American Amicable Life/Horizon Life insurance Questions..?
Year1-100%toward premium, yr.2-7- 75%, after yr.7 100%.Started at age 21.5, soon to be 24.Paying $100/mo., so estimate $1700-2000 paid into it so far.It's 20year policy, no fees after year10, otherwise 5%withdrawal fee.Didn't know much give or take a few it at the time, but been thinking to cancel policy, cut my losses(over$1500/current value$250), and pinch that $100mo. to low-risk mutual fund with my bank(USAA).Husband is miltary& has SGLI, FSGLI,7yr.term/$50,000.He's 23 near 5 yrs. in so far&plans to retire in military.I enjoy 1yr. to finsh degree, no kids yet(waiting 3-5 years),&work after I graduate until then.No focal bills except new car&he deploys soon.Do you think I should withdraw policy and invest$100 into my mutual fund(used as short term savings).Do you think I should acquire term life insurance next to USAA?I am trying to learn more about insurance &investments, any suggestions?I not long opened Roth IRA$20/mo. medium risk.What would you recommend?
Answers:
Without human being able to see your total financial picture, I would lean towards you are thinking pretty good.
One sound out tho. Is your husband covered by SGLI and FSGLI for 50k each or is he covered for a total of 50k?
This seems bearing under protected. Do you own your own house? How about your debt? Do you own alot? Are you working right now?
I would ask you for an appointment to take a look at adjectives of your finances. Without doing that, I would not be able to reccomend a course of action that would be to your benefit. I would grain as if I were blind.
I do feel you should consider adjectives your losses with the insurance that you have. It appears, from what I see here, that it is a spend foolishly of money. Just look at the return you have for 3.5 years- $250. That is a -15%! Seems like you own the beginnings of a good plan.Get a complete financial analysis done for you and your husband. You'll be better off contained by the long run.
Sounds like you have thought this out more or less carefully. From what I see, you have a well brought-up plan going. Are both SGLI and FSGLI whole life policies? Would you consider swithching to permanent status to help eliminate your debt and increase your funds?
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Answers:
Without human being able to see your total financial picture, I would lean towards you are thinking pretty good.
One sound out tho. Is your husband covered by SGLI and FSGLI for 50k each or is he covered for a total of 50k?
This seems bearing under protected. Do you own your own house? How about your debt? Do you own alot? Are you working right now?
I would ask you for an appointment to take a look at adjectives of your finances. Without doing that, I would not be able to reccomend a course of action that would be to your benefit. I would grain as if I were blind.
I do feel you should consider adjectives your losses with the insurance that you have. It appears, from what I see here, that it is a spend foolishly of money. Just look at the return you have for 3.5 years- $250. That is a -15%! Seems like you own the beginnings of a good plan.Get a complete financial analysis done for you and your husband. You'll be better off contained by the long run.
Sounds like you have thought this out more or less carefully. From what I see, you have a well brought-up plan going. Are both SGLI and FSGLI whole life policies? Would you consider swithching to permanent status to help eliminate your debt and increase your funds?
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