Question on Whole Life Policy

[jdeasy]

One more thing. Who is the owner? That is who controls the policy and who the check would be made out to.

Assuming you are preferred your term is $19-30.(20yr or 30yr) per month. You may want to consider adding another policy. Maybe ladder term policies ad add a GUL. That $10,000 death benefit is not going to do much now or grow much down the road. Sounds like it did it's job.

By the way the Farm Bureau agent will not have competitive term or GUL to quote you.

Just my 2 cents.

From what he posted it would seem that his father is the owner. So, if that's the case the insured can't do anyhthing with the policy.

 

[WinoBlues]

From what he posted it would seem that his father is the owner. So, if that's the case the insured can't do anyhthing with the policy.

That is my thinking also. He has the CV and the dividend option, so I am assuming he is calling the company. They should only give info to the owner. Dad could have assigned it over to him. There are a lot of those little $10,000 Wl life policies out there.

Sounds to me like the policy has done its job.

 

[Bsumm]

You are correct, my dad is the owner and I am the insured.

 

[xrac]

You are correct, my dad is the owner and I am the insured.

Your dad is the one who has the ability to borrow from this policy or cash it out not you. You are only the insured. He is the owner. It is his policy.

 

[WinoBlues]

You are correct, my dad is the owner and I am the insured.

Then it is his policy and money. He has paid it all these years. Dad could probably use a vacation or pay off some debt as he approaches retirement. Let him know that you have taken care of life insurance so he can decide what to do with the policy.

BTW, here is a site to check out term - term4sale.com. They do not sell insurance so no one will call you.

Lee

 

[Bsumm]

Dad could probably use a vacation or pay off some debt as he approaches retirement. Let him know that you have taken care of life insurance so he can decide what to do with the policy.


Lee

This is exactly what I will do. Thanks again everyone for the responses; I appreciate it!