Should I cash out a Variable Adjustable life insurance policy?
Let’s learn should I cash out a Variable Adjustable life insurance policy. The most accurate or helpful solution is served by Yahoo! Answers.
There are ten answers to this question.
Best solution
It's a whole life insurance policy that has about 30k - 50k paid into it I'm 19 and I currently have no payments because I've put so much into it so far I've had it since I was little and I'm heavily into investments and the stock market. So far since December I've turned $2,000 into $15,000 and I believe with my next new stock it will go from $1 a share to over $10 in May and then eventually be worth $40 after a year I have told some of my family about it and I'm getting another 15k for Christmas...
Answer:
Mbrcatz: This may have been set up as a tax sheltered investment, which would have been a VERY smart...
Jon at Yahoo! Answers Mark as irrelevant Undo
Other solutions
I inherited a flexible variable life insurance policy that my now deceased grandfather bought for me a long time ago. The value on it has gone down in value by about $900 since I found out it was mine 3 months ago...should I just cash it out now or is...
Answer:
If you don't need the life coverage you could do a couple of different procedures. You could surrender...
JP at Yahoo! Answers Mark as irrelevant Undo
I have a life insurance policy purchased by my parents when I was an infant, and now that I'm 25 I am just now realizing this is a part of my "portfolio" of assets. Prior to this, it belonged to my parents. I'm trying to decide whether or not...
Answer:
If I was in your situation, I would cancel it and invest in mutual funds. If you are working and earning...
Robert at Yahoo! Answers Mark as irrelevant Undo
I have purchased a term life policy. My universal life policy is raising each year therefore eating up my cash value unless I pay higher rates. The term life policy rate is frozen for 10 years and is worth more than the univesal policy. I want to cash...
Answer:
Only if you get back more than you've paid in, in premiums. It's possible, but not likely. You only...
Jeannie at Yahoo! Answers Mark as irrelevant Undo
I ask her for my policy and she said that I can't get it and when I die she'll leave it to my children and I don't trust her and I would like to get my policy and cash it in and also how do I go about getting records on my dad's insurance policy when...
Answer:
In life insurance policies, beneficiaries are usually listed in them to see who gets them. Life insurance...
Beverly L at Yahoo! Answers Mark as irrelevant Undo
My wife quit her job. She was contributing around $10 a month to a 25,000 whole life insurance. We got a letter that said the cash value was around $700. If we cash it in is there a tax cost to us? The letter stated that the cash value will be used to...
Answer:
The only thing that will be taxed is the difference between the total amount of premiums ($10 x # of...
toddrws at Yahoo! Answers Mark as irrelevant Undo
The policy was taken out by grandmother on my father (unknown whereabouts) and I was made the beneficiary. My grandmother passed away and the policy was given to me by my grandfather. It has been paid in full for over 10 years now. I would like to use...
Answer:
No. Only the owner can cash out - you'd have to get ownership transferred to you. But if the owner is...
ticked at Yahoo! Answers Mark as irrelevant Undo
My parents took out a life insurance policy on me when I was three and a half. They are the beneficiaries on it. I am now forty and I have been told a few times by other relatives in the past that this policy is still current and being hidden from me...
Lisa at Yahoo! Answers Mark as irrelevant Undo
my granny bought a life insurance policy for me when I was a month and a half....the policy was for 20 years and when i turned 20 (which was last dec) i was allowed to cash it ...show more
Answer:
No one can really answer this question without knowing details. Call the company tomorrow and find out...
PMMMJC7DOX5TGCDYBFUL4SU5FM at Yahoo! Answers Mark as irrelevant Undo
The company i work for has the option to pay me the cash value of a life insurance policy when I retire. Is the cash value subject to Federal,State and FICA taxes?
Answer:
Only if the cash value is GREATER than what you paid into it - then it becomes a "capital gain...
bert at Yahoo! Answers Mark as irrelevant Undo
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