Paying preminums help needed

Sep 19, 2016

  1. good2237
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    good2237 New Member

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    I need help!!!! My husband is 86 and we have paid for his life insurance policy for 35 years. The preminums have become too much for us and we are in jeopardy of losing this policy. I depend on this to take me into old age, already 70 but due to health cost and losing our home i cant qualify for a personal loan. I have exhausted all means of asking and trying to get help to pay his preminums for the rest of the year. If i can make the paymeny of $6400 by sept. 28 i can reduce the amount but cant due that until i am current. Any help or suggestions would be greatly appreciated. Thank you. Virginia
     
    good2237, Sep 19, 2016
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  2. FRJ
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    FRJ Super Genius

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    I am sorry that you are going through this situation. Hopefully somebody can chime in to help more thoroughly review your situation. However, it SOUNDS like...you have an underfunded Universal Life policy. If you can't maintain the escalating premiums to keep the policy in force then it will lapse. Your policy probably has lost all it's cash value so that it can't be used to pay the premiums - but you should call the company and double-check what is your policy's current cash value.

    At age 86, there aren't many options for people to get new/replacement life insurance so that means that there aren't going to be many agents jumping to help (it would basically be pro-bono work). You might want to look for someone that can review your health coverage and that also does some life insurance work so they can review your situation. Maybe they can at least help reduce your medical coverage costs (I'm thinking maintaining the life policy may be a lost cause).

    Outside the box thought - if the face value of the policy is large enough maybe you can find an "investor" that could fund the premiums in return for being a beneficiary of the policy. Not sure on the legality of this in your state of Florida. Look up "Viaticals" for more info.

    best wishes.
     
    FRJ, Sep 19, 2016
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  3. Josh
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    Josh Retired Agent, Current List Broker

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    Probably not viatical, but a good candidate for life settlement; the idea behind that is they will pay you for the policy, they continue the payments, and when the claim happens they get the death benefit.
     
    Josh, Sep 19, 2016
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  4. pfg1
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    pfg1 Guru

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    I hate to hear this. Sorry you are in that situation. As mentioned, you could look into life settlement, no idea if it could happen that fast. Not sure what other advice to offer.
     
    pfg1, Sep 20, 2016
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  5. tlmarketing
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    tlmarketing Guru

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    Call Ashar Group in Florida - 800-384-8080. Maybe they would take a look at your policy and consider buying it, paying you a discounted lump sum now.
     
  6. Norwayguy
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    Norwayguy I have spent way too much time here.

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    Say what.....I think I know the thread you wanted to post this on.
     
  7. Mattschmidt
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    Mattschmidt Guru

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    No clue what you are talking about
     
  8. xrac
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    xrac Guru

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    neither do i not sure how i did that.
     
    xrac, Sep 20, 2016
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  9. Lloyds of Lubbock
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    Lloyds of Lubbock Expert

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    life settlement will give you about 20% of the face amount.
    maybe by lowering the face to what you can afford, you can do better.
    If you want to take that route call coventry they deal direct.
    Ovid life settlements has a nice website where you can get an estimate.
     
  10. Norwayguy
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    Norwayguy I have spent way too much time here.

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    This was two years ago I think we have passed the point of the original poster asking for help.
     
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