Golgo-13 Posted March 10, 2003 Share Posted March 10, 2003 Here is a question for you. My parents picked up a whole life insurance policy worth about 65K when I was a wee lad. It has been fully paid off and my wife and I are considering cashing it in to make a down payment on a house. It was through NY Life. I was wondering what kind of penalties they usually make you pay? How big of a chunck do you estimate we would be able to see from it? Would it even be worth doing now? Thanks for any advice. Link to comment Share on other sites More sharing options...
Kilmer17 Posted March 10, 2003 Share Posted March 10, 2003 PLENTY of advice. Do not, do not, do not, cash it in. Instead, call your agent and find out how you can convert it into a Universal Variable life product. It will allow you to keep your insurability as well as create a retirement avenue. Especially now with the market way down. If you take the money out, you lose the tax free benefits. I am happy to answer any specific ?s you have. Link to comment Share on other sites More sharing options...
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