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@kimhealth Just pay the premiums as scheduled.

@sydneysteve Single pay WL is almost always a MEC. You can call the carrier and ask them but it likely is on the original illustration that you signed when you applied for the policy as well.

@sydneysteve Your policy is a MEC (modified endowment contract). It doesn't have the same tax advantages as a traditional cash value life policy would. It's going to be taxed like a NQ annuity. Hopefully, I'm wrong. Because if I'm not when you file your taxes, you're going to have a 10% IRS...

@dinkold I agree with that but that is not a single premium. You can pass testing at any point and have it not be a MEC. You can't pass testing without additional premiums. I think I'm just being picky on the "one premium" thing here. They made one payment in 2016 so they would be unable to...

@dinkold That's not a single pay. You can have a large up front payment and then pay annually to pass testing but a single pay, non 1035, will always be a MEC. The IRS literally specifies that.

@dinkold You can't solve for min non mec DB on a single pay. They're considered a MEC by default. There would have to be a 1035 or something else involved.

@dinkold Single premiums are almost always a MEC. There can be good MECs too... Hybrid LTC, Single pay whole life/iul strictly for death benefit and safety, alternative to an annuity, etc. But I agree with you. If this was OP's intention (taking a loan), then this design won't work.

@devonboy As I mentioned before, life insurance doesn't (normally) pass through probate. It would go directly to the beneficiary, tax-free. If the policy was more than a few years old, the beneficiary could have their check for the death benefit proceeds in days (or weeks, but it's typically...

@devonboy Bank records are a good start (assuming she was still required to pay premiums). Are you and your husband executors of the estate or is it your SIL? If it's the latter, you probably have very little control (getting bank records, an old copy of the policy, etc.), especially since...

@markster7 You're definitely writable at a reasonable premium with both the build and THC use. Not all carriers are not going to classify edible use as tobacco/smoker but they will add a rating (and some decline) for daily use without a prescription. You should ask your broker to shop you out...

@foto2014 Expect your rates to go to 255/mo. Nationwide will allow standard plus after 1 year of smoking cessation (which is the rate above). Accept that policy and then petition them in Sept (2 years) to bump you to preferred non smoker (which is the 172 that you're being quoted.)...

@tass Some agencies specialize in high(er) risk life insurance. Others just want healthy people because they deal in volume. Google "life insurance with heart murmur" and you'll see some agencies that specialize in getting you underwritten with an existing heart condition. That's where I'd start.

@noguru Your agent is "clean sheeting" which is illegal and jeopardizes the carrier paying your beneficiaries. Take a smoker policy. If you plan on quitting, you can get non smoker rates in 1 year and then even better rates in 2-3 years. I would ditch this agent in a heartbeat and get with...

@hopeandgrace This will be specifically spelled out in the policy and on your EOB (explanation of benefits) but it's likely the average earnings over the last 12 months that the 60% is based on.

@marked They'll also add half of the weight-loss back.

@612to907 Those examples are a small % of the overall FA market. Mass and Northwestern together don't even have as many advisors as LPL. Go into any wirehouse or independent office and you'll see what I mean. I was a wholesaler for 12 years before starting my own agency and met with thousands...

@javelinda Except that most financial advisors don't know jack about insurance, just like most insurance agents know little about financial planning. A full service firm (RIA) will have referral sources for everything so there is no conflict of interest. They'll have insurance brokers, CPAs...

@beaud20 This is the answer that should make OP feel better... Your oldest stepdaughter possessing the physical policy is pretty meaningless. Whoever the carrier has on file as the most recent beneficiary is the one getting the death benefit, and the beneficiary can't be changed after the...

@justviv It's the absolute best investment outside of a Roth (which if you're buying VUL you probable can't get outside of an employer) Check the fees though. There are no load VULs with super cheap expenses. I know nothing about NYL's but just make sure you're not getting jammed on fees.

@ryan_russell Who's talking about IUL? OP has whole life.