yep bad decision to buy it.
Its really hard to game these bc the interest rate looks good. As you know its not guaranteed, the insurance costs goes up over time, if you surrender any and all gains are now immediately taxed as income. If you dont keep paying the premium then it comes from your cash value which will shrink.
you could get more out of CDs or even guaranteed out of MYGAs. You dont seem to value the insurance so you do realize that you didnt get 4.5% over the last 7 years?
You didnt give any reason to have a need or even desire for a permanent death benefit so why would you either convert or 1035 to a new WL product? Conversions are never the best deal if you are healthy by the way.
The best reasons to keep are that you really want a death benefit, your health has changed so it isnt as good, you are sure you can fund it so it doesnt collapse.
You seem to be trying to through good money after bad.
Its really hard to game these bc the interest rate looks good. As you know its not guaranteed, the insurance costs goes up over time, if you surrender any and all gains are now immediately taxed as income. If you dont keep paying the premium then it comes from your cash value which will shrink.
you could get more out of CDs or even guaranteed out of MYGAs. You dont seem to value the insurance so you do realize that you didnt get 4.5% over the last 7 years?
You didnt give any reason to have a need or even desire for a permanent death benefit so why would you either convert or 1035 to a new WL product? Conversions are never the best deal if you are healthy by the way.
The best reasons to keep are that you really want a death benefit, your health has changed so it isnt as good, you are sure you can fund it so it doesnt collapse.
You seem to be trying to through good money after bad.
Statistics: Posted by Rex66 — Wed May 08, 2024 9:43 pm — Replies 2 — Views 50