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introvertedvirgo | My whole life policy...I'm bloody confused.? |
Should I keep this? Is this good? Whole Life --age 32 $8/month. 15K coverage--$500 avail loan amt |
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Miss Claudia
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It sounds like you've had this policy for a long time since you're only paying $8/month. You should NEVER ever cancel a whole life policy. You should have your agent review this with you ASAP. |
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frugernity
|
First question is do you need life insurance. Life insurance is generally used:
+ to cover "final expenses"
+ to provide for those left behind
+ to pay taxes on inheritances
Next question is how much do you need. If you have a wife who does not work and/or children who are not already on their own and you have no substantial assets you need a lot more than $15,000 of insurance. This policy appears to be little more than enough to pay for your funeral, etc. Figure out what you plan for the money to accomplish and that will give you an idea how much you need.
Next question is what type do you need. For most people the answer is straight term life (i.e. pay as you go for protection with no cash value). With whole life you are really paying for insuirance and forcing yourself to save. But your savings are only earning what little interst the insurance company chooses to pay you.
$96 per year for $15,000 coverage ($0.96 per $1,000) sounds expensive. I'm 48 and my $100,000 policy is only $421 per year ($0.42 per $1,000) but mine is term life (no cash value).
If you borrow against your whole life policy they take that amount out if you die so it's like having less insurance than you planned on. |
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The Advocate
 |
A SMALL amount of whole life is always good, many things can happen along the way. If you have any debt, get some term from Zurich Direct or a good term company to go with it. At your age,
a half million is still dirt cheap ! Your funeral expenses are going to be higher than mine, I'm 59, so if you could go to around 30,000 death benefit for around $170 a year in Universal Life, you should easily be able to stop premium payments in 20 years, which you NEVER can do in traditional whole life. But some permanent insurance is good, not restricted to whole life. At your age, Universal Life is your ticket to permanent. |
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tigertiggerii
 |
yes, you should keep it. Another option would be to add more premium to it, talk to your agent first, you might be able to increase the face amount by increasing the premium up just a bit. If you cannot, then see how much it would cost to pay it up and you would not have to pay any other premium ever and still have the policy. Or, for $8 per month, you really cant lose. Hope this helps. |
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blossommarie@sbcglobal.net
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With whole life you build up cash loans. I think you should keep it and get additional coverage. |
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mbrcatz
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Nope, it's crap, unless you're a type 1 diabetic or have aids or something.
You can get $100,000 of coverage for about $100 a year on a 15 year term policy. |
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BShakey
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You have answers across the board. My recommendation is to first assess your insurance needs. It may make sense to keep the policy in one scenario and it might be best to keep it in another.
There really isn't enough information about you and your own personal situation to say definatively what you should do.
Talk to a licensed insurance agent. To find a good one talk to your friends and relatives and see if there is someone they really like and trust. Otherwise look for a CFP in the phone book. |
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insuranceguytx
 |
You have good answers already.
Go talk to an licensed insurance agent (or a financial planner) about your total insurance needs - now and in the future -- they do change.
Good Luck |
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