Hello,
I've read many posts, and like some others, I am getting out of Ameriprise and hoping to do a better job of managing my position myself.
There is one thing that is just confusing me the more I read about it. What to do with a Riversource Variable Universal Life Insurance Policy.
Thank you!
I've read many posts, and like some others, I am getting out of Ameriprise and hoping to do a better job of managing my position myself.
There is one thing that is just confusing me the more I read about it. What to do with a Riversource Variable Universal Life Insurance Policy.
- This is for $1,000,000 with a "cash value" of $71,325 and "value if surrendered" of $68,922. I 'think' I'm paying $125/mo to maintain this, but I kinda don't know (lot's I don't know, much of why I'm not happy with Ameriprise)
- I DO have a family that depends on me working, probably another 20 years, so I DO think I should have life insurance. I also have another $1,000,000 term policy and I do think it's fair to my family to keep $2,000,000 of total life insurance.
- What I think I want to do, is cash out this VUL policy, and buy additional term insurance (I have an employer now that offers this, may be cheaper, will need to research).
- What I don't know, is what to do with the ~$68,922 after surrendering. I assume I would have to pay taxes on this. And, of course, I'm in the highest of tax brackets, so that will suck.
- What I want to do is invest that into something.
- In this situation, what options are there (if any) that is tax neutral or tax beneficial?
Thank you!