Was just reviewing our NW Mutual life insurance, that has a larger term life + smaller whole life
I was curious about the whole life, since it has the death benefit + cash value.
Here are the last 4 years of death + cash value, and was wondering.... is the $2k worth it ?
2011 - $160k - $70k 2010 - $156k - $65k 2009 - $152k - $59k 2008 - $148k - $54k
Just for a little more info/clarification... I bought this about 20yrs ago, when our son was born, and our financial world was a path unknown. Since then, I've gone thru a couple of consulting firms that were acquired and this Life Ins bucket is now a very tiny portion of our overall portfolio.
So - I was basically wondering if the yearly $2k premium is worth it.... as both the benefit & cash value appear to increase by about $4k a year, in addition to having the overall death benefit.
What happens if you don't pay the $2k premium? My similar policy is set up so that if I don't pay the premium, the premium gets deducted from the cash value, and the policy continues. I haven't paid my premium in more than 20 years, and the cash value continues to increase slowly. Maybe you should ask them about that.
Its projected to run out of money when I'm in my 90s. (I'm 65 now).
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