My father is 84 with a whole life from a large company with a cash value of 38000 and diminshing each year, $2600 per yr premium with life insurance value of
$116,000. The $116,000 goes to ZERO at age 92. So if he lives into about the 3rd month of 92 - nothing. He is upset becasue he says he was never told about the sunset or expiration.
He went to one of the banks in Florida and they want to sell him a Universal Life - put up the $38800 in full by a 1035 exchange, pay $2600 per year, and have life insurance of $73000. Surrender value $22000 first year which dimishes and also early redemption fees that fade out.
Six % charge on premium, a monthly administrative charge of 1% on $73000 for the first six years.
Suggestions
$116,000. The $116,000 goes to ZERO at age 92. So if he lives into about the 3rd month of 92 - nothing. He is upset becasue he says he was never told about the sunset or expiration.
He went to one of the banks in Florida and they want to sell him a Universal Life - put up the $38800 in full by a 1035 exchange, pay $2600 per year, and have life insurance of $73000. Surrender value $22000 first year which dimishes and also early redemption fees that fade out.
Six % charge on premium, a monthly administrative charge of 1% on $73000 for the first six years.
Suggestions