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Whole Life Insurance Policy Question
Posted on 8/2/16 at 9:33 am
Posted on 8/2/16 at 9:33 am
This post was edited on 6/20/22 at 12:26 pm
Posted on 8/2/16 at 9:39 am to CRope28
I'm sure that's a "depends on the policy" question. I know my grandmother had one on me and I got this strange phone call from my mother sitting with the insurance scumbag/salesman. Apparently I needed to pay like 6 months of premiums before it matured and could be cashed out on some policy she'd had on me for like a decade. So $75 later I got a check for $400.
Posted on 8/2/16 at 9:53 am to CRope28
You can receive some tiny fraction of what you put in
Posted on 8/2/16 at 9:54 am to CRope28
quote:
Can you cancel the policy at any time and receive the money you have put in?
Prolly not.
Posted on 8/2/16 at 10:39 am to BeerMoney
Yeah by quick gorilla math I got like $400 out of the likely $10,000 she put in to it over a decade. Very nice thought on her part but like many older folks was easy prey to scumbag insurance sales people. We didn't even know she had them until it came up.
Posted on 8/2/16 at 10:40 am to CRope28
Ha, sorry OP but no. Some of them certainly have cash benefits, but its nothing close to what you put in.
Posted on 8/2/16 at 12:11 pm to CRope28
Whole life screws you out of.. I mean lets you build a cash value, that yes if you cancel the policy you retain the cash value. If you die, you do not.
Posted on 8/2/16 at 1:45 pm to TheBoo
quote:
Whole life screws you out of.. I mean lets you build a cash value, that yes if you cancel the policy you retain the cash value. If you die, you do not.
If you die, you get what you paid in towards the cash value minus the earnings right? Or do you not get any of the cash value at all?
Posted on 8/2/16 at 2:47 pm to GeauxTigers2007
Generally you get whatever the death benefit amount is. The cash portion stays with the company.
Posted on 8/2/16 at 3:16 pm to CRope28
No. Unless you've had the policy for a MINIMUM of 20 years and that's if you have a fantastic company with great dividends.
Otherwise you will only get a fraction back, if any at all.
Otherwise you will only get a fraction back, if any at all.
Posted on 8/2/16 at 3:28 pm to CRope28
quote:
Can you cancel the policy at any time and receive the money you have put in?
LOL.
Of course not.
Posted on 8/3/16 at 9:00 am to CRope28
They are all different. Most don't gain a cash value until at least a year in. If you could always cash out what you put in, then everyone would have piles of WL coverage. There is always the "cost of insurance" that keeps you from getting back all that you have put in (early on into the policy), however, the cash value on some will exceed the amount paid in on some policies after several years of the policy being in force (usually depends in interest rates).
All WL contracts are different. Call the agent and ask what the death benefit is and the surrender value. Also, you may be able to take a loan from the cash value if you want to keep the policy in force but need the money
All WL contracts are different. Call the agent and ask what the death benefit is and the surrender value. Also, you may be able to take a loan from the cash value if you want to keep the policy in force but need the money
Posted on 8/3/16 at 1:40 pm to Slickback
These policies are one sided and that is not on your side, good luck.
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