Should I cancel universal life ins.

[Albee Kuminova]

No mortage. No credit card debt. Have enough money for final expenses.
State Farm says after 62 I will need to put 800 to 1,000 a year in to
fund the ins. vs. the 375 a year now. At what point is it a good idea to
drop life ins.? Years back 50K in insurance seemed like a good idea. Now
I wonder what to do. That's a lot of extra money considering I have a
long term nursing home/in home care policy which is over 2,500 a year.

But term ins. or a "final expense" policy would be MUCH more. The 50K is
on me or my wife. But she has 41K life insurance as long as she works.
When she retires she would have a fair retirement and we'd both
eventually have soc. security.


So it's keep the universal life until 62 and pay $375 a year at which
time the policy would lapse OR keep it in effect at $800 a year. It
seems logical to me to cancel it. Any thoughts? I'll meet with agent
this week and I know he will want me to pour more money into it.

[Richard Cline]

In article <***@yawwhoo.com>, Albee Kuminova <"Albee
Kuminova"@yawwhoo.com> wrote:

You should ask what you need the insurance for. If your wife is your
only dependent and she has independent retirement money, it looks like
she need not rely on the insurance. If you think you might die in the
next five years, the insurance is probably a good investment. The
insurance should have some surrender value -- what can you earn by
investing in independently?

There is no simple formula to evaluate everybody's need.

Dick

Post by Albee Kuminova
No mortage. No credit card debt. Have enough money for final expenses.
State Farm says after 62 I will need to put 800 to 1,000 a year in to
fund the ins. vs. the 375 a year now. At what point is it a good idea to
drop life ins.? Years back 50K in insurance seemed like a good idea. Now
I wonder what to do. That's a lot of extra money considering I have a
long term nursing home/in home care policy which is over 2,500 a year.
But term ins. or a "final expense" policy would be MUCH more. The 50K is
on me or my wife. But she has 41K life insurance as long as she works.
When she retires she would have a fair retirement and we'd both
eventually have soc. security.
So it's keep the universal life until 62 and pay $375 a year at which
time the policy would lapse OR keep it in effect at $800 a year. It
seems logical to me to cancel it. Any thoughts? I'll meet with agent
this week and I know he will want me to pour more money into it.

[John]

What are your goals?

Why did you buy the UL?
It is a second to die?
Do you want to leave money to beneficiaries?
Does it have cash value?
Average nursing home stay is between 2-3 years and liquid assets and real
estate can be set aside in 5 years.
What are you paying 2500 a year for? Not a burden Choices? If you cannot
afford 800 a year how can you pay 2500 a year?
The 41 k work insurance should not be considered in planning around
retirement.

Ask State farm to run an illustration at 4.75 and 5% as rates move you might

I would look the LTC and keep a UL on yourself to make up for the SS your
wife loses on your demise so she can pay her LTC bills.

Everybody is different so find yourself a good agent/advisor/senior lawyer
.. One size does not fit all.
john

Post by Albee Kuminova
No mortage. No credit card debt. Have enough money for final expenses.
State Farm says after 62 I will need to put 800 to 1,000 a year in to
fund the ins. vs. the 375 a year now. At what point is it a good idea to
drop life ins.? Years back 50K in insurance seemed like a good idea. Now
I wonder what to do. That's a lot of extra money considering I have a
long term nursing home/in home care policy which is over 2,500 a year.
But term ins. or a "final expense" policy would be MUCH more. The 50K is
on me or my wife. But she has 41K life insurance as long as she works.
When she retires she would have a fair retirement and we'd both
eventually have soc. security.
So it's keep the universal life until 62 and pay $375 a year at which
time the policy would lapse OR keep it in effect at $800 a year. It
seems logical to me to cancel it. Any thoughts? I'll meet with agent
this week and I know he will want me to pour more money into it.

[r]

The question of insurance is difficult to answer. What age are you
now? The closer you are to 62.The sooner your expiration date will
arrive. If you are close to 62 with no outstanding bills for you
spouse to pay off. And your spouse has s/s and a retirement income.
Then I would dump the insurance and spend the premiums on enjoy the
rest of your active life span. Retirement is about enjoying your
active life span.

r


Where did all the time go????????

On Tue, 20 Jul 2004 00:26:35 GMT, Albee Kuminova <"Albee

Post by Albee Kuminova
No mortage. No credit card debt. Have enough money for final expenses.
State Farm says after 62 I will need to put 800 to 1,000 a year in to
fund the ins. vs. the 375 a year now. At what point is it a good idea to
drop life ins.? Years back 50K in insurance seemed like a good idea. Now
I wonder what to do. That's a lot of extra money considering I have a
long term nursing home/in home care policy which is over 2,500 a year.
But term ins. or a "final expense" policy would be MUCH more. The 50K is
on me or my wife. But she has 41K life insurance as long as she works.
When she retires she would have a fair retirement and we'd both
eventually have soc. security.
So it's keep the universal life until 62 and pay $375 a year at which
time the policy would lapse OR keep it in effect at $800 a year. It
seems logical to me to cancel it. Any thoughts? I'll meet with agent
this week and I know he will want me to pour more money into it.

[John J. Piotrowski]

I have both universal Life Insurance and a long -term care policy, both
through John Hancock.
If I cancel my insurance (U.L.) there is a surrender value with no
accumulated value.
In other words I get nothing. The long term care insurance is to protect
my house if I go into a nursing home.
This type of care can cost up to 15-20,000/yr. If I go into a nursing
home with out the insurance and I have to go on medicade (mass welfare)
my wife will lose both my retirement and my SS,
she will not be able to survive on her income. If there was only one of
us and I didn't own my own home, which could be in a ir-revocable trust,
I would not need the long-term policy. The final question. I would now
put a burden on my children to bury me.

So I need both my U.L. policy and my Long trem care policy

U.L. cost 600/yr for me and 397/yr for my wife
Long term cost 1926/yr for me and 1832/yr for my wife

Regards
Jack

Post by Albee Kuminova
No mortage. No credit card debt. Have enough money for final expenses.
State Farm says after 62 I will need to put 800 to 1,000 a year in to
fund the ins. vs. the 375 a year now. At what point is it a good idea to
drop life ins.? Years back 50K in insurance seemed like a good idea. Now
I wonder what to do. That's a lot of extra money considering I have a
long term nursing home/in home care policy which is over 2,500 a year.
But term ins. or a "final expense" policy would be MUCH more. The 50K is
on me or my wife. But she has 41K life insurance as long as she works.
When she retires she would have a fair retirement and we'd both
eventually have soc. security.
So it's keep the universal life until 62 and pay $375 a year at which
time the policy would lapse OR keep it in effect at $800 a year. It
seems logical to me to cancel it. Any thoughts? I'll meet with agent
this week and I know he will want me to pour more money into it.

[Rita]

Post by John J. Piotrowski
I have both universal Life Insurance and a long -term care policy, both
through John Hancock.
If I cancel my insurance (U.L.) there is a surrender value with no
accumulated value.
In other words I get nothing. The long term care insurance is to protect
my house if I go into a nursing home.
This type of care can cost up to 15-20,000/yr. If I go into a nursing
home with out the insurance and I have to go on medicade (mass welfare)
my wife will lose both my retirement and my SS,
she will not be able to survive on her income. If there was only one of
us and I didn't own my own home, which could be in a ir-revocable trust,
I would not need the long-term policy. The final question. I would now
put a burden on my children to bury me.
So I need both my U.L. policy and my Long trem care policy
U.L. cost 600/yr for me and 397/yr for my wife
Long term cost 1926/yr for me and 1832/yr for my wife

You need to check out Medicaid rules in your state.

In New York state, if one spouse goes into a nursing home and Medicaid
pays, that spouse is allowed to retain the family home. about $80,000
in other assets and around $1,700 a month in income.

Post by John J. Piotrowski
Regards
Jack

Post by Albee Kuminova
No mortage. No credit card debt. Have enough money for final expenses.
State Farm says after 62 I will need to put 800 to 1,000 a year in to
fund the ins. vs. the 375 a year now. At what point is it a good idea to
drop life ins.? Years back 50K in insurance seemed like a good idea. Now
I wonder what to do. That's a lot of extra money considering I have a
long term nursing home/in home care policy which is over 2,500 a year.
But term ins. or a "final expense" policy would be MUCH more. The 50K is
on me or my wife. But she has 41K life insurance as long as she works.
When she retires she would have a fair retirement and we'd both
eventually have soc. security.
So it's keep the universal life until 62 and pay $375 a year at which
time the policy would lapse OR keep it in effect at $800 a year. It
seems logical to me to cancel it. Any thoughts? I'll meet with agent
this week and I know he will want me to pour more money into it.

[D***@yahoo.com]

Post by Rita

Post by John J. Piotrowski
I have both universal Life Insurance and a long -term care policy, both
through John Hancock.
If I cancel my insurance (U.L.) there is a surrender value with no
accumulated value.
In other words I get nothing. The long term care insurance is to protect
my house if I go into a nursing home.
This type of care can cost up to 15-20,000/yr. If I go into a nursing
home with out the insurance and I have to go on medicade (mass welfare)
my wife will lose both my retirement and my SS,
she will not be able to survive on her income. If there was only one of
us and I didn't own my own home, which could be in a ir-revocable trust,
I would not need the long-term policy. The final question. I would now
put a burden on my children to bury me.
So I need both my U.L. policy and my Long trem care policy
U.L. cost 600/yr for me and 397/yr for my wife
Long term cost 1926/yr for me and 1832/yr for my wife

You need to check out Medicaid rules in your state.
In New York state, if one spouse goes into a nursing home and Medicaid
pays, that spouse is allowed to retain the family home. about $80,000
in other assets and around $1,700 a month in income.

Post by John J. Piotrowski
Regards
Jack

Post by Albee Kuminova
No mortage. No credit card debt. Have enough money for final expenses.
State Farm says after 62 I will need to put 800 to 1,000 a year in to
fund the ins. vs. the 375 a year now. At what point is it a good idea to
drop life ins.? Years back 50K in insurance seemed like a good idea. Now
I wonder what to do. That's a lot of extra money considering I have a
long term nursing home/in home care policy which is over 2,500 a year.
But term ins. or a "final expense" policy would be MUCH more. The 50K is
on me or my wife. But she has 41K life insurance as long as she works.
When she retires she would have a fair retirement and we'd both
eventually have soc. security.
So it's keep the universal life until 62 and pay $375 a year at which
time the policy would lapse OR keep it in effect at $800 a year. It
seems logical to me to cancel it. Any thoughts? I'll meet with agent
this week and I know he will want me to pour more money into it.

[toci]

Post by Albee Kuminova
No mortage. No credit card debt. Have enough money for final expenses.
State Farm says after 62 I will need to put 800 to 1,000 a year in to
fund the ins. vs. the 375 a year now. At what point is it a good idea to
drop life ins.? Years back 50K in insurance seemed like a good idea. Now
I wonder what to do. That's a lot of extra money considering I have a
long term nursing home/in home care policy which is over 2,500 a year.
But term ins. or a "final expense" policy would be MUCH more. The 50K is
on me or my wife. But she has 41K life insurance as long as she works.
When she retires she would have a fair retirement and we'd both
eventually have soc. security.
So it's keep the universal life until 62 and pay $375 a year at which
time the policy would lapse OR keep it in effect at $800 a year. It
seems logical to me to cancel it. Any thoughts? I'll meet with agent
this week and I know he will want me to pour more money into it.

When I was in that situation (or close) I cancelled mine. (Your agent will want more money-that's how he gets paid.) Toci

[D***@yahoo.com]

Post by toci

Post by Albee Kuminova
No mortage. No credit card debt. Have enough money for final expenses.
State Farm says after 62 I will need to put 800 to 1,000 a year in to
fund the ins. vs. the 375 a year now. At what point is it a good idea to
drop life ins.? Years back 50K in insurance seemed like a good idea. Now
I wonder what to do. That's a lot of extra money considering I have a
long term nursing home/in home care policy which is over 2,500 a year.
But term ins. or a "final expense" policy would be MUCH more. The 50K is
on me or my wife. But she has 41K life insurance as long as she works.
When she retires she would have a fair retirement and we'd both
eventually have soc. security.
So it's keep the universal life until 62 and pay $375 a year at which
time the policy would lapse OR keep it in effect at $800 a year. It
seems logical to me to cancel it. Any thoughts? I'll meet with agent
this week and I know he will want me to pour more money into it.

When I was in that situation (or close) I cancelled mine. (Your agent will want more money-that's how he gets paid.) Toci