I would like advice about a whole life insurance policy.?

Question

I had the policy when I was employed full time at an area hospital. I am no longer employed there but still have the policy. I have not been paying the premiums and there is an outstand loan balance, over $1000.00. What should I do about this?

Answer 1

Well, cancel the policy.   Otherwise, the longer you keep it, it will keep eating up the rest of your cash surrender value.  Cancel it now, maybe get a couple hundred dollars out of it.

Answer 2

The loan is against the cash value, you don't have to worry about having to pay it back. Call the insurance company they can walk you through your options. .

Answer 3

If the policy has not been canceled and you want to keep it in force, start paying the premiums again.  If you started the policy while you were young, the premiums are probably fairly low.  If you need cash value life insurance in the future, the premium will be much higher.

I would see an agent or advisor and have them assess whether you need the policy or not.  Most will offer a free consultation.

Ron

Investment Advisor

Answer 4

Call the Dave Ramsey show, he can help you with your question.

http://www.daveramsey.com/radio/home/