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- #11
You have to ask yourself "how long should I live?". If you feel you'll still be around at 85 or 90 or longer then remember that one year term (the insurance portion of all ULs) goes up every year. If you stay with a UL then you will most likely have this same problem again in 20 to 25 years. My advice is to get rid of the ULs and go with a guaranteed whole life plan. But don't drop anything until after a new policy is approved.
OK. I think that may help solve things for one policy but I have 2 UL's that are in the same boat. The agent that contacted me seemed to indicate that if they converted the policy and used my existing cash values to fund new whole life policy then the conversion from UL to WL would be guaranteed but from the sounds of things, perhaps I need to double check that. The other policy is not in very good shape as it only has a cash value of $7400 and when I contacted that agent he had no suggestions other then paying the higher premium. The bad news is that my current agent on the second UL became my agent by default when the agent that wrote the policy retired and has never serviced or supported the policy. I'm also convinced that this agent was totally clueless of the problem as he had to have one of his staff do the analysis of my situation when I presented him with the facts. The good news is that my nephew is an agent for the same company in the same town and I can transfer the policy to him if he has any solutions. I have sent an email to my nephew asking him for advice and he would never screw over his uncle. That being said would the general advice be to cash in that policy and take the cash value if my nephew can't come up with a solution?