Advertisement

Author Topic: Should we cancel our parents whole life insurance policies?  (Read 6278 times)

0 Members and 1 Guest are viewing this topic.

Offline YangSFG

  • PH Newbie
  • *
  • Posts: 18
  • Respect: 0
    • View Profile
Re: Should we cancel our parents whole life insurance policies?
« Reply #15 on: January 04, 2016, 10:30:05 AM »
Its been pretty solid for me and I only pay like $5-$10 a month for a policy that covers around $300k.

If i can't bring my life insurance with me, thats fine, I'll get it at my new job and probably at $5-$10/mo again.  And if I'm unemployed, then I would rather not have to pay for life insurance.  I'll need that money for basic living expenses until I find a new job.

Sorry YangSFG, people like me just aren't your target audience, we already get what you are offering (less wholelife/index options) from our current companies.

However, if I was with a company that didn't offer life insurance and had dependents of my own, then I will most likely call you/other agents up.

Definitely. Sorry if I sounded as if I was trying to push products or methodology. Just trying to make it clear since there a lot of middle class families (lower on the spectrum) who only have employer based life insurance but are not aware that it may not be portable or converted but at a higher individual rate.

I get not everyone may need life insurance. Different strokes for different folks. Although I will say, I do prefer those that do have dependents, ages around 40-50 to have at least term to last them until retirement or least where they no longer have dependents.

For your similar market, Id much rather suggest looking into critical illness insurance instead.

No Im not trying to sell it.
No, Im not contracted with any current companies that would offer it.
I only bring it up because I have it or similar to it  through other means and believe in the product.



Like this post: 0

Adverstisement

Offline Evil_K_Man

  • Sr. Poster
  • ****
  • Posts: 5154
  • Respect: +210
    • View Profile
Re: Should we cancel our parents whole life insurance policies?
« Reply #16 on: January 04, 2016, 10:53:54 AM »

For your similar market, Id much rather suggest looking into critical illness insurance instead.


That is actually something I would definitely consider down the road.  I've only recently read up on this kind of insurance, and its something I would consider picking up.



Like this post: 0
I'm a gentleman adventurer with roots in the West but aspirations facing all directions.

Offline Hung_Low

  • Sr. Poster
  • ****
  • Posts: 6003
  • Gender: Male
  • Respect: +102
    • View Profile
Re: Should we cancel our parents whole life insurance policies?
« Reply #17 on: March 07, 2016, 09:10:47 PM »
My parents have had these policies for a long time.  The problem is the premium is high and the benefits is little.  The question is if they cancel the policies, will they be able to get the cash value out?  Or are they trapped?

You can borrow the cash value... if you don't pay back, whatever you take out will be deducted from the benefit when your folks pass this world.

My parents' insurance are only about $25G for each of them... And I expect their funeral to be no more than $10G... beside, we'll get donation from relatives and guests that will cover all the funeral expense.




Like this post: 0
- Maxi pad not greatest thing on earth but next to it.

Offline nightrider

  • Jr. Poster
  • ***
  • Posts: 3909
  • Gender: Male
  • Respect: +33
    • View Profile
Re: Should we cancel our parents whole life insurance policies?
« Reply #18 on: April 13, 2016, 11:13:20 PM »
Must be a Christian type funeral to only base on 10k. Traditional funerals range from 20-60k, depending on region. Just do the math folks, if you try to save up the monthly premiums, can you save it up to the value of the policy? Even though it's expensive, it's better to continue the policy unless you make good enough money for the unforeseeable future.



Like this post: 0

 

Advertisements