When the Insurance Company is Sold.

[robbie_d]

Hi,

I live in Montreal, Quebec, Canada.

When i was 42 years old (i am 55 now), i bought a $50,000.00 life insurance policy in 2004 with what used to be called, Transamerica.
The head office is located in Toronto.

At the end of 2015, Transamerica was sold to a new company called, Ivari.

I have the type of policy where i had to pay $100.00 per month because i was a smoker. In 2009, i quit smoking.
Since 2010, i've been paying $52.00 per month.

The money i pay is invested into companies that the financial advisor decided upon.

It was explained to me that whatever money the investments earn (which is about $7,000.00, now), that amount will be deducted from the beneficiary's inheritance if i take the money out before the end of the policy period.
The advisor/salesman, when he came to my door, convinced me to agree that i expect to die at 100 years old, for some reason that i forget. He made it sound like a good thing for me - as if i would be, somehow, better off signing my name to that. That seemed really odd to me.

Every year, when i get my statement, it always show a loss of $200.00 on a different investment.

For the past several years, this policy has been earning about $1,000.00 per year.


Does anything seem wrong with this?

With all the talk about how money, as we now know it, will cease to exist in the near future, could it be possible that Transamerica decided to pull out before that happened?

Should i be worried about losing my money because the company sold itself?

I am a simple guy, so please try not to use jargon that would leave me googling the meanings of, lol.

Thanks,
Robbie

 

[Newby]

Hi,

I live in Montreal, Quebec, Canada.

When i was 42 years old (i am 55 now), i bought a $50,000.00 life insurance policy in 2004 with what used to be called, Transamerica.
The head office is located in Toronto.

At the end of 2015, Transamerica was sold to a new company called, Ivari.

I have the type of policy where i had to pay $100.00 per month because i was a smoker. In 2009, i quit smoking.
Since 2010, i've been paying $52.00 per month.

The money i pay is invested into companies that the financial advisor decided upon.

It was explained to me that whatever money the investments earn (which is about $7,000.00, now), that amount will be deducted from the beneficiary's inheritance if i take the money out before the end of the policy period.
The advisor/salesman, when he came to my door, convinced me to agree that i expect to die at 100 years old, for some reason that i forget. He made it sound like a good thing for me - as if i would be, somehow, better off signing my name to that. That seemed really odd to me.

Every year, when i get my statement, it always show a loss of $200.00 on a different investment.

For the past several years, this policy has been earning about $1,000.00 per year.


Does anything seem wrong with this?

With all the talk about how money, as we now know it, will cease to exist in the near future, could it be possible that Transamerica decided to pull out before that happened?

Should i be worried about losing my money because the company sold itself?

I am a simple guy, so please try not to use jargon that would leave me googling the meanings of, lol.

Thanks,
Robbie

Sounds like you have a varible universal life policy not regular life insurance. You take a lot of the risk in that policy compared ti a regular whole-life policy. It could be good but a real bad sign is that you don't understand the policy. It's not one to leave alone and ignore.

I would have your financial advisor review it and see if it fits with your other retirement planning.

 

[robbie_d]

Thanks, newby

What about the other questions i asked?

Also, when i bought the policy, i was receiving welfare benefits (still am). I did some under-the-table-work in order to pay the monthly $100.00 for the first five years.

Retirement planning? I regret that i have made no such plans.

Thanks.
Robbie

 

[KenP]

Hi,

I live in Montreal, Quebec, Canada.

When i was 42 years old (i am 55 now), i bought a $50,000.00 life insurance policy in 2004 with what used to be called, Transamerica.
The head office is located in Toronto.

At the end of 2015, Transamerica was sold to a new company called, Ivari.

I have the type of policy where i had to pay $100.00 per month because i was a smoker. In 2009, i quit smoking.
Since 2010, i've been paying $52.00 per month.

The money i pay is invested into companies that the financial advisor decided upon.

It was explained to me that whatever money the investments earn (which is about $7,000.00, now), that amount will be deducted from the beneficiary's inheritance if i take the money out before the end of the policy period.
The advisor/salesman, when he came to my door, convinced me to agree that i expect to die at 100 years old, for some reason that i forget. He made it sound like a good thing for me - as if i would be, somehow, better off signing my name to that. That seemed really odd to me.

Every year, when i get my statement, it always show a loss of $200.00 on a different investment.

For the past several years, this policy has been earning about $1,000.00 per year.


Does anything seem wrong with this?

With all the talk about how money, as we now know it, will cease to exist in the near future, could it be possible that Transamerica decided to pull out before that happened?

Should i be worried about losing my money because the company sold itself?

I am a simple guy, so please try not to use jargon that would leave me googling the meanings of, lol.

Thanks,
Robbie

What do you mean exactly when you say the policy has been earning $1000/year?

 

[robbie_d]

What do you mean exactly when you say the policy has been earning $1000/year?

Hi,

I mean, when i get my yearly statement, there is an amount earned for the investments made for the year which just ended. I get the new statements every January.

When i look at the statement, i see monthly incomes, month to month, of $200.00 per month.
BUT every year, as i've stated, there is always ONE investment which loses $200.00.

So, lately, the policy earns about $1000.00 per year.

Thanks,
Robbie

 

[robbie_d]

The advisor/salesman, when he came to my door, convinced me to agree that i expect to die at 100 years old, for some reason that i forget. He made it sound like a good thing for me - as if i would be, somehow, better off signing my name to that. That seemed really odd to me.

Every year, when i get my statement, it always show a loss of $200.00 on a different investment.

With all the talk about how money, as we now know it, will cease to exist in the near future, could it be possible that Transamerica decided to pull out before that happened?

Should i be worried about losing my money because the company sold itself?

Does anything seem wrong with this?

I am a simple guy, so please try not to use jargon that would leave me googling the meanings of, lol.

Thanks,
Robbie

 

[goillini52]

Hi, I am a simple minded guy, so please try not to use jargon that would leave me googling the meanings of, lol.

Thanks,
Robbie

 

[robbie_d]

The advisor/salesman, when he came to my door, convinced me to agree that i expect to die at 100 years old, for some reason that i forget. He made it sound like a good thing for me - as if i would be, somehow, better off signing my name to that. That seemed really odd to me.

Every year, when i get my statement, it always show a loss of $200.00 on a different investment.

With all the talk about how money, as we now know it, will cease to exist in the near future, could it be possible that Transamerica decided to pull out before that happened?

Should i be worried about losing my money because the company sold itself?

Does anything seem wrong with this?

Thanks,
Robbie

 

[alexhon]

what do u mean or what do you need ...?

 

[dabulls]

Without seeing a statement it would be very difficult and even irresponsible for us to give you advice on what to do.