,000 worth of life insurance. Cash value is $17,000.? |
Should I cash it in and re invest or just leave it? The premiums will increase when I turn 54. I am 51 at this time. I am presently in good health. If I cash it in will there be any penalties through the insurance or taxes? |
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Financial JUSTICE
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To figure out whether you owe income tax or not, you need to figure out the total premiums you paid so far. If its greater than the cash value amount, then you don't pay any income taxes. If the cash value is greater than what you paid, then you will pay income taxes on the gains.
As for penalties, the insurance company will apply surrender charges when you surrender the policy. What a rip off. Thats like me going to the bank and asking to close my account and the bank charge me money for closing it.
I don't know how much you have saved for retirement right now. If you don't have much saved, then I would do a 1035 exchange and put the cash value into a variable annuity. Check out Metlife's PrimeElite IV, which is the best variable annuity in the entire investment industry. |
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mad cat
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if you cash it in my advice to you is pre pay your future furneral way you want it done get copys of prepaid what ever's get couple of them you want in a valt say so you want in the ground say so you want indoor crypt say so have it way you want
you got extra $ knocks who ever you had it made out to but you know it is the way you want it get bonds for the one you wanted to be over the insurance to . or leave it alone up to you but i'd make sure i was taken care of plan wise that is what the insurance for |
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Mark S
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Cash in the cash value be sure you do a 1035 exchange to an annuity. If you still need the insurance- because you are not financially independent, then consider term insurance. Be sure that you will receive a complimentary analysis of your finances to be sure you get the correct amount and length of term.
Check below. |
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CSUflyer
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This whole life policy that you are describing is typically considered a poor investment vehicle. The expenses are high and returns not always the most generous. I would definitely consider cashing out the policy after talking with a tax professional to discuss your specific situation depending on your tax bracket, etc.
It may be appropriate to consider reinvesting in a TERM life insurance policy which will be much cheaper but not accumulate any cash value. If you are in good health as you say, this is probably a reasonable decision. Also, keep in mind that the primary reason for keeping a life insurance policy is for your dependents to get along okay if you were to die....therefore, if you have no kids or kids that will be on there own soon, this may be a reason to reduce the death benefit (and premiums). If you have a spouse that is dependent on your income you may still want to keep a policy but consider how much debt your spouse would be left with if you died (like a mortgage) and also consider any savings you already may have. If you have sufficient savings/retirement that the spouse would inherit, there is no need for you to pay out premiums to the insurance company when you could continue to invest those premiums for a gain of your own. Hope that makes sense. |
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ben s
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yes you will have some tax penalties when you cash out. if you do term after a certain age i think 70 you cant renew it so if you live longer you wont have any coverage. |
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tranxstepz
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Compare Life Insurance, 2insure4less
http://compactsource.info/rdnet/2insure4less/2 |
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aaron p
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If you roll it over to a new policy, you don't need to worry about taxes on any gain, and it would be able to purchase over $94000 of paid-up insurance. Granted I didn't look very far, so there may be a better deal than this. This way, you can divert the premiums you are paying to other causes, like your retirement.
If you don't need this much life insurance on a paid-up basis, it would clearly take less money to guarantee a $50000 face amount, leaving the balance of your cash surrender value to be invested along with your future planned premiums. Since you probably have little gain if any, you could withdrawal up to your cost basis and keep it in an account with fewer fees than an annuity and do a 1035 with the rest into the life policy. You should seek the help of someone whose name is on the line to help you rather than DIY.
Assumed age nearest 51, preferred health, $0 premiums after rollover. |
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Michael Ervin
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Who cares about the penalties when you hear this.. I know of an investment that can give a 100% return on your investment in less than 10 months. For example.. if you invest $15,000 - you will get up to $30,000 10 months later. For information, email mikeerv@yahoo.com |
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mbrcatz
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What's the POINT of having the policy? What's the GOAL?
Is it to save cash value? You'd be better off with a bank account.
You only owe on taxes, if you've paid LESS than $17,000 in throughout the years - you pay on the GAIN, not the distribution amount.
And there could be a surrender penalty - but you'd have to call them and ask. |
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Raiddinn Beatdropper
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Most of the simulations that I see run at work show that buying term and investing the difference only gets you a higher net worth if you can consistantly make 5% plus after tax returns.
Additionally, with term you hit a point where your policy goes from millions of $ to 0, which is not the case with whole life insurance.
I would keep what you have and not do any of the strategies that people are suggesting as an answer to this question.
Raiddinn Beatdropper |
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crim
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I would invest the money, purchase term life if you need it or disability/long term care insurance. |
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