Insurance help - PA

Timothy Wasterman

New Member
1
Hello, I am not sure if this is the appropriate place, but I am trying to make heads or tails of my family's life insurance policies.

I have an old universal life policy from Pacific life with 23,145 of cash value, but pacific life is saying that it is going to lapse, but when I was sold the contract about 35 years ago it was supposed to be permanent.

can anyone direct me to someone in PA (Scranton area) that could be of assistance? Or conversely if there is a better place to make this request?
 
I have an old universal life policy from Pacific life with 23,145 of cash value, but pacific life is saying that it is going to lapse, but when I was sold the contract about 35 years ago it was supposed to be permanent.

Permanent life insurance is typically permanent as long as you pay for it though there are policies that can be paid up in 20 years or by age 65. The policy itself will tell you the payment option.

As for "pacific life is saying" just who at Pacific Life is "saying" this? An agent? Somebody at the company level? What department? Generally you would get a letter from some sort of premium collections department if the policy was at risk of lapsing for non-payment.

Note that you can upload a file here. If you can scan the entire policy into a pdf file and upload it, we can take a look at it for you. Make sure you redact your identifying information. Don't mar the policy though. Scan a page with identifying information, redact the copy, then rescan it.
 
can anyone direct me to someone in PA (Scranton area) that could be of assistance? Or conversely if there is a better place to make this request?

My main office is in Allentown but I can meet you in our Clark Summit Office which should be within 15 minutes of you. I sent you a PM with my contact info. Your call.
 
Hello, I am not sure if this is the appropriate place, but I am trying to make heads or tails of my family's life insurance policies.

I have an old universal life policy from Pacific life with 23,145 of cash value, but pacific life is saying that it is going to lapse, but when I was sold the contract about 35 years ago it was supposed to be permanent.

can anyone direct me to someone in PA (Scranton area) that could be of assistance? Or conversely if there is a better place to make this request?

Meet with either Chris or Daytimer in person and let them review it. They are both good agents. But “permanent” is an insurance industry name for policies that are NOT guaranteed like whole-life is. They are UL and they are cheaper than whole-life but for good reason. Most of them sold back in 1980’s and 1990’s have crashed due to interest rates diving and the policies are underfunded.
 
My main office is in Allentown but I can meet you in our Clark Summit Office which should be within 15 minutes of you. I sent you a PM with my contact info. Your call.

Up to you, but we have a few independent agents in PA if you'd like assistance. From my experience, this particular gentlemen isn't very friendly. I do not know who he is, but he has been very disrespectful to me on these forums. Maybe this matters to you or maybe it doesn't. PM if you would like information on our network of advisors in your area.

Thanks!
 
Many Universal policies were sold on the minimum premium. Bankers insurance pushed agents to sell this way, at least the office I worked in. You don't state the death benefit or what your premiums have been. 23K seems like a lot of cash value in a policy supposed to lapse but you have been banging away at it for 35 years so the "cost" of the insurance has greatly increased since you started. Your letter or notice most likely says that the policy is in a danger of lapsing and just needs to have additional premium applied so as to offset the increased cost of the insurance. IE: If the policy was $1M and you initially paid $100 per month the policy was accumulating cash value when you were younger because the Universal policy was acting as an overpaid Term policy. Now the cost for the policy would be 350 per month (maybe) and you are still paying the $100 premium which is the minimum. The additional 250 in premium cost would come from the cash value so there is something about your age, the death benefit, and the premium you are paying which would indicate that the policy is running out of steam and no longer accumulating cash value. get your policy docs together and have someone look at them as well as conference call you and Pacific Life. You will get the needed information
 
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