Insurance query serve?
okay my mom got united america natural life insurance on me! We ask what is the value on it! She took a 1000.00 policy on me and had it for 31 years! They told her 174.00! I am close to WHAT! she has spent over 30,000.00 ! Could this be true if so what should i do!
Answers:
A $1,000 insurance policy won't build much bread value, even over 31 years. I doubt she spent 30K. That would mean she spent $1,000 a year for 30 years for a $1,000 policy.
She may hold spent $3,000 and that would sound about right. Remember, the company be on the line for the whle $1,000 even after the first payment. That's the risk. Granted, after paying contained by the face value, the company should money it to a "paid-up" policy. They don't have to, that's how they make a profit to reward the agents and keep the lights on.
As for what you should do, I'd get a $25,000 residence policy and then cash that other one within and go eat at a Ruths Chris Steakhouse. Usually $55 a plate or more! Source(s): I've be in the insurance Biz 4 years. I hardly vend a whole-life(that's what she bought on you) I sell a term policy for the amt. of debt you own. We give back ALL your money if you don't die.
Rip-off whole life policy.
Never ever should hold life insurance on kids... except maybe a few opulent in a rider on parents policy for funeral.
She was ripped bad. Perfectly legal... whole time policies are never good... and they are not meant to be used surrounded by the way she used it.
She should have read the policy, or spoke to a professional.
A policy which is paid within one installment, is usually set up to pay the premiums with it's own dividends. Somewhere along the rank, the investment must have lost value, and it could no longer bring in its own premiums. Your mom would have had to take-home pay a lump sum, usually quite a bit, to keep the insurance plus at it original level. Apparently she did not, so the premiums be taken out of the accumulated value of the policy, and have dropped in value near each premium. Now there is merely 174 dollars of value left.
Anyway, that would be my guess. You should achieve the insurance company to explain it to you.
I think you most likely do not work out that a $1000 policy for 31 years didn't mean $1000 PER year.
At least that's what I'm guessing. Who be the beneficiary? If your mom was the beneficiary, it was never your money anyhow.
IT PROBABLY HAD NO CASH OUT VALUE, JUST ACCIDENTAL DEATH, OR JUST REGULAR DEATH POLICY
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http://insuranceadviceforyou.blogspot.com/
.
you try this site you catch full information Source(s): http://www.click4freeinfo.com/indexinsure.htm
It depends on what type of policy she get. Term life insurance does not accumulate any brass value at all. There are other types that do own a cash value, but not until later life. Find out what type of policy it is, and you might ask an insurance agent what you can do about it. If you get no answers, contact your state insurance commission.
Good luck.
Yep, this is what's called "whole go insurance". That's how it works. Your mom got SOLD, instead of learning around it and figuring out what she WANTED.
If you're 30, you can get $100,000 of 20 year TERM insurance, for more or less $120 A YEAR. Now, it doesn't build "savings", which is probably what she thought she was buying (heck, it WAS what she was buying), but it's pure insurance.
If you want SAVINGS, or VALUE, put your money contained by a money market or mutual fund. If you want a DEATH PAYOUT, put it in duration insurance.
Define the goal, THEN select the product. Source(s): agent, 21+ years
Depending on the exact clause on the policy, or it could have been a total rip stale. Source(s): http://www.insurancehelp101.com/life_faq.shtml
Related Questions:
Answers:
A $1,000 insurance policy won't build much bread value, even over 31 years. I doubt she spent 30K. That would mean she spent $1,000 a year for 30 years for a $1,000 policy.
She may hold spent $3,000 and that would sound about right. Remember, the company be on the line for the whle $1,000 even after the first payment. That's the risk. Granted, after paying contained by the face value, the company should money it to a "paid-up" policy. They don't have to, that's how they make a profit to reward the agents and keep the lights on.
As for what you should do, I'd get a $25,000 residence policy and then cash that other one within and go eat at a Ruths Chris Steakhouse. Usually $55 a plate or more! Source(s): I've be in the insurance Biz 4 years. I hardly vend a whole-life(that's what she bought on you) I sell a term policy for the amt. of debt you own. We give back ALL your money if you don't die.
Rip-off whole life policy.
Never ever should hold life insurance on kids... except maybe a few opulent in a rider on parents policy for funeral.
She was ripped bad. Perfectly legal... whole time policies are never good... and they are not meant to be used surrounded by the way she used it.
She should have read the policy, or spoke to a professional.
A policy which is paid within one installment, is usually set up to pay the premiums with it's own dividends. Somewhere along the rank, the investment must have lost value, and it could no longer bring in its own premiums. Your mom would have had to take-home pay a lump sum, usually quite a bit, to keep the insurance plus at it original level. Apparently she did not, so the premiums be taken out of the accumulated value of the policy, and have dropped in value near each premium. Now there is merely 174 dollars of value left.
Anyway, that would be my guess. You should achieve the insurance company to explain it to you.
I think you most likely do not work out that a $1000 policy for 31 years didn't mean $1000 PER year.
At least that's what I'm guessing. Who be the beneficiary? If your mom was the beneficiary, it was never your money anyhow.
IT PROBABLY HAD NO CASH OUT VALUE, JUST ACCIDENTAL DEATH, OR JUST REGULAR DEATH POLICY
hi check this link its obedient
http://insuranceadviceforyou.blogspot.com/
.
you try this site you catch full information Source(s): http://www.click4freeinfo.com/indexinsure.htm
It depends on what type of policy she get. Term life insurance does not accumulate any brass value at all. There are other types that do own a cash value, but not until later life. Find out what type of policy it is, and you might ask an insurance agent what you can do about it. If you get no answers, contact your state insurance commission.
Good luck.
Yep, this is what's called "whole go insurance". That's how it works. Your mom got SOLD, instead of learning around it and figuring out what she WANTED.
If you're 30, you can get $100,000 of 20 year TERM insurance, for more or less $120 A YEAR. Now, it doesn't build "savings", which is probably what she thought she was buying (heck, it WAS what she was buying), but it's pure insurance.
If you want SAVINGS, or VALUE, put your money contained by a money market or mutual fund. If you want a DEATH PAYOUT, put it in duration insurance.
Define the goal, THEN select the product. Source(s): agent, 21+ years
Depending on the exact clause on the policy, or it could have been a total rip stale. Source(s): http://www.insurancehelp101.com/life_faq.shtml
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