Big4Banker
New Member
- 1
Hello All,
I figured I would get some outside unbiased opinions based on my situation.
I currently have two perm-whole life polices from NMFN.
Plan 1:65 Life
Policy Date: 02/17/2010
Coverage & Values
Net Death Benefit $110,937
Net Cash Value $3,843.74
Monthly Premium $94.84
Premium Paid to Date 08/17/2014
2014 Dividend $210.49
Dividend Used To Purchase Additions
Plan 2:65 Life
#2 Policy Date: 07/31/2013
Coverage & Values
Net Death Benefit $202,129
Net Cash Value $459.29
Monthly Premium $215.87
2014 Dividend $330.49
Dividend Used To Purchase Additions
Just to give a background on myself I am currently 26 years old with minimal debt and hovering a little above 80k income a year.
I took the first whole life policy out when I actually worked at NMFN as a rep. and I plan on keeping that one in tact.
I took the second one out after a large pay increase at my current employer little over a year ago. I eventually plan on having a family, mortgage, etc and being believer in the product I figured I would be making a good long term move taking out the second policy while I could lock in good rates at a young age. I'm also maxing my 401k and the whole life came across as a good tax advantageous place to stick extra cash.
However I'm just starting to have some buyers remorse on the second policy...
I'm just wondering what options I have in regards to the second policy besides completely cashing it out and calling it a day.
I realized I would like more emphasis on cash growth rather then death benefit.... would it be a good idea to convert the second policy into a deferred annuity such as indexed or VA?
Or is there a way to try and shave down the policy to a UAL/ cut the premium payments in half. I would just take the difference and put it into a standard brokerage.
Thanks!
I figured I would get some outside unbiased opinions based on my situation.
I currently have two perm-whole life polices from NMFN.
Plan 1:65 Life
Policy Date: 02/17/2010
Coverage & Values
Net Death Benefit $110,937
Net Cash Value $3,843.74
Monthly Premium $94.84
Premium Paid to Date 08/17/2014
2014 Dividend $210.49
Dividend Used To Purchase Additions
Plan 2:65 Life
#2 Policy Date: 07/31/2013
Coverage & Values
Net Death Benefit $202,129
Net Cash Value $459.29
Monthly Premium $215.87
2014 Dividend $330.49
Dividend Used To Purchase Additions
Just to give a background on myself I am currently 26 years old with minimal debt and hovering a little above 80k income a year.
I took the first whole life policy out when I actually worked at NMFN as a rep. and I plan on keeping that one in tact.
I took the second one out after a large pay increase at my current employer little over a year ago. I eventually plan on having a family, mortgage, etc and being believer in the product I figured I would be making a good long term move taking out the second policy while I could lock in good rates at a young age. I'm also maxing my 401k and the whole life came across as a good tax advantageous place to stick extra cash.
However I'm just starting to have some buyers remorse on the second policy...
I'm just wondering what options I have in regards to the second policy besides completely cashing it out and calling it a day.
I realized I would like more emphasis on cash growth rather then death benefit.... would it be a good idea to convert the second policy into a deferred annuity such as indexed or VA?
Or is there a way to try and shave down the policy to a UAL/ cut the premium payments in half. I would just take the difference and put it into a standard brokerage.
Thanks!