In 1974 I bought a permanent life insurance policy (our first child was born that year).
I’ve been paying $384 a year to keep the policy active.
On my latest insurance statement (11-13) it has this information:
INSURANCE COVERAGE:
Basic policy coverage: $20,000
This Year’s Paid Up Additional Coverage: 2,841
Prior Years’ Paid Up Additional Coverage: 47, 832
Total Coverage: $70, 673
FINANCIAL INFORMATION:
Basic Policy Cash Value $12,776
This Year’s Paid Up Additional Coverage $ 2,144
Prior Year’s Paid Up Additional Cash Value $36,100
Net Cash Value $51,021
I haven’t spoken to the insurance salesman since 1974, so I’ve pretty much have forgotten what he told me about this policy, except that if I loved my wife and child that I do need to pay the insurance company $384 every year. I asked if I could get a discount if I were only fond of my wife and child. No discount. (I’m terrible at negotiating).
I’d appreciate if some of you would comment on what I have been doing for the last 39 years (re: this policy) and how well or poorly I’ve done with this policy. Feel free to start with the good news.
I’ve been paying $384 a year to keep the policy active.
On my latest insurance statement (11-13) it has this information:
INSURANCE COVERAGE:
Basic policy coverage: $20,000
This Year’s Paid Up Additional Coverage: 2,841
Prior Years’ Paid Up Additional Coverage: 47, 832
Total Coverage: $70, 673
FINANCIAL INFORMATION:
Basic Policy Cash Value $12,776
This Year’s Paid Up Additional Coverage $ 2,144
Prior Year’s Paid Up Additional Cash Value $36,100
Net Cash Value $51,021
I haven’t spoken to the insurance salesman since 1974, so I’ve pretty much have forgotten what he told me about this policy, except that if I loved my wife and child that I do need to pay the insurance company $384 every year. I asked if I could get a discount if I were only fond of my wife and child. No discount. (I’m terrible at negotiating).
I’d appreciate if some of you would comment on what I have been doing for the last 39 years (re: this policy) and how well or poorly I’ve done with this policy. Feel free to start with the good news.