- 1,405
The excess in year one, from a 1035, simply means you transferred money in from another product. In essence, that was a lump sum premium payment and now explains why after $6000 in 2 years, you could borrow $10,000.
In total, after 2 years, you have paid $58,457 in premiums, and have a total Cash value of $51,220 (with Dividend Cash Values). I imagine the company would be happy to lend you as much as $51,220, minus about 5% ($2,561), which would be the loan interest at then end of one year.
But to summarize, you paid in $58,457 in two years, and have $51,220. The difference has given you about $750,000 of insurance for 2 years. Most of that difference went in commissions to the agent. You also have foregone the interest on the money used for premiums
I tried to google "FPR Contract Premium" and had no luck finding out what the acronym FPR referred to. Is this by any chance a Northwestern Mutual product? I saw some reference to FPR Contract Premium re. an NWL policy, but the link did not resolve to a page I could access.
I also tried to google "APPUA Premium" and had no luck finding out what the acronym APPUA refers to.
Do you know what these acronyms are?
In total, after 2 years, you have paid $58,457 in premiums, and have a total Cash value of $51,220 (with Dividend Cash Values). I imagine the company would be happy to lend you as much as $51,220, minus about 5% ($2,561), which would be the loan interest at then end of one year.
But to summarize, you paid in $58,457 in two years, and have $51,220. The difference has given you about $750,000 of insurance for 2 years. Most of that difference went in commissions to the agent. You also have foregone the interest on the money used for premiums
I tried to google "FPR Contract Premium" and had no luck finding out what the acronym FPR referred to. Is this by any chance a Northwestern Mutual product? I saw some reference to FPR Contract Premium re. an NWL policy, but the link did not resolve to a page I could access.
I also tried to google "APPUA Premium" and had no luck finding out what the acronym APPUA refers to.
Do you know what these acronyms are?