I want to keep the cash value invested, and would like to reduce the amount of penalty's that would be levied against it. I have done numerous studing on the topic and have realized that this was a mistake and i got taken. I've been funding it for a little over a year and have about a thousand dollars in the cash value. The surrender period is ten years. I've heard it is a good idea to role it over in a 1035 exchange into a variable annuity with the same company to reduce the fee's. Help????
What is the best way to cancel a cash value life insurance policy.?
What type of insurance policy do you have? Why do you feel you got taken? Some insurance policies you can change the death benefit which will make the cost and fees cheaper. You gotta understand, any investment is going to have fees. I sell insurance, and I personally think insurance is a great investment. If you have questions maybe I can help. You can email me at seek2bgr8@yahoo.com. I can at least help you decide if it would be benficial to move it over to the Variable Annuity.
Reply:check into rolling it over to an IRA. anytime its surrender as cash or check yes they can charge fees. Some dont charge fees if you go to an IRA. and by rendering it to yourself you are also subject to any accumulated Interest earned and and tax on the gross amount. Most companies would like for you to surrender under there company so they can reuse the funds you still may have to check the companies policies and the Interest rates they offer.
Reply:The surrender value would be considerably less than the investment, and after only a year, it would probably be very little indeed. If you are concerned about the fees and penelties being charged, contact the insurance company and discuss it with them. If you don.t not get a satisfactory response, contact the Insurance Council with your concerns
Reply:You would have to surrender it for a far less value.
No comments:
Post a Comment