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

Dec 29, 2018

  1. rousemark
    Offline

    rousemark Still Here!

    Posts:
    16,396
    Likes Received:
    3,974
    State:
    Tennessee
    Do you have to give them the finger?
     
  2. nfl72
    Offline

    nfl72 Guru

    Posts:
    2,091
    Likes Received:
    386
    lol that's funny.

    They also will pay $500 for an ear unless your an ex wrestler. Cauliflower ears don't count.
     
    nfl72, Jan 11, 2019
    #32
  3. Tahoe Ray
    Offline

    Tahoe Ray Guru

    Posts:
    2,796
    Likes Received:
    492
    State:
    Nevada
    Illinois Mutual just launched 40 and 45 year term today.
     
  4. pfg1
    Offline

    pfg1 Guru

    Posts:
    1,494
    Likes Received:
    286
    State:
    Virginia
    Interesting. What issue ages Ray?
     
    pfg1, Jan 16, 2019
    #34
  5. LostDollar
    Offline

    LostDollar Guru

    Posts:
    2,845
    Likes Received:
    600
    State:
    Kansas
    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.
     
  6. Tahoe Ray
    Offline

    Tahoe Ray Guru

    Posts:
    2,796
    Likes Received:
    492
    State:
    Nevada
    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?
     
  7. jonathan b
    Offline

    jonathan b Expert

    Posts:
    70
    Likes Received:
    23
    State:
    Texas
    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
     
  8. MedicareMillionair
    Offline

    MedicareMillionair Guru

    Posts:
    353
    Likes Received:
    320
    State:
    South Carolina
    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.
     
  9. DHK
    Offline

    DHK "YOU CAN'T HANDLE THE TRUTH!"

    Posts:
    8,313
    Likes Received:
    2,129
    State:
    California
    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.
     
    DHK, Jan 18, 2019
    #39
  10. Life Hawk
    Offline

    Life Hawk Guru

    Posts:
    2,336
    Likes Received:
    2,452
    State:
    Illinois
    How are they on their underwriting?
     
Loading...