I am 62 years old and have a Universal Variable Life insurance policy that I bought back in 2001. I haven't paid premiums in years. The death benefit is $115,000 and has a cash value of $81,290. I have a loan balance of $94,777 @ 3.25% but the investment side more that pays for the loan interest and policy costs.
I do not need the life insurance so the question is; should I keep the policy or close it out and pay taxes on the cash value?
I do not need the cash value to live on yet.
I do not need the life insurance so the question is; should I keep the policy or close it out and pay taxes on the cash value?
I do not need the cash value to live on yet.
Statistics: Posted by Francis Parker — Fri Dec 13, 2024 8:01 am — Replies 0 — Views 17