Life & Health Insurance/Life Insurance Loan

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QUESTION: Hello I have life insurance policy I have a loan 2.4000 that i  took out At the time i had  job losses an hardships The loan amount was that amount 2.400 was that amount to start off with.   And my monthly premium is $8.05 a month I  just know I 'm not going to pay this loan back  I just cant do it Financially  My question is do i  need life insurance I feel like i  need to close it out If i do I will get the cash value which is 600.00 Thank you Carolyn

ANSWER: Carolyn,

I'm glad you decided to come my way. I will see what I can do to help.

If I understand your question correctly, you have a life insurance policy that also accumulates cash value. How much is the death benefit? Once I get your response, I will continue with my assistance.

Until then...

---------- FOLLOW-UP ----------

QUESTION: Hello Gene the death benefit is 2.400 The whole amount Yes if i close it would be a cash value 600.00 I'm am single and have no dependents  And i  know I just will not be able to pay the loan back  I hope that information helps  Thank you Carolyn

Answer
Carolyn,

I am a firm believer in everyone having their own independent life insurance. However, the death benefit needs to make sense for the purpose of final expenses. Most funerals and final burial costs are between 10 and 15K. My point in asking the question to you about the death benefit was to see what you had.

$2400 in a death benefit will not provide much coverage. It also sounds like this may be your ONLY policy you own and the premium is a nice affordable amount. Times will hopefully not be as tough financially and if it were me I would not only keep the policy but I would also see what I could afford to do with adding a larger amount to it so we could get that benefit higher. If that's not possible right now, then I would at least keep the $8.05 because those responsible for your final expenses will need the help they can get.

I hope this helps and that you got an answer you can feel good about.

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Gene Ramsay

Expertise

I can answer questions from people regarding health, life, and voluntary insurance. I can also answer certain annuity questions, long-term care, medicare, vision, dental, group products, individual products, and certain carriers. Another area would be general discussion on an individual basis to determine need and help individuals make the right decisions for them. I can also field questions from other insurance providers about carriers I represent so we can do some business together and I am also willing to offer my thoughts on certain issues they may be having with clients/customers, etc.

Experience

My experience comes from helping many people every day handle tough situations in the health, life, and voluntary insurance markets. I do not claim to know it all, but I will always be direct and professional.

Organizations
National Association of Health Underwriters, Alabama Association of Health Underwriters, Birmingham Association of Health Underwriters

Publications
Self Funding Magazine, ezines.com, Birmingham Business Journal, North Jefferson News

Education/Credentials
My educational credentials are holding a health and life insurance license in multiple states.

Awards and Honors
Colonial Life Rookie Sales Award of the Year (2006), Treasurer - Birmingham Association of Health Underwriters (2010), NAHU Region 5 & 6 Leadership Conference Participant (2011), "Benefits Selling" Magazine Reader Council Advisory Board (2011), President Elect - Birmingham Association of Health Underwriters (2011), President (2012-2014), VP of Technology - Alabama Association of Health Underwriters, (2011-Present), NAHU LPRT Soaring Eagle Award Recipient (2013)

Past/Present Clients
I would prefer not to divulge clients without their consent to do so.

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