Life insurance question form a novice. Please help:)

[Jack Kelly]

Can some tell me what info I need to request from MetLife. My father has been paying on this for 55 years, since I was born. I would like to find out how much and what my options are. I am contemplating retirement and want to have everything known, in case of emergency. Should I cash it out now or are there other options I should look at?
Sorry for the basic question. I just do not trust anyone as I get older
I attached the only statement we have from MetLife.

 

[fed up]

You would need to contact the company with Dad on the line. Otherwise they won't speak to you unless you have a power of attorney that you can provide

 

[Thomas Scialla]

Its a burial policy. I would leave it in place just as it is for that exact purpose. It's not a $1M VUL. You're not going to have some bounty of available cash in there to use for all your little retirement needs. You would have a hard time buying a Toyota Corolla with the cash value in this policy LOL.

 

[WinoBlues]

As FU is implying the owner, assuming it is dad, needs to call. That premium is crazy cheap at $216 Annual. With DivRdPremium it is incredibly cheap. And going down every year.

If it is owned by dad it is not yours to do anything with. If dad chose he could transfer ownership and payments to you Jack. I am assuming you used to be Maureen.

Options - cash it out. As the divided has been used to reduce premiums there probably is not much there but there will be some. - request Reduced Paid Up figures. - keep it as is. Dad has and is paying it. He can continue and if you die before him there is a little cash. Or he could chose to turn it over to you and you can change the beneficiary to whomever.

Your dad did good.

 

[rousemark]

Its a burial policy. I would leave it in place just as it is for that exact purpose. It's not a $1M VUL. You're not going to have some bounty of available cash in there to use for all your little retirement needs. You would have a hard time buying a Toyota Corolla with the cash value in this policy LOL.

He might have been able to if the dividends had bought paid up additions instead of reducing premium.

 

[DHK]

$216 a year for 55 years = $11,880 in total lifetime premiums paid (not including any interest).

It's not a huge policy, but it's nice to have. You certainly don't need to do a "final expense" policy or any replacement of this policy.

I'd just keep it, but get it transferred into your name from Dad.

 

[DayTimer]

Your dad did good.

He sure did.

No reason to cash it in and every reason to keep it.

 

[WinoBlues]

$216 a year for 55 years = $11,880 in total lifetime premiums paid (not including any interest).

Yup, his net out of pocket premium this year is $87. So his net out of pocket over 55 years is what $7-$8
000? $25,000.00 Whole Life for $7 mo. I'll take a dozen please.

I'd just keep it,

What is the chance that it has any purchase options at age 55? Yeah, probably not.

 

[Allen Trent]

Yup, his net out of pocket premium this year is $87. So his net out of pocket over 55 years is what $7-$8
000? $25,000.00 Whole Life for $7 mo. I'll take a dozen please.



What is the chance that it has any purchase options at age 55? Yeah, probably not.

Maybe a lot less than that out of pocket. Because the dividend is still not covering the entire premium after 55 years, it tells me the dividend has been on reduce premium for a long, long time. I would be shocked if there is much cost basis and/or out of pocket premiums

I would definitely keep it & ask Met Life if you can pay the entire premium of $216 going forward & have the dividend make the insurance benefit grow by the dividend buying paid up additional coverage

 

[WinoBlues]

I would definitely keep it & ask Met Life if you can pay the entire premium of $216 going forward & have the dividend make the insurance benefit grow by the dividend buying paid up additional coverage

My thinking also. However, mosy companies do not let you go up in benefits without another look at you. UT, don't ask, don't get.