My complete time policy...I'm bloody confused.?
Should I keep this? Is this honest? Whole Life --age 32 $8/month. 15K coverage--$500 avail loan amt
Answers:
It sounds like you've have this policy for a long time since you're only paying $8/month. You should NEVER ever go against a whole vivacity policy. You should have your agent review this beside you ASAP.
Other Answers:
First question is do you call for life insurance. Life insurance is roughly used:
+ to cover "final expenses"
+ to provide for those left at the rear
+ to pay taxes on inheritances
Next interrogate is how much do you need. If you enjoy a wife who does not work and/or children who are not already on their own and you have no substantial assets you have need of a lot more than $15,000 of insurance. This policy appears to be little more than ample to pay for your funeral, etc. Figure out what you plan for the money to accomplish and that will donate you an idea how much you stipulation.
Next question is what type do you involve. For most people the answer is straight occupancy life (i.e. take-home pay as you go for protection near no cash value). With unbroken life you are really paying for insuirance and forcing yourself to retrieve. But your savings are lone earning what little interst the insurance company chooses to foot you.
$96 per year for $15,000 coverage ($0.96 per $1,000) sounds expensive. I'm 48 and my $100,000 policy is only $421 per year ($0.42 per $1,000) but mine is residence life (no bread value).
If you borrow against your whole go policy they take that amount out if you die so it's close to having smaller amount insurance than you planned on.
yes, you should save it. Another option would be to supply more premium to it, talk to your agent first, you might know how to increase the face amount by increasing the premium up in recent times a bit. If you cannot, then see how much it would cost to recompense it up and you would not have to wage any other premium ever and still have the policy. Or, for $8 per month, you really cant lose. Hope this help. Nope, it's crap, unless you're a type 1 diabetic or have aids or something.
You can get hold of $100,000 of coverage for about $100 a year on a 15 year residence policy.