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  1. W

    I was told that I retained access to the funds in my universal life insurance policy, but that's not true

    @sumwear Thank you for that explanation -- it makes sense that the cost of the insurance would need to be paid off first. I did not know that the funds would be taxed unless a loan was taken on the policy. The agent initially referred to the accumulated value as the 'cash value' but in March...
  2. W

    I was told that I retained access to the funds in my universal life insurance policy, but that's not true

    @sonriseforever I can only loan about $990. Interestingly, the agent had said back in February that I could loan the full accumulated value tax-free (over $15k), citing that as a "built-in benefit" which was a workaround for the surrender value, and that I never needed to pay it back as it would...
  3. W

    I was told that I retained access to the funds in my universal life insurance policy, but that's not true

    @tabinek I did receive a response, though the first inquiry was lost by the state. It was a form letter that included three sentences of findings. It essentially just said that the insurance company confirmed I had received a copy of the policy and statements, and that I was told the policy was...
  4. W

    I was told that I retained access to the funds in my universal life insurance policy, but that's not true

    @reana I thought that might be the case.
  5. W

    I was told that I retained access to the funds in my universal life insurance policy, but that's not true

    About 4 years ago, I was sold a $750k universal flex life insurance policy as a supplemental retirement policy in Florida. I received misinformation about several things, but the main issue is that I was told that I retained access to the funds. I've recently learned that is untrue. I emailed...
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