- 175
At the end of the day today I called about a potential clients' policy. Thought it was a UL or IUL based on what he said - he even thought it was UL. After entering the info on automated system, it said it was a whole life. I was happy because we feared there was surrender charges if we 1035'd it.
Well, the rep told us that the cash value was $358,000 but the surrender was only $198,xxx.. I had never heard of a whole life with surrender. She then proceeded to tell us that they were either 10, 15 or 19 YEARS! Holy crap, have you ever heard of such...?
He is digging up the actual contract tonight to find out for sure. Hoping it's just a 10 year one... but would the difference be that much if just one more year or less? He's had 9+ but not 10.
Well, the rep told us that the cash value was $358,000 but the surrender was only $198,xxx.. I had never heard of a whole life with surrender. She then proceeded to tell us that they were either 10, 15 or 19 YEARS! Holy crap, have you ever heard of such...?
He is digging up the actual contract tonight to find out for sure. Hoping it's just a 10 year one... but would the difference be that much if just one more year or less? He's had 9+ but not 10.