Cash Value in Modern Woodmen whole life policy question

[wehotex]

I have a customer who has had a MWA $10,000 policy that had a cash value of $4,248 in 2016. When I asked her how much was currently in it, she told me that it was down to $0!!! Could that be possible?
She is still paying a monthly premium.

 

[Todd King]

I have a customer who has had a MWA $10,000 policy that had a cash value of $4,248 in 2016. When I asked her how much was currently in it, she told me that it was down to $0!!! Could that be possible?
She is still paying a monthly premium.

I'm thinking, if this is the case, then it must be some sort of guaranteed policy, like a GUL.

 

[Allen Trent]

I have a customer who has had a MWA $10,000 policy that had a cash value of $4,248 in 2016. When I asked her how much was currently in it, she told me that it was down to $0!!! Could that be possible?
She is still paying a monthly premium.

Possible if there were loans, etc. If it is a UL, the only way it would eat up that much CV that quick is if she is super old or super table rated causing COI ti be extremely high

 

[Newby]

Possible if there were loans, etc. If it is a UL, the only way it would eat up that much CV that quick is if she is super old or super table rated causing COI ti be extremely high

UL policies drop fast in cash value once they start dropping.

My guess is that is a non-guaranteed UL because usually a guaranteed UL doesn't build much too cash value up to start with.
But one thing is for sure it's not a whole life policy.

 

[Allen Trent]

UL policies drop fast in cash value once they start dropping.

My guess is that is a non-guaranteed UL because usually a guaranteed UL doesn't build much too cash value up to start with.
But one thing is for sure it's not a whole life policy.

for sure, but he says it is a 10k policy & I have never really seen a 10k UL. Plus, with $4k CV in a $10k face policy, I cant see it costing $800-$1000 per year in COI charges for the net amount at risk of only $6k insurance

 

[Newby]

for sure, but he says it is a 10k policy & I have never really seen a 10k UL. Plus, with $4k CV in a $10k face policy, I cant see it costing $800-$1000 per year in COI charges for the net amount at risk of only $6k insurance

Yes. I think the KEY phrase in the OP's post is "she said" because he didn't review anything with his own eyes.

The public NEVER has any of their facts straight. Could be anything.

 

[WinoBlues]

for sure, but he says it is a 10k policy & I have never really seen a 10k UL. Plus, with $4k CV in a $10k face policy, I cant see it costing $800-$1000 per year in COI charges for the net amount at risk of only $6k insurance

Sagicor had a $10,000 GUL.

 

[WinoBlues]

I have a customer who has had a MWA $10,000 policy that had a cash value of $4,248 in 2016. When I asked her how much was currently in it, she told me that it was down to $0!!! Could that be possible?
She is still paying a monthly premium.

Sounds like maybe loans , maybe including APLs.
I have had cases where a family member covertly max loaned every year just after the anniversary date.

 

[Tahoe Ray]

I have had cases where a family member covertly max loaned every year just after the anniversary date.

And how did those cases work out?

 

[WinoBlues]

And how did those cases work out?

In the couple I remember the owners did not want to pursue it once we pretty much figured it out that it was young adult grandchildren living with them. Used to be pretty easy before HIPPA and privacy protocols.
Unfortunately not that uncommon with seniors.