writingforlife101
New member
Background:
I’m a 30M, recently married, no kids but trying. Wife is in school and makes about $70k a year, I make about $200k a year.
My dad mentioned he’s taken out 4 (whole?) life insurance policies through Northwestern Mutual in my name throughout my life time. Now that I’ve turned 30, he’s turning them over to me, either to continue to pay or cash them out. I don’t think they fit my goals, but I want to make sure there’s not some value in keeping them (or at least some of them) before cashing out.
My thought would be to cancel all except the oldest one, and instead just get like 40 year term life?
Policy 1:
- Policy Name: 65 Life
- Date: 12/20/1993
- Basic Insurance Amount: $31,217
- Total Death Benefit: $57,410
- Accumulated Value: $9,797
- Monthly Premium: $20.60
Policy 2:
- Policy Name: 65 Life
- Date: 3/5/2017
- Basic Insurance Amount: $50,000
- Total Death Benefit: $52,839
- Accumulated Value: $2,145
- Monthly Premium: $52.29
Policy 3:
- Policy Name: 65 Life
- Date: 11/19/2018
- Basic Insurance Amount: $50,000
- Total Death Benefit: $52,185
- Accumulated Value: $1,822
- Monthly Premium: $55.89
Policy 4:
- Policy Name: Whole Life Plus 100
- Date: 11/20/2021
- Basic Insurance Amount: $50,000
- Total Death Benefit: $50,427
- Accumulated Value: $83
- Monthly Premium: $52.89
I’m a 30M, recently married, no kids but trying. Wife is in school and makes about $70k a year, I make about $200k a year.
My dad mentioned he’s taken out 4 (whole?) life insurance policies through Northwestern Mutual in my name throughout my life time. Now that I’ve turned 30, he’s turning them over to me, either to continue to pay or cash them out. I don’t think they fit my goals, but I want to make sure there’s not some value in keeping them (or at least some of them) before cashing out.
My thought would be to cancel all except the oldest one, and instead just get like 40 year term life?
Policy 1:
- Policy Name: 65 Life
- Date: 12/20/1993
- Basic Insurance Amount: $31,217
- Total Death Benefit: $57,410
- Accumulated Value: $9,797
- Monthly Premium: $20.60
Policy 2:
- Policy Name: 65 Life
- Date: 3/5/2017
- Basic Insurance Amount: $50,000
- Total Death Benefit: $52,839
- Accumulated Value: $2,145
- Monthly Premium: $52.29
Policy 3:
- Policy Name: 65 Life
- Date: 11/19/2018
- Basic Insurance Amount: $50,000
- Total Death Benefit: $52,185
- Accumulated Value: $1,822
- Monthly Premium: $55.89
Policy 4:
- Policy Name: Whole Life Plus 100
- Date: 11/20/2021
- Basic Insurance Amount: $50,000
- Total Death Benefit: $50,427
- Accumulated Value: $83
- Monthly Premium: $52.89