AboutJohn (J.R.) McCollough Expertise I can answer questions pertaining to Life/Health/Medicare insurance for individual and/or family coverage, students, retired/separated military members, small businesses under 20 employees and seniors in the United States.
Additionally, I can assist people in understanding their options if they've been turned down for insurance and do not know about what state and federal programs are available.
Experience I am the owner of a national agency that only attracts agents of the highest caliber to consult in Health, Life and Medicare insurance products. We emphasize a client-centered approach to the way we conduct business and can provide objective input to help you make an informed decision.
Organizations I belong to a variety of professional, consumer and military organizations. Please feel free to contact me if you're interested in a particular organization.
Education/Credentials Bachelor of Science in Psychology.
Past/Present Clients I don't divulge information about my clients on the internet due to respect for protecting information. Anybody is more than welcome to contact me if they wish to receive a list of past and current clients in their respective area whom have authorized my agents and/or I to release information.
Question QUESTION: Hello i have a life insurance policy I am a single person with no kids I have had alot finicial hardship I have no income coming in And was thinking about closing my life insurance policy I have a cash value that i could use to live on and for my means to get buy Hoping that it will get better Any information would help Thank you Carolyn
ANSWER: Hello Carolyn,
I'm sorry to hear about your recent dealings and I hope that you find suitable employment soon. Insurance industry trends show that life and disability insurance are normally the first to go during tough times, so you're definitely not alone.
First and foremost, have you tried to obtain government assistance to help you get by during this transition in your life and do you and your have health insurance? The last thing on your mind is paying more bills, but that is something you also want to think about and there are many programs available to help people just like you!
As for your question pertaining to cashing out your life insurance policy, here are a few question you should consider if you haven't already.
1. What is the bare minimum amount of money you need to survive?
2. How long can you survive on the money you would receive from cashing out you life insurance policy?
3. Can you obtain a loan against the life insurance policy vs. cashing it out? If so, what are two amounts and refer to question number 2.
4. Have you spoken to your insurance agent about your current situation and received any advice?
5. Do you have any family or friends who might be able to help out?
I'm not a financial planner, although I think like one as a small business owner. My primary goals when talking with people is to offer advice to increase revenue; decrease personal-operating expenses, while still maintaining a healthy quality of life. Sometimes this requires sacrifice and this is one of those times!
If you provided me with answers to the questions listed above I would be better able to recommend a strategy. At this point, I recommend you obtain the answers to previous questions and take it from there one step at a time.
On a side note, it's crucial that you find a way to remain positive and motivated. There's only one place to go when you're feeling down! Asking for advice on this website is a great start and I'm sure things will work out in the end.
Let me know how it works out for you.
-J.R. McCollough
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QUESTION: Hello John your information and answer was very helpful and thanks for your concern I tell i have never been in this finicual shape I move from out state back to my home town and i just havent beeen abel to get back on my feet answer to questions have had family helping me out finicialy and they really have done all there going to do which i appreciate it I had to file bankruptucy and they help with that i just havent been able to get back on my feet And i have gotten some assitence through goverment I feel like the cash value in my policy i could live on it I have tried to budget as much as i can i have not talk to my insurance agent about this yet just customer service to find out what i could do about it I try to stay motive and postive I hope i can turn this around Thank you again for your feedback Carolyn
Answer Hello Carolyn,
Based on what you told me I recommend you contact your insurance agent ASAP. This is one of those times where he or she should earn their money! You have a tough decision to make, but I'm confident that you'll be able to bounce back. Use customer service as a last resort since the insurance agent might have other thoughts as to how you can be helped.
