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POSTED BY ON August 2, 2012 3:53 pm COMMENTS (3)
Hi
need some suggestion on what to do with max newyork whole life insurance we took long back in 2003.
For hubby, around 13500 per annum for 6L SA and 5L accident rider.
For myself , around 6000 per annum for for 3L SA and 3L accident rider.
We also were told that thre is some option for Progressive bonus , i paid 1000rs extra during some years for that..I think once in two years..
a sample illustration by the agent shows around 18L on death(assuming i die at 65 )and around 8L as cash value for my policy at the age of 65. I am 32 now. Can I believe this? my current year policy statement shows 24000 as cash value(which is horrible). but it also shows bonus as 10k, OPPB PUA amount as 20k and PUA bought as 70k…not sure what this means…
If this is not beneficial, how shall I terminate this policy? Shud I make it paid up or use Extended term insurance option?Anyone else did this recently with MNYL?
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Hi manish,
Now this has confused me. continue to invest is not a big deal interms of our ability to do so. But is the returns justified ? Shud I wind this up or turn to ETI?
Ms Hema,
This Whole life plan offers the best balance between savings and security in a insurance policy(saving type plans).
The rate of growth of the cover is highest possible in whole life type insurance plans. The illustrations are showing you a fair picture at age 65- with a set of assumptions considered by the company.
Continue the plan as it is. You should add the waiver of premium rider preferably at the policy anniversary.
Some products may look a bit complex but if you are ready to exert a little then it will be fairly easy. Anyway is the stock picking activity easy? Choosing MFs simple? Is even choosing and buying a car so easy? Is even financial planning and awareness about it so easy and simple to master?
Still if you don’t want to continue with this for any reason then extended term insurance is the better option than surrendering it.
Truely speaking it not worth the effort to do so much of analysis and find out the best option . The best thing you can do is just stop it , dont pay more into this , it has already completed 9 yr .. take your money back if its an option there.. you must get something back . And next time think before you buy , not vice versa !