Should I cancel my whole life and just keep term life ?

[rousemark]

I didn't read most of the thread but the first thing I'd do is get rid the the AIL. The ones I run into are mostly whole life. I replaced two last week. In both cases I was able to double the coverage for the same payment. They are some of the most expensive policies I have ever seen.

But on the other hand, if your short on cash, they will pay $1,500 if you cut off your middle finger.

Do you have to give them the finger?

 

[nfl72]

lol that's funny.

They also will pay $500 for an ear unless your an ex wrestler. Cauliflower ears don't count.

 

[Tahoe Ray]

You have 50-year level term? The longest I've heard of is 30 years, but there might be something else out there that I don't know about.

Obviously, what I'm referring to here isn't the above as it's new for 2019 but Levinson & Associates sent an email on 12/21 that Banner (Legal & General America) has a new 35 & 40 year term (longest in the country) with non-med consideration for healthy clients.

Illinois Mutual just launched 40 and 45 year term today.

 

[pfg1]

Illinois Mutual just launched 40 and 45 year term today.

Interesting. What issue ages Ray?

 

[LostDollar]

Why does a 40 something with no wife, no kids need the life insurance?

Op also commented on the potential for that situation to change. So he is, in essence, doing some some budget manage.ent now for the new situation when it does occur.

 

[Tahoe Ray]

Interesting. What issue ages Ray?

Hi Mike, sorry but I misunderstood the email blast. It said 40 TO 45 years, not 40 AND 45 years.

They are term to 65 and term to 70 products. 18 and up to within 10 years (55 for the age 65 product and 60 for the age 70 product).

So I guess an 18 year old could essentially get 52 years of coverage?

 

[jonathan b]

i would see if you have traditional whole life. in your policy you have a thing called non forfeiture values. You can take a reduced paid up. But make sure they send put it on reduced paid up. You can ask them to send you a letter stating how much it is worth. Deal with the home office because your agent may not be willing to help

 

[MedicareMillionair]

I am single and have no kids or wife. I have A policy from State Farm which is a select term basic plan the plan amount is for $100,000.00. I also have a whole life plan from American income life the face amount is $30,786.00. I have had the whole life plan since 2007 and I pay around 40 dollars a month. I was thinking about canceling my whole life plan and just keeping my term life plan. What do you think ? My income is a round 37 thousand a year

1035 exchange the whole life cash values into a better performing whole life plan. There are many companies that, by far, are superior to American Income, even if you have time invested. By doing 1035 exchange I believe you will be able to leverage that time invested into a new plan effectively. I'd consider a dividend paying product for that purpose.

The term plan is to age 90, but I'm certain the premium will change dramatically before you reach that age. Don't buy into "buy term invest the difference", ugh!

One last thing on the whole life life, jack that death benefit up.

 

[DHK]

1035 exchange the whole life cash values into a better performing whole life plan. There are many companies that, by far, are superior to American Income, even if you have time invested. By doing 1035 exchange I believe you will be able to leverage that time invested into a new plan effectively. I'd consider a dividend paying product for that purpose.

The term plan is to age 90, but I'm certain the premium will change dramatically before you reach that age. Don't buy into "buy term invest the difference", ugh!

One last thing on the whole life life, jack that death benefit up.

Not that I disagree with you... but did you read his post where he wanted to cancel his whole life plan "to save money" - meaning cut out the cost from his budget? Until he sees the value (and/or earns more income), he won't jack it up. He's also single with no children... so he doesn't see the value of it for its own sake.

 

[Life Hawk]

Hi Mike, sorry but I misunderstood the email blast. It said 40 TO 45 years, not 40 AND 45 years.

They are term to 65 and term to 70 products. 18 and up to within 10 years (55 for the age 65 product and 60 for the age 70 product).

So I guess an 18 year old could essentially get 52 years of coverage?

How are they on their underwriting?