Financial Challenges Support Group

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whole life insurance loans......

billwfriend
billwfriend

I have two whole life insurance policies left from 5 that my Dad bought for me when I was much younger before becoming uninsurable.....but I learned that I could borrow against them.....and borrow I did....one that was bought in like 1962 has a huge debt....the other has a more realistic debt on it too....


My AA sponsor is a former insurance broker....I have asked him what to do giving him details of these debts and tomorrow afternoon we are going to talk about what he thinks I could do with these insurance policies....


it would take close to $20K to pay off all the loans on these 2 policies....I am going to listen to my sponsor.....but it is scary to think he might say pay them off....or tell me to surrender the policies....I am unable to decide on anything without someone helping me....

cedarbrooke
cedarbrooke
I would surrender them.
johnnycake
johnnycake
Are you making payments on these loans, or payments on the policies? What are the face values of the policies? What interest rate are they charging on the loan balance?
billwfriend
billwfriend
johnnycake I am not going to tell u some of that.....I make the annual payment but no loan payments....that is rolled into the values of the policy....
billwfriend
billwfriend
I need to make a telephone call and ask some specific questions today to understand things....
Messenger2010
Messenger2010
For what you owe and not having any dependents and your age, I would surrender them.
billwfriend
billwfriend
They may not be dependents but my nieces and nephews still benefit from anything I have left and any insurance. If I live long either they become caregivers or they abandon me and I have just money that I currently have to live on and welfare for aged people to depend on.
I would hate to not leave them something if I die tomorrow.
Vave
Vave
Oh dude, really bad situation. But I understand you. I also had similar problem and I didn't know what to do. However, I found a service wich helped me, because they are professionals in loan sphere. On their website I read about possible ways of solution, wrote them in custom support and we together found the best variant. Think that you also should research https://usave.co.uk/loans/ , there you will find tens guides about loans and for further exactly there you can compare best offers of getting credit in UK.
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