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johnstonjo | My Universal Life policy has $3,000 cash value. Should I keep in place at 4.9% or put into my IRA? |
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mbrcatz
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What is the whole point in you having life insurance? Write it down. Is the universal policy you have the most cost effective way to attain that goal? Most likely not.
Find the products to meet your goals. If it's retirement, that's IRA. If it's death benefits with a decreasing need over time, that's term life (which, btw, is MUCH MUCH cheaper than universal).
In any case, Universal is probably NOT meeting your financial goals; you need to re-define your goals, and find the correct products to meet them at a reasonable price. |
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aaron p
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It depends on why you bought the insurance policy. Any advice you get on this forum will be generalized and might not apply to you, so be cautious taking action based on what we say alone. If you wanted inexpensive, permanent coverage, then the universal life policy (UL) might still be just the thing for you - call the 800 number to make sure its still on track. If you bought the policy for cash accumulation, call a different independent agent than the one who sold that one to you.
Here is the truth that most agents don't know: the declared interest rate in the UL is only half of the story. The other half are the mortality and administration costs which can change. Have your illustration run at the lowest guaranteed interest rate. The difference in the current (non-guaranteed) and the guaranteed columns (even though the interest rate is the SAME) reflects the impact of these adjustable charges. The focus on interest rates alone is a farce because it only tells half of the story.
Does this mean UL is a bad deal? Not necessarily. If you want inexpensive death benefit for the rest of your life, there are plenty of UL's on the market with strong guarantees - cash value will be a byproduct of properly funding the policy, but if you access the cash on this type of policy you will easily mess up the guarantee. Life insurance should be used for death benefit first and foremost, so If you bought this policy for cash accumulation, you should seriously consider restructuring your plan. |
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Rukhashh
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Universal Life is used as a tax-advantaged way to purchase life insurance. In the early years of the contract, the premium far exceeds the cost of insurance (COI) charges. The difference between the two (the "inside build-up") will grow tax-deferred so long as the policy remains in force. If the policy is held until death, this inside build-up will escape taxation entirely. Policyholders may also be able to access the inside build-up via a policy loan without incurring it as taxable income. |
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razorraul
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you don't care if you die, worry if you get old and live. |
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bettyboopgirl
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If you can roll over to and IRA then do it. If not keep it as is but I suggest you start an IRA.
IRA are a better deal for your retirement years. |
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joe_tillman
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You would get better value on your money, if you still can qualify for insurance, to get a term insurance policy. If you are under the age of 45, you can get term up to 35 years. The difference in premium will be a bit in your favor, you can take the cash balance, put it into your IRA, and if the IRA is properly invested in mutual funds, you should get a long-term return of at LEAST 8%. The value of your nest egg would be further enhanced if you take the premium savings and add it monthly to your IRA as well. If you choose to at least test this to see if you are insurable and check your premium, be sure NOT to cancel the universal policy until you get your term policy delivered...just in case. You want to be sure to maintain your coverage until you don't need it anymore. If you would like help, contact me thru here and I will give you more details to help in your state. Good luck. |
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