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

Dec 29, 2018

  1. rousemark
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    rousemark Still Here!

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    Do you have to give them the finger?
     
  2. nfl72
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    nfl72 Guru

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    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
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    Tahoe Ray Guru

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    Illinois Mutual just launched 40 and 45 year term today.
     
  4. pfg1
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    pfg1 Guru

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    Interesting. What issue ages Ray?
     
    pfg1, Jan 16, 2019 at 5:43 PM
    #34
  5. LostDollar
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    LostDollar Guru

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    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.
     
    LostDollar, Jan 16, 2019 at 9:05 PM
    #35
  6. Tahoe Ray
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    Tahoe Ray Guru

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    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?
     
    Tahoe Ray, Jan 17, 2019 at 2:23 PM
    #36
  7. jonathan b
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    jonathan b New Member

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    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
     
    jonathan b, Jan 18, 2019 at 3:34 AM
    #37
  8. MedicareMillionair
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    MedicareMillionair Guru

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    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
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    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 at 1:18 PM
    #39
  10. Life Hawk
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    Life Hawk Guru

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    How are they on their underwriting?
     
    Life Hawk, Jan 18, 2019 at 1:24 PM
    #40
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