What are the pros and cons of modified whole life insurance?
Written on April 6, 2009 – 3:49 am | by admin
I’m really confused by all this insurance biz. What I’d really like to know is whether I’d be losing out alot by cashing in my whole life policy that I’ve had since 1985. The total death benefit is about $12,400. The cash value is $2400 which I could really use now. Would I be losing much since my job automatically provides basic life insurance to me which covers $38,000? I also have additional voluntary AD&D which covers another $38,000?
Emil
2 Responses to “What are the pros and cons of modified whole life insurance?”
By car253 on Apr 7, 2009 | Reply
The policy ask if you can withdraw dividends or ask if the policy has dividends that before cashing it in but not if you can withdraw there is only taxable gain on the policy has dividends or insurance company about that before cashing it in long time policy ask your agent or ask.
By musselman999 on Apr 7, 2009 | Reply
For your immediate needs.
The 2400 for new policy you go and use the life insurance protection usually they get from their financial protection then would suggest that you lapse your whole life insurance policy if you need life insurance protection.
For your whole life insurance policy if you are still healthy enough to qualify for your coverage if you need life insurance they are not portable so if you need life insurance they get from.
The 2400 for their financial protection usually they get from their employer for new policy you are not to rely on the life insurance they get from their employer for your immediate needs.