Over 25 years ago when I had a young family I purchased a universal life insurance policy from IDS. All these years I have been sending in $75 monthly to cover the policy. Along the way IDS morphed into Ameriprise.
At this stage of our lives I see no need for life insurance as we are empty nesters and basically FI. I could see maybe a small term policy to cover funeral etc. but see no need for anything beyond that.
The last quarterly statement puts a value on this policy at approx. $53,000. I would assume a chunk of the value is my own after tax money.
I am trying to determine if I should cash out the policy now or wait another 1-2 years when I retire to cash it out. When I retire we will only have our investments to live on and assume taxes would be very low.
Any thoughts on this? This is the only life insurance policy I ever owned so know very little about cashing out early. I am a bit hesitant to ask Ameriprise and I assume they have no interest in looking out for my best interest if it means losing a customer.
At this stage of our lives I see no need for life insurance as we are empty nesters and basically FI. I could see maybe a small term policy to cover funeral etc. but see no need for anything beyond that.
The last quarterly statement puts a value on this policy at approx. $53,000. I would assume a chunk of the value is my own after tax money.
I am trying to determine if I should cash out the policy now or wait another 1-2 years when I retire to cash it out. When I retire we will only have our investments to live on and assume taxes would be very low.
Any thoughts on this? This is the only life insurance policy I ever owned so know very little about cashing out early. I am a bit hesitant to ask Ameriprise and I assume they have no interest in looking out for my best interest if it means losing a customer.