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Life & Health Insurance/Questions Answered by Expert Willard R. Brumbaugh, LUTCF, CSFP
| Subject | Date Asked |
| life insurance on partner | 1/18/2012 |
| Q: I have lived with someone for over twenty years, and am concerned that, should he pass on, I will ... A: Yes, however, he must sign the application as the potential insured. One other thing, unless there ... | |
| life insurance | 1/13/2012 |
| Q: I am paul writing from malta,europe. I wish to purchase a life policy and do not want to get quotes ... A: I have checked and determined that Aviva Life, a UK based company with a 300 year history is ... | |
| Life Insurance Beneficiary | 1/10/2012 |
| Q: My ex and I agreed in our divorce and have a signed legal court decree that he would carry a life ... A: Number 1, this is not illegal. Number 2, if you do not have ownership of this policy, it is ... | |
| Answer | 1/1/2012 |
| Q: What did you determine on then"tin can" question asked By Michelle on 6-30-09? It dealt with ... A: Michelle never followed through. So, I was not able to properly advise her. Often I am given ... | |
| rio grande national | 11/5/2011 |
| Q: who would i get in touch with about a policy from rio grande national life insurane A: Rio Grande National had been acquired by Kentucky Central. The policies that were held by Kentucky ... | |
| 1939 Prudential Insurance Policy | 11/4/2011 |
| Q: Very much like Carol, my mother recently passed away and there was a $500 policy issued by ... A: I have never known Prudential to pay out only the Face Amount on these old policies. But then, I may ... | |
| Whole Life and Modified Endowment Contracts | 9/8/2011 |
| Q: I wanted to know about the rules that govern whole life insurance polices and when they become ... A: In principle, there is no mathematical downside to this concept. However, one of its strengths is ... | |
| Whole Life and Modified Endowment Contracts | 9/7/2011 |
| Q: I wanted to know about the rules that govern whole life insurance polices and when they become ... A: The Definition of a Modified Endowment Contract is any form of Whole Life insurance that is ... | |
| EXTENDING EXPIREY AGE ON FLEXIBLE PREMIUM ADJUSTABLE JOINT LIFE INSURANCE POLICY | 9/5/2011 |
| Q: OUR IRREVOCABLE FAMILY TRUST HOLDS A FLEXIBLE PREMIUM ADJUSTABLE JOINT LIFE INSURANCE POLICY THAT ... A: I am honored that you have asked me this question. I can answer this, but I need your help. I have ... | |
| Life Insurance Proceeds | 8/30/2011 |
| Q: I have a question regarding life insurance beneficiary payout. I have a life insurance policy in my ... A: I am not a lawyer, so my comments would need to be verified. If your goal is to make sure that your ... | |
| Old Life Insurance Policy issued 1939 | 7/21/2011 |
| Q: I was going through some old papers and found a letter dated June 28, 1998 from Prudential Insurance ... A: I think you will be pleased with the way Prudential will be serving you. It is likely that this is a ... | |
| Burial Insurance | 7/15/2011 |
| Q: Back in the 1950's my parents purchased burial insurance policies on our entire family. My mother ... A: Western America Life Insurance Company took over the American Surety Life policies in 1998. Mailing ... | |
| Rio Grand National Life Insurance | 7/14/2011 |
| Q: When I was young, my parents purchased two life insurance policies in my name from Rio Grand ... A: Those that I have answered have not passed on to me their results, so I can only guess that they ... | |
| is old policy under rio grande still valid? | 7/13/2011 |
| Q: I have found policy of my now passed away parents under the rio grande national life ins.. Is it ... A: Those that I have answered have not passed on to me their results, so I can only guess that they ... | |
| Term life for 2 children and one dies | 5/27/2011 |
| Q: I hope I'm not violating posting rules by asking two experts the same question. If a parent has two ... A: That is also the birth name of Will Smith, who like me, was named after his father. It really ... | |
| Old insurance policies found | 4/22/2011 |
| Q: I have come across two old policies that my mother bought on July 3, 1950. One was for life ... A: Those that I have answered have not passed on to me their results, so I can only guess that they ... | |
| Dividends used to pay off a loan taxable? | 4/17/2011 |
| Q: I have a 50,000 and a 10,000 life insurance policies with MetLife. One still has a loan of $6435.00 ... A: Unless these dividends are more than the premiums paid, there will be no income tax on that purpose. ... | |
| Variable Universal Life and Taxes, 2010 | 4/7/2011 |
| Q: I had a Variable Universal Life Policy on my mother from a reputable insurance company. We ... A: I just had conversations with IRS representatives on a similar situation, and I got two different ... | |
| taxation-surrender of VUL policy | 3/31/2011 |
| Q: My brohter cashed in a VUL policy and received the following information from the insurance company: ... A: I apologize for the delay, but I have had to do research on these questions. As I write this I have ... | |
| learning about life insurance | 3/31/2011 |
| Q: Where can I learn about life insurance for estate planning (online)? I would consider both for a fee ... A: I was a moderator (instructor) for estate planning for the Life Underwriters Training Council. I do ... | |
| Policies at Rio Grande National Life Insurance Co. | 3/30/2011 |
| Q: I have many policies for Rio Grande National Life Insurance Co. and I have been trying to file ... A: Those that I have answered have not passed on to me their results, so I can only guess that they ... | |
| Old Prudential Life Inurance Policy | 3/26/2011 |
| Q: My mother has 2 old Prudential Life Insurance Policies . One with a face value of $3000 issued ... A: Contact the company, and give them the policy numbers, his Social Security number and the date of ... | |
| Bank on Yourself | 3/23/2011 |
| Q: I have had a whole life policy with Northwestern Mutual since 1999. I met a Bank on yourself (BOY) ... A: I have read Pamela Yellen's book, and I agree with your interpretation. However, her concept ... | |
| Old policy | 3/18/2011 |
| Q: I found an old policy that belonged to my father, he died in 2006. My mother is still alive. It's ... A: You can contact the home office of Metropolitan Life and give them the policy number and your Dad's ... | |
| Term life insurance -Northwestern mutual life in texas | 3/16/2011 |
| Q: My husband and I both purchased term life insurance together when we were married at an estimate of ... A: I am not a lawyer, and therefore not qualified to answer this question. However, if Texas is a ... | |
| Need help = Rio Grande National Life Insurance | 3/11/2011 |
| Q: My father passed away in 2008 and my mom recently found a life insurance policy from Rio Grande ... A: It may be that the policy had lapsed before the policies were taken over by LF. What would be ... | |
| VUL policy with loan balance; any way to avoid the tax hit? | 2/28/2011 |
| Q: My mom is the contract owner of two variable universal life (VUL) cash-value policies purchased in ... A: You have given me some good questions. I will answer each in order of their presentation. 1a. I did ... | |
| VUL policy with loan balance; any way to avoid the tax hit? | 2/24/2011 |
| Q: My mom is the contract owner of two variable universal life (VUL) cash-value policies purchased in ... A: You have given me another reason to dislike VULs. This also illustrates why I have been preaching ... | |
| Builder Index Universal Life Policy | 2/24/2011 |
| Q: I have a question about North American Company Builder IUL.First off, I am 40 years old and would ... A: It appears that you have read Patrick Kelly's 'Tax-Free Retirement.' If so, I have issues with it. ... | |
| Your answer to Charles about variable Life Insurance surrender | 2/23/2011 |
| Q: Please explain how a variable life insurance policy can become a Modified Endowment policy as you ... A: A Modified Endowment Contract is one that is over-funded. By definition that means that premiums ... | |
| Cashing out a life policy to pay off debt | 2/17/2011 |
| Q: My name is Lynn and I am in need of advice regarding cashing out a whole life insurance policy in ... A: I am sorry that your mother is in a situation whereby it has become necessary to consider cashing-in ... | |
| Flexible premium adjustable indexed Life Policy | 2/7/2011 |
| Q: Perhaps you can ease my ponderances regarding the above referenced Lincoln Benefit Life policy I ... A: You have found the person that can give you the answer you can understand. But I need your help. ... | |
| Life Insurance | 1/24/2011 |
| Q: My father passed away recently. My sister was paying his life insurance premiums. She discovered the ... A: I think that the person she talked to was not qualified to make such a statement. Premiums are based ... | |
| Planning for retirement. | 1/18/2011 |
| Q: I met with a "Financial Advisor," I mentioned how I wanted to be well prepared for retirement. I ... A: I agree with the FA that you were talking to concerning the re-alocation of the 401(k) excess ... | |
| universal life insurance | 1/11/2011 |
| Q: I got a letter from met life saying my mother who died 18yrs ago had a universal life insurance ... A: I am thankful for your asking me this question, since it demonstrates the integrity of my ... | |
| Life Ins Policy Lost or Unknow | 12/17/2010 |
| Q: My father passed away and we are sure he had a policy but not able to located anything about this ... A: Checking his bank records was good. Not finding anything does not bode well. There is one other ... | |
| Joint and last survivor flexible premium adjustable llfe insurance | 12/8/2010 |
| Q: My Uncle and Aunt have all their finances held in an Edward Jones brokerage account. My uncle is ... A: Janet, There may be a value in having this policy, but it may have been issued in the wrong way. In ... | |
| Joint and last survivor flexible premium adjustable llfe insurance | 12/8/2010 |
| Q: My Uncle and Aunt have all their finances held in an Edward Jones brokerage account. My uncle is ... A: Janet, The first fax face page said "1 of 30 pages". Of that fax I received 4 1/2 pages. What I ... | |
| Possible lost insurance policy or policies | 12/8/2010 |
| Q: Mother-in-law & Father-in-law passed away earlier this year and we found cancelled checks to Rio ... A: RGNLI has been absorbed by several companies. The last in the two strings of mergers are listed ... | |
| Joint and last survivor flexible premium adjustable llfe insurance | 12/8/2010 |
| Q: My Uncle and Aunt have all their finances held in an Edward Jones brokerage account. My uncle is ... A: I need your help. I am not understanding what you mean by the 18%. And the $250,000 from your aunt's ... | |
| Want to learn a little. | 12/8/2010 |
| Q: Or can your beneficiary claim it if you just die of natural cause. And is Term life the best ... A: I appreciate your questions. If you wish to receive a segment of the insurance manual I am writing, ... | |
| Joint and last survivor flexible premium adjustable llfe insurance | 12/8/2010 |
| Q: My Uncle and Aunt have all their finances held in an Edward Jones brokerage account. My uncle is ... A: In my opinion, the premiums are about $3,000 per year low. But they are sufficient to carry for ... | |
| Estate Planning | 12/6/2010 |
| Q: This pertains to NYS. My father just set up an irrevocable, and a revocable trust. The trusts must ... A: The purpose of an Irrevocable Life Insurance Trust is to move the life insurance out of the ... | |
| SPWL | 12/6/2010 |
| Q: My father in law bought 5 single premium life policys from State Farm in 1986; one each for three ... A: Wow! I don't think a lawyer would be very useful at this point. It might be better to see what ... | |
| SPWL | 12/5/2010 |
| Q: My father in law bought 5 single premium life policys from State Farm in 1986; one each for three ... A: This is an issue that I have been dealing with for several years. Properly used Whole Life loans are ... | |
| Do I still need my personal life insurance policy | 11/21/2010 |
| Q: I am a single father. Son is 11. I am 46. We are both in good health. I own my own home, or should I ... A: Believe it or not, I don't have enough information to answer your question. The presumed equity in ... | |
| Surrender of Variable Life Insurance? | 11/5/2010 |
| Q: I currently live in Georgia (USA) and have had a variable annuity life insurance policy for almost ... A: You have possibly two ways of dealing with your current policy. It may be that you can shift the ... | |
| Prudential Variable Life | 10/21/2010 |
| Q: I bought this policy in 1999, thinking it was a straight Whole Life Policy which would someday ... A: I have a client who purchased a Prudential Appreciable Life policy - not from me. I was sure that he ... | |
| Prudential Variable Life | 10/20/2010 |
| Q: I bought this policy in 1999, thinking it was a straight Whole Life Policy which would someday ... A: The bad news is that you probably will never be able to make up for what you have lost by keeping ... | |
| bank on yourself ins cos | 10/8/2010 |
| Q: Which companies offer the most competitive dividends for the bank on yourself method. Or how could ... A: I have insufficient information, since the only company that I know for sure is a BOY company is ... | |
| National Saving Life Insurance Company | 10/5/2010 |
| Q: My husand passed away several years ago. Today I came across a life policy from National Saving Life ... A: National Savings Life Insurance Company of Murfreesboro, TN was acquired by Victory Life Insurance ... | |
| lost insurance policey | 9/24/2010 |
| Q: i have lost insurance police i want to find. can a person other than benifeary of a paid on death ... A: Only the named beneficiary should receive the proceeds of a life insurance policy. If someone else ... | |
| How to rollover whole-life cash out to IRA? | 9/18/2010 |
| Q: I have recently stopped my whole life insurance policies, and purchased term life instead. I now ... A: I suspect that your decision was based on biased information by a term insurance agent who did not ... | |
| How to rollover whole-life cash out to IRA? | 9/15/2010 |
| Q: I have recently stopped my whole life insurance policies, and purchased term life instead. I now ... A: I wish you had contacted me before you made that change. I could have given you insight into why and ... | |
| Life insurance | 9/6/2010 |
| Q: He is 65 years old and 3 mos ago was diagnosed with congestive heart failure. He is 65 5'10 175 lbs ... A: There are too many good companies to be able to choose one as the best. Besides this, only some ... | |
| Life insurance | 9/4/2010 |
| Q: He is 65 years old and 3 mos ago was diagnosed with congestive heart failure. He is 65 5'10 175 lbs ... A: Kim, I am not familiar with what is available in Texas. I was hoping for one of the western states. ... | |
| BOY Advisors - Where are they??? | 8/22/2010 |
| Q: We're interested in the BOY concept, but after hours/days of research, we can't find an advisor or ... A: It has been over a month since I answered your question, and so far, you have not read my answer. I ... | |
| Whole and Term Life Insurance Policy on Ex Husband | 8/15/2010 |
| Q: While still married we took out insurance policies naming each other as beneficiaries. Payments ... A: You have told me enough to believe that you should keep the policy. Is there still an outstanding ... | |
| Whole and Term Life Insurance Policy on Ex Husband | 8/15/2010 |
| Q: While still married we took out insurance policies naming each other as beneficiaries. Payments ... A: I find the company's not sending you the paperwork you need as a poor way to do business. I went on ... | |
| Life Insurance Claim | 8/15/2010 |
| Q: I am 17 years old, and my father passed away. He had a life insurance policy, of which i was the ... A: First, I am sorry for the loss of your father. One should not lose his or her father so soon. And I ... | |
| life insurance,debt implications | 7/26/2010 |
| Q: Brumbaugh, My friend's aunt has passed away and my friend is the beneficiary on the life insurance ... A: This reads like a legal question. Since I am not a lawyer, I am not authorized to give a definitive ... | |
| transfering whole life insurance policy to a child | 7/20/2010 |
| Q: I'm 40, and my parents had bought a small whole life insurance policy for me in the 1970s as a ... A: The gift tax exclusion rule is annual gifts to as many people as one wishes up to $13,000 per ... | |
| Life insurance pay out | 7/18/2010 |
| Q: My husband recently passed away. He had a life insurance policy naming me as the primary ... A: I hope that I am misunderstanding. If all of the estate is now in your trust, your attorney has ... | |
| Lost life insurance policy | 7/10/2010 |
| Q: I own a life insurance policy, but i can't get access to the paperwork. I believe it's paid in full ... A: I'm sorry I did not make myself clear. In addition to the paramedic exam that you have just ... | |
| Lost life insurance policy | 7/10/2010 |
| Q: I own a life insurance policy, but i can't get access to the paperwork. I believe it's paid in full ... A: If this policy was on you, you should be able to find out the company's name by contacting the ... | |
| Equity Indexed Flexible Premium Adjustable Life Policy | 6/24/2010 |
| Q: I have read many of your answers and suggestions, and first of all I want to thank you for being ... A: I apologize for the lack of professionalism by the writing agent. The questions you have should have ... | |
| IRA rollover and insurance | 6/17/2010 |
| Q: I have closed my business profit sharing trust which contains an insurance policy with both a stock ... A: By rolling the entire account into a 'pour-over' IRA, you postpone the income taxes. By taking the ... | |
| IRA rollover and insurance | 6/16/2010 |
| Q: I have closed my business profit sharing trust which contains an insurance policy with both a stock ... A: Since a life insurance policy's surrender value can be 1035'd into an annuity, you should be able to ... | |
| life insurance - how much? | 6/15/2010 |
| Q: I recently turned 55; health is fine; federal employee; 66K; children raised; married; husband (56) ... A: The conventional way is to multiply one's annual income by 5 to 8. This would suggest amounts of ... | |
| Taxation on gift of life insurance to child | 5/14/2010 |
| Q: How is the value of the gift determined on the gift to a child of an existing UL policy with no ... A: The gift tax, which is paid by the one giving the gift, is on that portion of the surrender value ... | |
| Tax implications of transfer of life insurance policy | 5/11/2010 |
| Q: What are the tax implications when a life policy that is owned by the parent who is also the ... A: There would be no income tax consequence, unless the policy is cashed out for more than the premiums ... | |
| Verbage on annual report | 5/10/2010 |
| Q: The 1988 annual report for my father's life insurance policy is titled: "ENDOWMENT AT AGE 95 POLICY ... A: The phrase 'ENDOWMENT AT AGE 95 POLICY' tells me that this is a Whole Life policy. 'ENDOWMENT' means ... | |
| Life Insurance | 4/29/2010 |
| Q: Our father was recently killed in a boating accident. He had stated in the past that there was an ... A: Your father has caused a problem for the one child who was named as beneficiary. I am not a lawyer, ... | |
| Life Insurance with no beneficiary | 4/28/2010 |
| Q: My Fiance's mother died recently. She had an insurance policy with her employer for 15k. She was ... A: I am not a lawyer, so I am not licensed to tell you what to do. But it is likely that any court of ... | |
| Insurance on ex-wife | 4/23/2010 |
| Q: When I first got married I got Life Insurance on my wife and now have been divorced for 9 years and ... A: As long as you are the beneficiary of the policy, you are entitled to receive the proceeds in the ... | |
| Smoking and Life Insurance | 4/21/2010 |
| Q: My father just passed away at 75. back in 1994 he took a small life insurance policy for 25,000 and ... A: Your sister's recollection is good news. It appears that your Dad lost his will to live when your ... | |
| Smoking and Life Insurance | 4/21/2010 |
| Q: My father just passed away at 75. back in 1994 he took a small life insurance policy for 25,000 and ... A: Most likely the company will reduce the death benefit to what the premium he paid would have bought ... | |
| Contesting a Life Insurance Beneficiary Form | 4/14/2010 |
| Q: My brother had suffered from cancer for over a year. Last June, he went to US Steel (his employer) ... A: It is good that you have a copy of the beneficiary change. It may be possible that the original has ... | |
| should ins premium be taxed? | 4/13/2010 |
| Q: my employer is reimbursing me my insurance premium each month; however, they are taxing the ... A: I appears that you are getting the benefit of uncontracted additional income. Not knowing the laws ... | |
| Using Universal Life Policy as Loan Collateral | 4/13/2010 |
| Q: This may be a dumb question, so please forgive me. I have 2 Universal Life Policies. 1 for myself at ... A: I am sorry for the disappointment that has come into your life. As for your question, there is not ... | |
| Do I pay tax as a beneficiary? | 4/6/2010 |
| Q: My mother recently passed away and she had two life insurance policies and two annuities. One of the ... A: If these policies were not part of a company retirement plan, then the entire amount received would ... | |
| Businessmen's Life Insurance Co. | 4/1/2010 |
| Q: To the best of my recollection, Businessmen's Life "Insurance" and Businessmen's Life "Assurance" ... A: I am not familiar with a Businessmen's Life INSURANCE Company. If you provide me with more ... | |
| surrendering a policy | 3/24/2010 |
| Q: I have a whole life insurance policy and had it for about 22yrs and was wanting to surrender it and ... A: You will not be penalized, but you will be taxed on the amount that you receive that is greater than ... | |
| Life Insurance Premiums-age 65 or disabled | 3/24/2010 |
| Q: 20 years ago,my mother purchased a 20,000 Term Policy,paid quartly premiums until Dec.2008(that is ... A: I am sorry to report that unless this policy was converted to Whole Life, since there was no ... | |
| life insurance rates and premiums | 3/20/2010 |
| Q: if a 60 year old male has been paying a rate of $28.95 monthly for life ins for 25 to 30 years what ... A: It sounds like it might have been a $50,000 Universal Life policy. If it is, then it is ... | |
| Best Investment Product | 3/17/2010 |
| Q: My wife and I are in our 40's and are looking for the best investment product to put our money into. ... A: I have not seen anything on that policy. Even if I had I would not be confident that my information ... | |
| Best Investment Product | 3/17/2010 |
| Q: My wife and I are in our 40's and are looking for the best investment product to put our money into. ... A: It might be. It depends on what choices you make as to whether you emphasize the Fixed side or the ... | |
| prudential insurance policy from 1965 | 3/2/2010 |
| Q: I found an old policy from 1965 my mother purchased in my name. Is this still an open policy? It ... A: I find the idea of your discovering a 45 year old Prudential Life policy exciting. If your mother ... | |
| life insurance with pre existing conditions | 2/26/2010 |
| Q: I was relieved to to know there is hope, for HIV + people how, where, and what is the best ... A: Look for a company that offers a Guaranteed Issue policy. It will have a reduced benefit for two or ... | |
| variable appreciable life insurance | 2/19/2010 |
| Q: I have a variable appreciable life insurance policy with Prudential. This plan was funded pre tax ... A: In order for the premiums to have been expensed the company should have been both owner and ... | |
| variable appreciable life insurance | 2/16/2010 |
| Q: I have a variable appreciable life insurance policy with Prudential. This plan was funded pre tax ... A: Ow! I hope I didn't write this policy. No, wait. I couldn't have, since I have never written a ... | |
| variable appreciable life insurance | 2/16/2010 |
| Q: I have a variable appreciable life insurance policy with Prudential. This plan was funded pre tax ... A: I am asking the following questions, because not everyone uses terminology the same way. Was your ... | |
| life insurance transfer | 2/15/2010 |
| Q: My 12/20/09My husbands company has let him go because of the economy. They have single premium ... A: I just got a response from the American College in Bryn Mawr, PA. It is their opinion that your ... | |
| infinite banking by nelson nash | 2/13/2010 |
| Q: I just finished nelson Nash's book infinite banking. This sounds like the safest way to save and ... A: I no longer support the idea of "buy term and invest the rest". In fact I am surprised that you ... | |
| flexible adjustable life | 2/7/2010 |
| Q: About 6 years ago our financial advisor recommended that we switch and increase our life ins to ... A: I am concerned about the strength of this life insurance policy. If your husband is retiring at age ... | |
| How to cancel Prudential Variable Appreciable Life & roll over in to Roth IRA | 1/28/2010 |
| Q: I would like to know how to cancel a Prudential Variable Appreciable Life Insurance Policy %26 roll ... A: I think that there may be a typo in your question, but I will answer the best I can. If the ... | |
| an old policy... | 1/26/2010 |
| Q: My dad has some old insurance policies that read "Burial and income replacement plan" from Rio ... A: Answer: Dear Myra, I am sorry to hear of your Dad's health. Hopefully you can get answers at one of ... | |
| National Savings Life Insurance Co (Murrfeesboro TN) | 12/31/2009 |
| Q: I recently found a cancer policy that my mother purchased in 1971 from National Savings Life ... A: National Savings Life Insurance Company of Murfreesboro, TN was acquired by Victory Life Insurance ... | |
| Loan on Life Insurance | 12/30/2009 |
| Q: My husbands company has let him go because of the economy. They have single premium whole life ... A: In ten years of answering questions, yours is the first of this type. I have to do some research to ... | |
| life insurance benefit | 12/20/2009 |
| Q: my mother passed away last year. I was surprised when she had left a $20,000.00 life benefit to ... A: This benefit, if it comes from a life insurance policy, is not subject to gift, income or capital ... | |
| Universal Life Policy | 12/9/2009 |
| Q: I am 68. I have a unversal life policy with a $75,000 death benefit. I have been advised to get at ... A: Universal Life at its most basic is Annual Renewable Term insurance in a Whole Life chassis. If you ... | |
| single premium whole life ownership transfer | 12/4/2009 |
| Q: Business owner (S Corp.) takes bonus of $75k in 1986, puts it into a spwl contract as a retirement ... A: This appears to be a series of questions that needs to be answered by a CPA. But I can say that a ... | |
| Old Life Insurance Policy. | 12/1/2009 |
| Q: My wife has found an old insurance policy certificate issued by the Knights of Honor in Kentucky on ... A: I have researched this company for you and have found that Knights of Honor went bankrupt in 1916. ... | |
| life insurance excess loan situation | 11/30/2009 |
| Q: We purchased in 1978 a State Farm "executive protector" whole life insurance policy (we were young ... A: Please try again. It should be available. However, if you can't access it, go straight to ... | |
| life insurance excess loan situation | 11/30/2009 |
| Q: We purchased in 1978 a State Farm "executive protector" whole life insurance policy (we were young ... A: As you can see the current dividend is greater than the premium. There is always a cost in the life ... | |
| life insurance excess loan situation | 11/29/2009 |
| Q: We purchased in 1978 a State Farm "executive protector" whole life insurance policy (we were young ... A: Your information suggests that there were other loans taken on this policy besides the $500. For ... | |
| Alimony and Life Insurance | 11/25/2009 |
| Q: My husband was ordered to pay alimony to me until I did or remarry. He promised to also keep me on ... A: I am sorry that you have had your trust violated, twice. There is no law that would prevent you from ... | |
| Rio Grande National Life Insurance | 11/15/2009 |
| Q: I read a reply to a similar question dated in 2008. Rio Grande had been acquired by Kentucky Central ... A: You might try these: Liberty Mutual Ins Co, www.libertymutual.com, 800-551-8354, purchased most ... | |
| Stocks issued to life insurance | 11/11/2009 |
| Q: My mother recently passed away, leaving a small inheritance to my brother and me. We understand that ... A: It does not matter whether you sell the stock or not; the appraised value of the stock at the time ... | |
| Transfer of policy ownership | 11/8/2009 |
| Q: Good morning. Back in 1986 my parents bought my husband and I each a $10,000 single premium whole ... A: Monica, Income tax on $40,000 at 10% plus 50% gift tax on $6,000 would be $7,000. 25% income tax on ... | |
| Transfer of policy ownership | 11/7/2009 |
| Q: Good morning. Back in 1986 my parents bought my husband and I each a $10,000 single premium whole ... A: I would like to know more about these policies. What company or companies are these policies with? ... | |
| bank on your self - company choice | 11/6/2009 |
| Q: I was wondering could I use northwestern mutual for Bank On Yourself? Do they pay the dividend on ... A: You can use Northwestern Mutual. However, as a responsible company working to treat all it's clients ... | |
| Transfer of policy ownership | 11/5/2009 |
| Q: Good morning. Back in 1986 my parents bought my husband and I each a $10,000 single premium whole ... A: It is possible, but there are issues. Each of you can give up to $13,000 of value this year to as ... | |
| Collateral Loan against Term Life Insurance Policy | 10/27/2009 |
| Q: I am in need of a loan, and contacted my life insurance company. While my policy is a "term" ... A: Whoever told you that you could use a Term policy for collateral for a loan did not know what he or ... | |
| policy | 10/16/2009 |
| Q: I was wondering if you knew what a "advanced premium deposit fund" is? My mother found an old ... A: National Savings Life Insurance Company of Murfreesboro, TN was acquired by Victory Life Insurance ... | |
| policy | 10/16/2009 |
| Q: I was wondering if you knew what a "advanced premium deposit fund" is? My mother found an old ... A: A few life insurance companies allow the sending in of money in excess of the scheduled premiums to ... | |
| Question about taxes on policy loans. | 10/8/2009 |
| Q: I read on your website that loans against the cash value of a policy are untaxed only when the ... A: I've actually had to deal with the situation that you are describing. Phyllis M. had had a number of ... | |
| Life Insurance Agent | 9/30/2009 |
| Q: I am interested in life insurance and the Bank on Yourself concept and am working with a life ... A: What makes BOY work is the accessibility of untaxed loans at a favorable interest rate. In order to ... | |
| Life Insurance Agent | 9/28/2009 |
| Q: I am interested in life insurance and the Bank on Yourself concept and am working with a life ... A: The BOY concept is a sound concept for the right people. However I believe that some of the agents ... | |
| Cash out value | 9/28/2009 |
| Q: I was looking on the internet about cash value of an old life policy of mine and want to find out if ... A: On the basis of the information given it would appear that there is value in this policy. You need ... | |
| Life insurance beneficiary | 9/22/2009 |
| Q: My father passed away a few months ago and named me as a benefactor in his life insurance through ... A: It is as you have said. There would be no income tax on the life insurance policy. However, of this ... | |
| Liffe insurance surrender | 9/18/2009 |
| Q: I have recently been laid off. I have a life insurance plan that is worth $5,181. I just recieved ... A: You haven't said so, but it seems that you have a relatively new policy for $5,000 with a company ... | |
| term life insurance | 9/14/2009 |
| Q: I CURRENTLY HAVE A TERM LIFE INSURANCE POLICY WITH A MAJOR INSURANCE COMPANY. THE POLICY WAS ... A: Whether insurance and investments should be separate or not will no doubt be debated long after both ... | |
| PUA Rider | 9/1/2009 |
| Q: What is a PUA Rider? I received a letter saying my pua rider has become paid up and the unscheduled ... A: A Paid Up Additions Rider is a dividend option that turns a refund of over-payment of premium into ... | |
| Changing beneficiary | 8/27/2009 |
| Q: The father of my son passed away in Jan this year. My son is the beneficiary of a life insurance ... A: Since I don't know who you are or which company I wrote the policy with, and since I do not know how ... | |
| Fixed index universal life for 31 year old | 8/16/2009 |
| Q: Willard, appreciate you many informative replys. I am a 31 year old male with a wife and baby. I ... A: An FIUL or EIUL is definitely a step up from the VUL that you have had. However, it may perform well ... | |
| Life Insurance | 8/13/2009 |
| Q: I am a 63 year old divorced female, living on Soc. Sec. Disability. An insurance broker is hounding ... A: There are Guaranteed Issue policies offered by several companies. These policies have graded ... | |
| BOY -Why not Variable | 7/14/2009 |
| Q: I have read in past blogs that BOY is not a scam and the types of products you should/should not ... A: Variable Life policies are a wonderful products for life insurance companies, in that they guarantee ... | |
| radbadbud@excite.com | 7/14/2009 |
| Q: Brumbaugh, my wife recently passed away.She had left her mother as the beneficiary to her life ... A: Nothing given to you would be taxable to you, but the giver may be taxed if you are given more than ... | |
| How much is enough? | 7/10/2009 |
| Q: My wife and I are both 59. We have two boys, one age 27 and employed, the other 24 and about to ... A: I do not put confidence in any of the sites, since the quotes do not give all the information that ... | |
| what to do in the mean time? | 7/8/2009 |
| Q: I am a 27 year old female educator who was convinced to buy an EIUL policy two years ago. I don't ... A: If you could ask WRL for an illustration of your current policy values along with a projection based ... | |
| Bank on Yourself | 7/1/2009 |
| Q: I read that in order to do the bank on yourself system you must earn $50,000 per year as a family. ... A: First, I am sorry to learn of your failed marriage. I know the hurt you have been going through. ... | |
| BOY Lafayette Life | 6/30/2009 |
| Q: Our son will be a senior in highschool this coming fall. Early last fall we consulted with a ... A: I am familiar with the concepts involved in your query. They do work, but there are some issues not ... | |
| Searching for a policy number | 6/19/2009 |
| Q: I am the beneficiary of a Prudential life policy on my deceased mother that passed in 1964. The ... A: Forty-five years is a long time to hold information. However, if you have your mother's Social ... | |
| Executor for Estate | 6/18/2009 |
| Q: My aunt's boyfriend of 10 years is named as her beneficiary. The insurance company, American Income ... A: I talked to a service rep at AIL. She said that if this policy is less than two years old, they need ... | |
| Executor for Estate | 6/17/2009 |
| Q: My aunt's boyfriend of 10 years is named as her beneficiary. The insurance company, American Income ... A: This is the first time I have seen such a request, and I am in my 41st year in the business. Am I to ... | |
| Life and Health Insurance Exam /State of NJ | 6/6/2009 |
| Q: I am studying to take my state exam . What is series 6 & 7 and would I get this licence after my ... A: It would appear that Kaplan is more interested in marketing securities than selling life insurance. ... | |
| Life insurance | 6/2/2009 |
| Q: My father died about 9 months ago. He was married to his second wife for about 11 months before he ... A: Only the cash surrender value of the policy would be considered. As to whether that should be ... | |
| Life insurance | 6/2/2009 |
| Q: My father died about 9 months ago. He was married to his second wife for about 11 months before he ... A: Insurance that she has on herself is of no value to you. So, I presume that what you are interested ... | |
| Life Insurance Claim | 6/2/2009 |
| Q: My Dad Passed away Sept. 27th, 2006. We found a Rio Grande Life Insurance policy in his files. How ... A: Those that I have answered have not passed on to me their results, so I can only guess that they ... | |
| life insurance | 5/14/2009 |
| Q: My father recently passed away in Texas. Since me and my brother live in a different state ... A: If the funeral home is trying to collect on some policies, get them. They might be the ones the ... | |
| Life Ins CSV Gains and losses | 5/6/2009 |
| Q: have a client surrendering two policies . . .on with a gain over basis, a second with a loss. in ... A: What is the basis for surrendering these policies? Might a 1035 exchange resolve the issue? How old ... | |
| VUL cash out | 4/30/2009 |
| Q: My fiance has two very similar VUL products that he has written his advisor a letter of intent to ... A: I do not believe that he will be able to offset his losses in a timely manner by cashing out the ... | |
| Whole Life Cash Surrender Value | 4/29/2009 |
| Q: I am asking exactly how to compute the cash I will receive if I cancel my whole life policy. Here is ... A: Since you have had this policy for 40 years, it is possible that you were one of my first ... | |
| Whole Life Insurance Loans | 4/25/2009 |
| Q: My husband purchased two whole life policies some 30 yrs. ago and has borrowed extensively on them. ... A: It would appear that you have nothing to gain by surrendering these policies. It is not that you ... | |
| Rio Grande Life Insurance policy | 4/20/2009 |
| Q: I noticed on this site that you already had a question regarding Rio Grande National being bought ... A: Those that I have answered have not passed on to me their results, so I can only guess that they ... | |
| Life insurance Cash Value | 4/16/2009 |
| Q: Mr. Brumbaugh, I have a 12 year old policy with Mutual of Omaha. It has a $150k death benefit and I ... A: Desr Abe, Until the surrender charges period has ended only the surrender value can be accessed, ... | |
| Colloecting Life Insurance Proceeds | 4/15/2009 |
| Q: I recently found an old group Life Insurance policy from my mother's place of employment (the ... A: Contact (800) 238-2125 x 3021 Chuck Beyer. I left a message with your information this morning at ... | |
| Colloecting Life Insurance Proceeds | 4/14/2009 |
| Q: I recently found an old group Life Insurance policy from my mother's place of employment (the ... A: This is so far back, that I doubt that any records exist to support the payment or non-payment of ... | |
| cash surrender | 4/13/2009 |
| Q: face value of life insurance 10.000 if i cash it in they said the tax would be 10% i am disabled ... A: I need a lot more information about the policy than you have provided here. If this was a guaranteed ... | |
| whole life CSV | 4/6/2009 |
| Q: I have a whole life policy that uses dividends to pay the premium and any excess to buy more ... A: The term policy will either get increasingly more expensive, or the face amount will go down, ... | |
| Policy | 4/6/2009 |
| Q: My father passed away and my Aunt was going through her things and found a policy that my ... A: You should be able to call the company for a claim form. If you cannot find the company due to a ... | |
| Taxation of Life Insurance | 4/3/2009 |
| Q: We have a whole life policy with 129,190 guaranteed cash value + 30,671 paid up additions cash value ... A: 1. If you were to surrender your policy at this time, you would be taxed on $13,419. Thus doing a ... | |
| Can Life Insurance payments be deductible as alimony | 3/23/2009 |
| Q: According to a divorce decree, the husband must maintain and pay for an insurance policy naming his ... A: An irrevocable beneficiary is not the same thing as the owner. The owner is identified in the policy ... | |
| Life Insurance | 3/21/2009 |
| Q: I am a healthy 64 yr. old male. I have good blood pressure, colestral, weight 163 lbs and at the ... A: At our age a 20 Year Term policy is difficult to find. However, you can get a minimum outlay Equity ... | |
| Variable Appreciable Life Cash Value Best Practices? | 3/19/2009 |
| Q: Hope this finds you well and with good spirits. If one accepts that we're in a deflationary period ... A: I think that you are old enough to remember a previous cycle of inflation in which it was the ... | |
| Equity indexed universal life with AVIVA | 3/19/2009 |
| Q: With Aviva's financial patent, that allows you to borrow from aviva's fund instead of your own in ... A: Before I answer this question, I want to disclose that I am appointed with Aviva. 1. Is it the best ... | |
| Whole Life Surrender | 3/15/2009 |
| Q: My father has a series of Whole Life Insurance Policies which he took out in the early 80's. Each ... A: The only way to avoid the taxation of what I refer to as "phantom interest" is to keep the policies ... | |
| AIG/Industry | 3/6/2009 |
| Q: In light of the situation with AIG, I have general question about the fundamental soundness of the ... A: Yes, but on the down side is the fact that the guaranteed minimum premium with American General may ... | |
| AIG/Industry | 3/5/2009 |
| Q: In light of the situation with AIG, I have general question about the fundamental soundness of the ... A: Those values that are already in place are given a certain amount of protection by Life Insurance ... | |
| Primerica | 3/5/2009 |
| Q: my question may be a little different but it's a genuine concern of mine. My husband and I each have ... A: This along with what is happening to AIG is a delightful example of pay back. Primerica, ever since ... | |
| AIG/Industry | 3/5/2009 |
| Q: In light of the situation with AIG, I have general question about the fundamental soundness of the ... A: I can't help you much with data and websites, but I can give you the insight you seek. I agree with ... | |
| LOST INSURANCE POLICIES | 3/4/2009 |
| Q: HOW TO LOCATE LOST INSURANCE POLICIES THAT WERE IN YOUR MOTHER'S NAME BUT YOU WERE THE BENEFICIARY. ... A: Life insurance policies of any significance require information from the applicant's doctor. So your ... | |
| If/How to get out of Comprehensive Life Policy | 2/28/2009 |
| Q: About 8 years ago, my financial advisor recommended a variable comprehensive life policy to me, ... A: 1. In my opinion it would be a good idea to get out of the policy. You could simply request that ... | |
| Old Rio Grande policy | 2/26/2009 |
| Q: I noticed other inquiries about old Rio Grande policies. Texas Dept of Ins directed me to Lincoln ... A: Since answering these questions, it appears that my inquirers have been satisfied. Rio Grande ... | |
| pre 1988 whole life loan or surrender? | 2/22/2009 |
| Q: I have a single premium whole life policy bought in 1985. The original premium was $25,000 and it ... A: If the new policy were to be on you, the annuity might yield $9,875 per year for ten years. If so ... | |
| pre 1988 whole life loan or surrender? | 2/21/2009 |
| Q: I have a single premium whole life policy bought in 1985. The original premium was $25,000 and it ... A: An Immediate Annuity avoids the premature distribution penalty, while allowing you to transfer ... | |
| pre 1988 whole life loan or surrender? | 2/20/2009 |
| Q: I have a single premium whole life policy bought in 1985. The original premium was $25,000 and it ... A: If yours is the company that has dropped from $13.00 per share to .94 per share, I see why you are ... | |
| Life Insurance for Aging Parents | 2/16/2009 |
| Q: My parents are 77 and 79 and live in the state of California. What type of life insurance should I ... A: I am sorry for the tone of my response. It was not meant to be a sales pitch. What it was meant to ... | |
| Life Insurance for Aging Parents | 2/16/2009 |
| Q: My parents are 77 and 79 and live in the state of California. What type of life insurance should I ... A: My wife and I will be honeymooning in San Diego next week. I think I could talk her into letting me ... | |
| Surrender or Borrow against Life Insurance? | 2/14/2009 |
| Q: I have a $250K death benefit Life Insurance Policy on my mother who is 77 and in good health (as far ... A: Here's an idea that might have merit for you, especially if your mom is still insurable. Get a new ... | |
| Life Insurance: Certificates VS. Policies | 2/12/2009 |
| Q: What is the difference between a Life Insurance Policy and a Life insurance Certificate? Is there a ... A: Terminology can be confusing when there is no consistancy of definitions. So, going on past ... | |
| TAX FREE OR NOT TAX FREE? | 2/11/2009 |
| Q: Following a heart attack I sold the small family business.Due to health maintenance needs for my ... A: I understand your feelings. Unfortunately advertising copy has still not caught up with the ... | |
| Convertion of a Life Insurance Policy | 2/11/2009 |
| Q: My insurance company is offering me to convert my "Endowment @90" ($25K Face Value)policy that I ... A: Your new question suggests that your dividends were accumulating at interest. If this is true, the ... | |
| TAX FREE OR NOT TAX FREE? | 2/11/2009 |
| Q: Following a heart attack I sold the small family business.Due to health maintenance needs for my ... A: Your example is the reason I do not refer to policy loans as tax free. These loans are UNTAXED as ... | |
| Convertion of a Life Insurance Policy | 2/10/2009 |
| Q: My insurance company is offering me to convert my "Endowment @90" ($25K Face Value)policy that I ... A: I have tested the numbers,and I do not feel that this is a wise move. At current interest rates ... | |
| Rio Grande Nat'l Life Ins. Co. | 2/9/2009 |
| Q: My mother passed away approx. one year ago and I have found a Life policy issued by RGNLC in 1951. ... A: Rio Grande National had been acquired by Kentucky Central. The policies that were held by Kentucky ... | |
| LIFE INSURANCE | 2/7/2009 |
| Q: Hello i have a life insurance policy And took a loan out on It Will have to pay taxes Thank you ... A: This is one of the benefits of permanent life insurance. Loans on life insurancer policies, just ... | |
| Surrending a Life Insurance | 2/6/2009 |
| Q: I have a policy that I have a loan against for $7700, the current net death benefit is $116,517. I ... A: Assuming you are relatively young, it would be wise to let the policy accumulation value cover the ... | |
| Surrending a Life Insurance | 2/6/2009 |
| Q: I have a policy that I have a loan against for $7700, the current net death benefit is $116,517. I ... A: I think I understand how desirable that $1,100 looks right now. But if there is any chance of not ... | |
| VAL and Bank on Yourself | 2/3/2009 |
| Q: I am interested in utilizing the Bank on Yourself concept. I have had VAL policy through Prudential ... A: In today's economic world 4% is a good rate of return, and I recommend taking advantage of it. ... | |
| VAL and Bank on Yourself | 2/2/2009 |
| Q: I am interested in utilizing the Bank on Yourself concept. I have had VAL policy through Prudential ... A: There are five types of Permanent Life policies that meet that standard if premium requirements are ... | |
| VAL and Bank on Yourself | 2/1/2009 |
| Q: I am interested in utilizing the Bank on Yourself concept. I have had VAL policy through Prudential ... A: You can do as you have suggested, however it may be worthwhile to do a 1035 exchange to a contract ... | |
| Taxation on Transfer and Surrender of Single Premium Whole Life Policy Issued August 1987 | 1/30/2009 |
| Q: Good Morning Willard, I sincerely appreciate you taking the time to possibly address a complicated ... A: The yield on the original premium was 6%, a good rate of return. Especially since it also had the ... | |
| Taxation on Transfer and Surrender of Single Premium Whole Life Policy Issued August 1987 | 1/29/2009 |
| Q: Good Morning Willard, I sincerely appreciate you taking the time to possibly address a complicated ... A: Brett, It now becomes necessary to know what the premium was, what its current surrender value, and ... | |
| Taxation on Transfer and Surrender of Single Premium Whole Life Policy Issued August 1987 | 1/29/2009 |
| Q: Good Morning Willard, I sincerely appreciate you taking the time to possibly address a complicated ... A: Policies written prior to June 21, 1988 are "grandfathered", and are not treated as MECs. So the ... | |
| follow-up: how to approach... | 1/12/2009 |
| Q: My firm wrote the honest annuity; unique in that it rises in return to the investor every year for ... A: Tom, I don't know if I can help you. For one thing, I would not refer any of my clients to Conseco. ... | |
| insurance policy | 1/11/2009 |
| Q: Years ago (1970s) my parents took out a life insurance policy on a grandchild that was living with ... A: It appears that it may go to your sister's estate. Since your sister did not know about it, that may ... | |
| Life Insurance Forgery | 12/27/2008 |
| Q: My mother passed in Jan. 08. My older sister demanded on taking care of all arrangements, including ... A: I am not a lawyer, but I feel for your loss of a sister as well as your mother. It appears that she ... | |
| finding polies | 12/20/2008 |
| Q: My mom recent passed away and in all her paper work I found little books on Rio Grande Ins. So, ... A: Do you mean Rio Grande National Life? Even if not, it still might be the same company. Below is part ... | |
| life insurance | 12/19/2008 |
| Q: I have some questions about life insurance. I know insurance companies probably don't like to pay, ... A: The life insurance industry, just as every other field of endeavor, has some parties that do not ... | |
| 2nd To Die Life Insurance Policy | 11/24/2008 |
| Q: Brumbaugh, First of all thank you for this service and for the courtesy and time to review and ... A: For reason of Federal rules, I recommend that you not make any changes in the policy until after the ... | |
| Surrender policy with loan | 11/24/2008 |
| Q: I am replacing two whole and variable life policies with one less expensive term policy. I want to ... A: As long as the VUL is over 15 years old, there should be no traps. If less than 15 years have ... | |
| Surrender policy with loan | 11/22/2008 |
| Q: I am replacing two whole and variable life policies with one less expensive term policy. I want to ... A: 1&2 The loan does not change the basic issue of the overall gain in value over net premiums paid. ... | |
| Student loans and protecting your cosigner with insurance | 11/18/2008 |
| Q: Mr. Brumbaugh, My 22 yr old daughter is still a year and a half away from graduation and is already ... A: I like the way you think. At her age the actual cost of the Death Benefit is minimal. Having these ... | |
| PLF Life | 11/6/2008 |
| Q: One of our clients found an old life insurance policy issued by PLF Life. Can you help us find this ... A: Sorry for the delay. I had been fully occupied with a booth at a Home Show. If you can tell me what ... | |
| SINGLE PREMIUM LIFE | 11/6/2008 |
| Q: MY EMPLOYER OFFERS A CAFETERIA BENEFITS PLAN WHICH ALLOWS FOR REIMBURSEMENT OF INSURANCE POLICY ... A: The Federal government has defined any life insurance policy guaranteed paid up in less than seven ... | |
| Positive ID for Life Insurance | 11/5/2008 |
| Q: My brother in law was recently killed in an accident. He was badly burned. The coronor's office ... A: A lot depends on the circumstances of his death. Because we are aware of the fraudulent claims of ... | |
| surrender of term life policy | 10/24/2008 |
| Q: i wonder if you can assist me my wife has the above policy she is 54 and took out the policy in 1990 ... A: There are such companies. but none are interested in anyone under 65 unless they are in really poor ... | |
| Help with my savings plan | 10/23/2008 |
| Q: I was so happy to find this site because I am so completely overwhelmed with all the information on ... A: I can help you, but there is a lot of personal information that we need to discuss. AllExperts.com ... | |
| Term Life insurance | 10/22/2008 |
| Q: If you are a term life rider, can the beneficiary cash in, or collect money when the rider of the ... A: Term riders on life insurance policies have no cash surrender value. They are only good for paying a ... | |
| insurance | 9/16/2008 |
| Q: I am listed on my ex-husband to receive benefits upon his death. I am on social security and receive ... A: There would be no income tax on the death benefit, unless part of it was the account value of his ... | |
| Surrender of Prudential Variable Appreciable Policy | 9/9/2008 |
| Q: I currently own a Prudential variable appreciable life insurance policy(bought in 1987) that I want ... A: I don't blame you for wanting to make a change. While it is good to maintain enough insurance to not ... | |
| Flexible Premium Adjustable Life | 9/8/2008 |
| Q: I have a Flexible Premium Adjustable Life Insurance Policy. The policy has a $1,000,000 face amount ... A: Since you are not getting any cooperation from your company, I'll calculate the information myself. ... | |
| Flexible Premium Adjustable Life | 9/8/2008 |
| Q: I have a Flexible Premium Adjustable Life Insurance Policy. The policy has a $1,000,000 face amount ... A: Ideally insurance companies would adjust the mortality charges based on the actual company or ... | |
| tax penalty | 9/8/2008 |
| Q: I want to surrender my whole life insurance policy. The cash value as of today is about $2800. How ... A: You will be taxed on only the amount of the surrender value that exceeds the premiums you have paid. ... | |
| Adequate Insurance Coverage | 9/1/2008 |
| Q: I am a State worker. I have Blue Cross/Blue Shield medical coverage 80/20 and life insurance (1 and ... A: What a beautiful name! It would appear that you have at least $400,000 in life insurance. Since ... | |
| Policy was found | 8/27/2008 |
| Q: My grandmother died in 1970. My mother recently (June, 2008) moved from her condo and went through ... A: Wow!! This is great news. I believe that Prudential does owe interest on the policy proceeds. But I ... | |
| Deceased Grandmother's Life Insurance Policy | 8/24/2008 |
| Q: My grandmother died in 1970. My mother recently (June, 2008) moved from her condo and went through ... A: If they still can account for it, I was estimating the sum of the policy death benefit at the time ... | |
| Deceased Grandmother's Life Insurance Policy | 8/20/2008 |
| Q: My grandmother died in 1970. My mother recently (June, 2008) moved from her condo and went through ... A: I do not know how long Prudential keeps records on inactive polcies. Since your grandmother has not ... | |
| Beneficiary Reminder Service | 8/16/2008 |
| Q: FindYourPolicy.com and what your opinion is of it. I think that it will help me keep organized and ... A: I thank you for making me aware of this organization. It seems to be a worthy concept. It addresses ... | |
| term life policy | 8/14/2008 |
| Q: i am wanting to cash in a 14year life insurance policy. the amount is $50,000. what is the formula ... A: You have identified this as a term life insurance policy. If this is true, then there is no cash ... | |
| Life Insurance | 8/8/2008 |
| Q: I have a $10,000 whole life insurance policy with Prudential that was taken out in 1974 when I was ... A: A. Prudential should be able to provide a record of all actions that have resulted in the loan that ... | |
| life insurance | 8/7/2008 |
| Q: Can I get life insurance on my terminally ill boyfriend. A: There are guaranteed issue life insurance policies, but they only pay a significant benefit if the ... | |
| Equity Indexed Life Insurance | 7/31/2008 |
| Q: We've been speaking with a financial advisor and he's guiding us towards purchasing an Equity ... A: If I were to limit my comparison of the EIUL to the mutual funds, I would say it is much safer, ... | |
| Life Insurance | 7/29/2008 |
| Q: Is it legal for a daughter 50 years old to get a life insurance policy on her mother 70? she has no ... A: I can't speak for all states, but in California people to be insured must sign the application, even ... | |
| whole life insurance designed for banking on myself | 7/23/2008 |
| Q: Brumbaugh,I have read a special report by Pamela Yellen about BOY.It looks sound to me.Are there ... A: As you may have determined by my answers, I agree in principle with the BOY concept. However, due to ... | |
| insurance | 7/13/2008 |
| Q: i have always had life insurance, but have been unclear as to how they work. If for instance i ... A: In answer to your first question, there would be a check to your beneficiary if the policy was a ... | |
| Lost life insurance policy from approx 19 years ago | 7/4/2008 |
| Q: My father passed away in 1989 and had advised a close friend that he had a life insurance policy ... A: It is highly unlikely that you could find a company that still has record of his policy, since it ... | |
| Lump Sum Life Insurance Payment and Income Tax | 6/22/2008 |
| Q: My husband past last month and he told me to take the life insurance payment and pay off the farm. ... A: I am sorry for your loss. The death benefit on your husband's policy is not subject to taxation, ... | |
| Taxes on Cash Value | 6/21/2008 |
| Q: I am considering cashing in a whole life policy and wonder if I can treat the value of paid up ... A: When a participting whole life policy is cashed out the surrender value of the paid-up additional ... | |
| transfer for value? | 6/11/2008 |
| Q: how can i get the cash value from 2 existing second to die policies into a new second to die policy, ... A: If I understand your question, you want to remove your current life insurance from a Federal Estate ... | |
| assingment of whole life to nursing home | 6/3/2008 |
| Q: Our Long Term Nursing Home Care insurance was declined (medical reasons). However, My Life Insurance ... A: I often recommend whole life insurance instead of LTCI, since we have a 100% chance of dying and ... | |
| Life insurance quotes | 5/25/2008 |
| Q: Is it safe to buy life insurance through websites like www.insure.com? ANSWER: Dear Tina, It ... A: I strongly recommend that you contact a member of the National Association of Insurance and ... | |
| Policy ownership and personal taxes | 5/15/2008 |
| Q: About 20 years ago the small company I work for offered a retirement plan that amounted to a ... A: Yours is a pretty typical "split dollar" Whole Life. Unless you "buy" the company's share of the ... | |
| Lost life insurance policy | 5/9/2008 |
| Q: I am searching for a lost life insurance policy my Dad purchased for my Mom and paid in full before ... A: I have been successful many times with this kind of problem; but I'm not sure I can help you at this ... | |
| life ins. dividends | 5/9/2008 |
| Q: I received a 1099R for 2007 dividends on my policy. Dividends are retained by the insurance company ... A: Yours is the first example that I have seen that reveals something that I have been aware of as a ... | |
| Life Insurance | 4/23/2008 |
| Q: I recently divorced my wife of 30 years. Through my work I took out a life insurance policy when i ... A: I have never run into a situation like yours. I would have to know how the identity of the insured ... | |
| "Becoming Your Own Banker" Nelson Nash | 4/17/2008 |
| Q: Is it a scam or is it for real? Thinking of starting a policy for my 3 year old son. Not for the ... A: This is not a scam, but I think that you are putting the initial coverage on the wrong person. One ... | |
| Rio Grande National Life Insurance Company | 4/13/2008 |
| Q: I am helping a disabled friend whom is the executor on his father's estate and have come accross a ... A: A year ago I learned that Rio Grande National had been acquired by Kentucky Central. The policies ... | |
| copy of policy | 4/11/2008 |
| Q: I bought a life insurance policy over 20 years ago from equitable ins co. They have gone public and ... A: Your original Equitable policy should be all you need. If you have lost it, the $25.00 charge is ... | |
| cashing out whole life | 4/10/2008 |
| Q: I purchased a $20,000 whole life policy in 1975 and have kept current with the annual premium. The ... A: The day that I first came into the life insurance industry I was shown a picture of a man receiving ... | |
| lost life insurance policies | 4/9/2008 |
| Q: My father took out a life insurance policy on my behalf in 1955. It was a 20 yr pay whole life that ... A: If it was in fact Globe Life, if you submit your Social Security number or your father's as the ... | |
| What is the best way to get out of an EIUL policy | 4/7/2008 |
| Q: One is for 400K and the other for 250K. However, we still do not completely understand the policies ... A: Clarification: 1. I believe that one of the options in the EIUL is a traditional interest bearing ... | |
| Life & Mortgage Insurance | 4/3/2008 |
| Q: It will be 5 years ago this August that I have been free of cancer. Currently the only "life" ... A: In order to answer your questions, I need more information. 1. Your date of birth 2. State of ... | |
| life insurance and implacations | 3/10/2008 |
| Q: My husband is the owner and beneficiary of a insurance policy on his parents, they have been paying ... A: The rule concerning gifts is that the recipient is free to do whatever he wants with that gift. ... | |
| cash value life insurance question | 3/5/2008 |
| Q: A single premium whole life insurance was bought for me when I was a child. I am now in my late ... A: It looks like your cash value is about twice what was paid in. If you were to simply cash out the ... | |
| Life Insurance Beneficiary not a relative | 2/27/2008 |
| Q: My brother recently died; having never married, without children or living parents. I am the ... A: Since the former girl friend appears to be the beneficiary of your brother's policy, she is under no ... | |
| Whole Life Insurance | 2/20/2008 |
| Q: I am 64 and a State retiree. I have been offered a $10,000.00 whole life insurance policy through ... A: This is a very good offer. I just did a comparison with a company that provides 25% first year, 50% ... | |
| beneficiary of life insurance | 2/12/2008 |
| Q: My father recently passed. We are not close with his girlfriend. However my brother was recently ... A: Policies have to be paid for, so one source of information would be his checking account history. ... | |
| whole life with pua rider | 1/23/2008 |
| Q: just downloaded "bank on yourself" by Pamela G. Yellen who claims this is a better retirement or ... A: While I do endorse the BOY concept. I would not recommend going through her organization. There are ... | |
| Life Insurance Beneficiary | 1/2/2008 |
| Q: My husband and I have been married for two years. Before we were married, he named his mom and dad ... A: Most likely, until your husband actually changes the beneficiary designation on his company ... | |
| tax on insurance money | 12/31/2007 |
| Q: I received $10,000 from an insurance policy that my mom had for my sister and myself. How much tax ... A: If this was the death benefit of your Mom's policy, there is no income tax. And you have my ... | |
| Gerber Life Insurance | 12/27/2007 |
| Q: I have been thinking about Life Insurance for my family for a very long time, but never decided to ... A: The Gerber Life policy is as good as it looks. It is the one mail order company that offers a good ... | |
| whole life insurance | 12/24/2007 |
| Q: Mr. Brumbaugh, My wife and I each own $50,000 whole life policies purchased about 7 yrs ago. The PUA ... A: The answers are yes and yes. However to surrender these policies and replace them with term ... | |
| Trouble Obtaining a Death Certificate | 12/13/2007 |
| Q: My husband is trying to obtain a death certificate for his aunt who died a year ago for a life ... A: At this point I don't have an answer, but I do have a question. Who is the beneficiary on the life ... | |
| Life Insurance Policy | 12/4/2007 |
| Q: I was with my ex for less then one year. During that time he took out a life insurance policy on ... A: It is legal, and the policy is still valid. As for getting it cancelled, I think you might need a ... | |
| Owner & Beneficiary Designation | 12/3/2007 |
| Q: Are there any negative tax consequences of a wife owning a whole life policy on her husband and ... A: I have not found documentation dealing with this scenario. Therefore you are actually one step ahead ... | |
| About Bank On Yourself | 11/16/2007 |
| Q: I read some of your answers to the BonY topic and I really appreciate your thoroughness. The problem ... A: I also live in Southern California. It is my primary company that is in the 12 of 13 western states. ... | |
| EIUL good for me? | 11/7/2007 |
| Q: I am a 27 year old female educator who was convinced to buy an EIUL policy two years ago. I don't ... A: A Roth would be a good way to go, especially if you can afford to deposit only the current $4,000 ... | |
| Equity Indexed Universal Life | 11/5/2007 |
| Q: In the book "The Last Chance Millionaire" the concept seems to be that the EIUL vehicle is best for ... A: I first want to assure you that I do have this policy type available to offer, so I am not speaking ... | |
| Life Insurance Surrender Value | 10/22/2007 |
| Q: About 21 years ago, my husband and I purchased a "flexible premium adjustable life insurance policy" ... A: There are two ways to look at the surrender value of your policy. You could view it as like the ... | |
| EIUL | 10/20/2007 |
| Q: I NEED HELP ON DECIDING IF I SHOULD GET EIUL OR GAURANTEED UNIV LIFE, I NEED TO USE THE BEST ... A: I never wanted to say that! Your questions show an unusually acute ability to see past the hype. ... | |
| Whole Life Cash Value Surrender | 10/18/2007 |
| Q: I have decided to surrender a whole life policy I have. The net cash surrender value from the most ... A: You would be taxed on the difference between the surrender value and the sum of the annual premiums ... | |
| Equity Index Universal Life insurance | 10/14/2007 |
| Q: I am 48 yrs old and self employed. Should I consider transferring my sep to an Equity Index UL? ... A: In my opinion that would be a step up from where you are right now. But if you do it all at once you ... | |
| life insurance transfer | 10/8/2007 |
| Q: 2 people own a business together and have life insurance policies where the other is the ... A: Why?!! If the company were to own the life insurance, then the surviving partner would be subject ... | |
| eiul for retirement | 9/6/2007 |
| Q: I have read the book misfortune 101 and I was very excited on many things Mr. Douglas Andrew had ... A: I thank you for coming to me with this particular question. I believe that Mr. Andrew over-stepped ... | |
| Life Insurance-- Suicide | 8/24/2007 |
| Q: My husband had a $300k policy for just over a year when he committed suicide. The death ... A: I am so sorry for your loss. Most companies have a two year contestable period in the policies. This ... | |
| Bank on yourself Whole Life policy interest rates | 8/18/2007 |
| Q: If a person is evaluating whole life policies, in today's environment, what is a usual rate of ... A: Competitive whole life products today are in the 4.5-5% range. This is the low point in my 38 years ... | |
| Parent's policy on me, but I'm married | 8/14/2007 |
| Q: Is it legal for my parents to hold a life insurance policy on me with them as the beneficiaries if ... A: It is absolutely legal for them to maintain ownership on a policy on you. Your marital status has no ... | |
| BOY / Life Insurance .. a good concept? | 7/30/2007 |
| Q: Willard, I am not at all savy with life insurance or the bank on your self concept either. Over ... A: It would be helpful for both of us, if you could request a projection of values based on a ... | |
| Variable Life Insurance plans | 7/23/2007 |
| Q: Ten years ago when we were young and stupid , we started two of these Life Insurance plans ( one of ... A: Variable Life policies were designed and have been continually marketed for people who naively ... | |
| be your own banker | 6/19/2007 |
| Q: Wow so much stuff!! which is better index equity universal life or whole life. I am trying to move ... A: I hope you have first been able to put the 401(k) into a "pour-over" IRA. Once you have done this ... | |
| Cashing out a Life Insurance Policy | 6/15/2007 |
| Q: I am 60 years old and considering cashing out a life insurance policy. Is there a way to transfer ... A: This sounds like a Prudential Appreciable Life policy circa 1980. Whatever it is, I might have an ... | |
| Cashing out a Life Insurance Policy | 6/10/2007 |
| Q: I am 60 years old and considering cashing out a life insurance policy. Is there a way to transfer ... A: Should you cash out your life insurance policy, and receive more than what you paid in, it will be ... | |
| Keep or surrender cash value? | 6/5/2007 |
| Q: I am newly married, and we are thinking about purchasing our first house. I have very limited life ... A: Your father has done you a favor. Assuming that you are in your early 20s, the actual cost of your ... | |
| Hep C | 5/29/2007 |
| Q: I have a question. I was exposed to the hepatitis c virus.(I found that out 6 years ago). I test ... A: There is an outstanding small life insurance company based in Spokane, doing business in 12 of the ... | |
| UNIVERSAL LIFE WITH EQUITY INDEX | 5/29/2007 |
| Q: is Equity Index UL a good retirement option? ANSWER: Dear Sam, We have no way of knowing. These ... A: Unless these people are willing to offer one of the policy types that I recommended in my previous ... | |
| UNIVERSAL LIFE WITH EQUITY INDEX | 5/29/2007 |
| Q: is Equity Index UL a good retirement option? A: We have no way of knowing. These policies have a guaranteed interest rate of one or two percent. ... | |
| lost policy | 5/18/2007 |
| Q: my step mother dies in march, and before she died she told my dad she had a $22,ooo.oo cancer ... A: Three companies that come to mind that might have what you are looking for are: AFLAC American ... | |
| full cash value life insurance | 5/18/2007 |
| Q: we recently purchased a fcv life insurance policy per our financial planner. Now we are having ... A: I am not sure what you mean by a "full cash value" policy. But as a general principle in the long ... | |
| Lost Life Insurance Policy | 5/3/2007 |
| Q: My father passed away over a year ago now. Before he died he told me he had life insurance his wife ... A: I am sorry for your loss. But you try these. 1. Contact the bank where he had his checking account. ... | |
| Bank On Yourself | 5/2/2007 |
| Q: I know very little about investments and life insurance. I have been considering going with the ... A: Lafayette Life is a good company, and Nelson Nash's "Becoming Your Own Banker" is a good concept. ... | |
| bank on yourself | 5/1/2007 |
| Q: I'm looking into the bank on yourself idea. Is this a scam? What if the insurance co. goes under? ... A: The concept properly applied is not a scam. However, one must be careful to use the right kind of ... | |
| Life Insurance-Dividends on Deposit | 4/18/2007 |
| Q: On an Individual Life Insurance policy statement, assuming no loans are in effect and that premium ... A: Dividends on deposit or accumulated dividends are merely a refund of over charge of premium held at ... | |
| Rio Grande National Life Ins Co | 4/9/2007 |
| Q: I have a very small life insurance policy from 1939 that belongs to my grandmother; my father is the ... A: It took some doing, but I found three possible companies that you might call to get service. If the ... | |
| Children | 4/7/2007 |
| Q: I am divorced from my children's mother. I have full custody. Can the children take out a term life ... A: There are a number of reasons why this cannot be done. 1. You need the proposed insured's ... | |
| life ins amt less than total paymts | 4/6/2007 |
| Q: please help me on this.. I'm very confused... have modified whole life $10.000 on my mother dob ... A: The surrender value of the policy is not relevant to the purpose of the policy. The real issue is ... | |
| life ins amt less than total paymts | 4/6/2007 |
| Q: please help me on this.. I'm very confused... have modified whole life $10.000 on my mother dob ... A: The premium that your mother has been paying is appropriate for the type of policy she bought and ... | |
| BOY concept?? | 3/27/2007 |
| Q: I bought into this concept 10 years ago and have around $65000.00 available to borrow against my ... A: The fact that Canada Life demutualized has no direct bearing on the personal banking concept. On the ... | |
| BOY concept?? | 3/27/2007 |
| Q: I bought into this concept 10 years ago and have around $65000.00 available to borrow against my ... A: I need to preface my answer by stating that I am not doing business with Canada Life. Are you ... | |
| cash surrender value globe life insurance | 3/23/2007 |
| Q: my grandfather purchased insurance for my when i was welcomed to the world at a 40,000 value. i am ... A: Cash value is the surrender value of the policy. Eventhough the term "cash value" has been used by ... | |
| life insurance. | 2/17/2007 |
| Q: Long story short - husband has been paying for life insurance for 10 years. Now they want to ... A: It would be good to know why the company has communicated a need for a higher premium. Is this a ... | |
| Another Bank on Yourself Question | 1/19/2007 |
| Q: sir. I wonder if you might know of a few companies/products that would meet some of the salient ... A: Do I ever wish you were in California. In my opinion you are better informed about life insurance ... | |
| should I buy a VUL? | 1/14/2007 |
| Q: Now I have a few questions in my mind. 1. How much I come borrow against my policy? 2. How much I ... A: I'll take the questions in reverse order. 3. The purpose in borrowing the money is to enhance your ... | |
| Rio Grande National Life Insurance Policy | 1/11/2007 |
| Q: My mother-in-law recently passed away. We found a life insurance policy issued by Rio Grande ... A: I have learned that Rio Grande National had been acquired by Kentucky Central. The policies that ... | |
| should I buy a VUL? | 1/11/2007 |
| Q: a agent is trying to sell me a VUL in which I should put $500 each month. I am a 50 years old single ... A: Please read the additional information at the end of the original answer. I'm guessing that you ... | |
| follow up bank on yourself question | 12/28/2006 |
| Q: Mr. Brumbaugh, Thank You for your prompt response on the AllExpert.com site. i appreciate the info ... A: Sorry for the delay. I've been out more than I have been in the last few days. This personal ... | |
| Using Whole Life Insurance | 12/27/2006 |
| Q: Are you familiar with the Banking on Yourself system of buying whole life insurance policies (with ... A: The book to which you refer may have been authored by Nelson Nash. The edition that I had read used ... | |
| help | 10/27/2006 |
| Q: I need to find a way to get dental insurance. I need something that treats pre-existing conditions, ... A: When you do a web design, you bring to it ideas that you have already stored in your mind. Suppose ... | |
| old life insurance policy | 10/26/2006 |
| Q: I did in fact call Ozark and they did not recognise the policy number I had . My question is when ... A: Your Dad's company was absorbed by Kentucky Central, which then was liquidated by Kentucky's ... | |
| beneficary to a life insurance policy | 10/10/2006 |
| Q: My Dad just passed away and was living with his girlfriend of only 2 yrs. He had changed his life ... A: Unless you can prove that your Dad was incompetent or that his girlfriend had used illegal means to ... | |
| Insurance Death Benefit to Replace Income | 9/15/2006 |
| Q: Mr. Brumbaugh, Should I calculate my family's insurance needs based of future value or present ... A: Present value will do,if you use an earnings rate on principal required to provide income in the ... | |
| Need an opinion about Cash vs. Health coverage | 9/7/2006 |
| Q: Is it more appropriate to invest in life or retirement planning rather than paying tremendous ... A: I recommend that you go with a high deductible health insurance policy and put the difference in ... | |
| cash value | 8/18/2006 |
| Q: i have a whole life insurance policy with AFLAC and i am considering dropping because i can get a ... A: I was not aware that AFLAC marketed Whole Life policies. Therefore I am not aware of how competitive ... | |
| estate planning thru life ins.--some numbers | 8/13/2006 |
| Q: Brumbaugh, We are considering buying a life ins. policy in a irrevocable life insurance trust to ... A: I believe that you mean a Second to Die policy. If so, $24,000 for 15 years will easily purchase a ... | |
| VUL | 7/19/2006 |
| Q: I am starting to think the VUL we starting investing in 5 years ago was a sucker's bet. My husband ... A: I appreciate your question. If the question was whether it is better to buy term and invest the ... | |
| Life insurance with no beneficiary | 7/19/2006 |
| Q: My father passed away last year and his employer recently informed me of a life insurance policy ... A: My sympathies go to you. I am sure that this reminder of your Dad's passing causes mixed emotions. ... | |
| Life insurance | 7/10/2006 |
| Q: My Mom passed away on April 20 of this year and left me sole beneficiary. Trying to be fair, I ... A: I am not an attorney, so I can't tell you what the law is in this case. But I can tell you that as ... | |
| income tax on cancelling a whole life policy | 7/10/2006 |
| Q: I have a 20+ year old $100k whole life policy w/ approx $20k in cash value. At age 49 and now w/ ... A: 1. The income tax would be on the amount that the surrender value exceeds the premiums paid. Taking ... | |
| primerica joint life policy | 7/10/2006 |
| Q: IS THE POLICY FROM PRIMERICA A JOINT POLICY? IF ONE DIES THE OTHER ONE IS NOT LONGER INSURED? can ... A: I am not a Primerica agent, but if Primerica is like other companies with joint life policies, the ... | |
| Old Life Insurance Policy | 7/4/2006 |
| Q: My father-in-law had a life insurance policy with the Union Life Insurance Co. of Richmond, Va. It ... A: I contacted the Virginia Bureau for Insurance, and I was advised that American General Life and ... | |
| Lost Life Insurance Policy | 7/4/2006 |
| Q: ------------------------- Oh dear, her age at the time she bought her life insurance was around 26 ... A: Some time back you had requested my help in finding your mother's life insurance company. Have you ... | |
| Lost Life Insurance Policy | 7/4/2006 |
| Q: My mother lost her life insurance policy and it was paid in full. She can't remember the company ... A: Yes, there are ways to locate lost policies. 1. Since policies have to be paid for, contact her ... | |
| beneficiary? | 6/30/2006 |
| Q: I am trying to help the family of a 45 year old single female (never married, no children) who just ... A: The one thing I can assure you of is that there will be payments made. The fact that she died ... | |
| Term Insurance | 6/23/2006 |
| Q: I wanted to reduce the premium. I am happy to have the policy, I just hoped to pay less. I was ... A: Before a policy is even offered insurance companies call upon the services of a special kind of ... | |
| acquiring designations? | 5/24/2006 |
| Q: William I'm an ex broker with my series 7 & 63, entering the insurance space. Our focus is the ... A: I am not familiar with the focus of the CASL designation. As you can see, I have my LUTCF. This ... | |
| Investment-linked Insurance? | 4/18/2006 |
| Q: Have you heard about "Investment-linked Insurance"? What's it all about? How does it generally work? A: I believe what you are talking aboput is the relatively new Equity Indexed Universal Life policy. It ... | |
| Universal Life Cash Value? | 4/17/2006 |
| Q: My ex-father-in-law is a retired State Farm agent. When my daughter was born, he took out a $50,000 ... A: In light of the fact that I am not a State Farm agent, I will not be able to talk to them about your ... | |
| Save With Insurance | 4/16/2006 |
| Q: How small should I have a bank savings account to accompany my higher yielding tax-favored life ... A: I appreciate your questions. This one is a toughy. You may not need one if you have a checking ... | |
| Insurance For Kids??? | 4/15/2006 |
| Q: Why would a parent wants to buy insurance for his son (a toddler), for example? Hopefully not for ... A: Rarely is it wise or appropriate, in my opinion, to purchase individual policies on children. The ... | |
| Save With Insurance | 4/15/2006 |
| Q: I heard from some top agents that saving with insurance is far better that in the bank. In fact they ... A: For most competitive life insurance companies, I would say that they are 95% correct. Permanent ... | |
| Pre existing condition | 4/10/2006 |
| Q: How can a person living with HIV/AIDS legally obtain life insurance? Which type of insurance do you ... A: There are guaranteed issue policies available. For good reason they have a graded death benefit. ... | |
| life insurance beneficiaries | 3/29/2006 |
| Q: My brother-in-law just committed suicide. My sister found a life insurance policy but only one ... A: This is my second attempt to answer your questions. There was difficulty in getting it sent before. ... | |
| Life insurance needs | 1/14/2006 |
| Q: I am age 50 - great health - no children - my term life insurance @ $250,000 offers automatic ... A: Assuming you are in an occupational group that you qualify for disability insurance, I would agree ... | |
| Which one? | 12/28/2005 |
| Q: My question is which one would be better, whole life or term. I just turned 37 and I am now looking ... A: I appreciate your confidence in me. It is my judgment that most of the people that get involved ... | |
| Plan Represenative | 12/12/2005 |
| Q: I have what might be a dumb question to you, but it's not to me. My husband retired 4 years ago ... A: "Plan representative" could mean just about anything. Since the letter came from the insurance ... | |
| Re: Life Insurance | 12/10/2005 |
| Q: My first question is- is the proceeds from a Life Insurance policy payoff- taxable? Secondly- can ... A: 1/27/59: male non-smoker - $196,605 2/13/58: female non-smoker - $219,872 I noticed an age ... | |
| Re: Life Insurance | 12/10/2005 |
| Q: My first question is- is the proceeds from a Life Insurance policy payoff- taxable? Secondly- can ... A: Generally, the death benefit is not subject to income tax. However, if the beneficiary is a ... | |
| Quick Question | 10/19/2005 |
| Q: I am on disability for a mental condition called OCD. Otherwise i'm in pretty good health at 45 ... A: I have checked with the underwriting department of one of the companies that I work with, and the ... | |
| term life insurance | 7/28/2005 |
| Q: I am interested in getting term life insurance for myself and my husband, but I'm so confused about ... A: Term life insurance is a good buy when you have a temporary need, or as in your case, you have ... | |
| Policy #'s | 7/11/2005 |
| Q: My dad just recently past and my mother was going through all his papers. She came across a paper ... A: It is possible that these policies are large enough that the insurance companies would have ... | |
| canceling a policy | 6/30/2005 |
| Q: Due to being out of work I am considering canceling a term life insurance policy as well as a ... A: I am sorry for your current stressful situation. As you probably are aware, there is no surrender ... | |
| insurance | 5/17/2005 |
| Q: I want to get insurance but can u recomment some changes in what I presently have. I thank you. I am ... A: Your situation sounds like that commercial I've seen on TV. Before I can offer my ideas, I have ... | |
| Quick Question | 5/5/2005 |
| Q: I was curious if somebody could recommend a very good term life insurance, that builds up value and ... A: Just out of curiosity, are your parents Don and Wanda Sypherd? There is a truly fine little life ... | |
| Quick Question | 5/3/2005 |
| Q: I was curious if somebody could recommend a very good term life insurance, that builds up value and ... A: I believe that you are asking for a life insurance policy that builds up surrender value. If so, ... | |
| Life Insurance | 4/13/2005 |
| Q: My husband is 55 and last yr. was diagnosed with very, early stage prostate cancer. His readings ... A: Being unfamiliar with this kind of risk, I contacted a company that I thought would be in your area. ... | |
| Annuity | 2/22/2005 |
| Q: Please understand that I realize that any answer to this question will be a seat-of-the-pants ... A: It is very thoughtful of you to seek information for your student. I would like to help, but I could ... | |
| Life Insurance | 2/20/2005 |
| Q: Will it be confusing or a conflict of interest to work with 2 insurance brokers to get the best ... A: It certainly is not a conflict of interest to have more than one broker attempting to serve you. ... | |
| Life Insurance | 1/29/2005 |
| Q: I have supplemental life insurance through my employer that I pay for by payroll deductions. Due to ... A: Things may not be as dark as they seem. It is possible that this may be the type of supplemental ... | |
| Universal Life Ins. Surrender Value Decreasing | 1/1/2005 |
| Q: Followup To Question -Am I thinking correctly in deciding to keep a policy in force now that the ... A: and I wish a great new year for you and yours as well. The purpose of this site IS to take ... | |
| Universal Life Ins. Surrender Value Decreasing | 12/31/2004 |
| Q: Followup To Question - Am I thinking correctly in deciding to keep a policy in force now that the ... A: I have enjoyed our conversation. I recognize that, generally, advice that costs nothing is often ... | |
| Universal Life Ins. Surrender Value Decreasing | 12/30/2004 |
| Q: Am I thinking correctly in deciding to keep a policy in force now that the surrender value is slowly ... A: Reading your situation really revs my imagination! Congratulations on your planning so far. The ... | |
| Universal Life Ins. Surrender Value Decreasing | 12/27/2004 |
| Q: Am I thinking correctly in deciding to keep a policy in force now that the surrender value is slowly ... A: I appreciate your questions. At current interest rates your policy's equity can support a little ... | |
| Disability Insurance | 12/24/2004 |
| Q: I am a self employed carpenter running my business as a sole proprietor. Is my disability insurance ... A: Assuming you have an individually underwritten policy, my answer is no. The up-side to this is that ... | |
| Amount of life insurance | 12/23/2004 |
| Q: Are you allowed to buy life insurance in the amount greater than suggested by the life insurance ... A: Your answer is in your last question; the company will look at all factors that would support an ... | |
| Actualial Question | 12/22/2004 |
| Q: There is a widespread belief that, if one spouse dies, the other spouse dies sooner than he/she ... A: This seems to be false. The second to die actuarial table suggests that the surviving spouse will ... | |
| universal or term insurance | 9/12/2004 |
| Q: Currently I have a $200,000 Universal Life policy on me and $100,00 on my wife and another whole ... A: I apologize for the delay in answering, but I was at the NAIFA Convention and have just gotten ... | |
| life insurance | 9/5/2004 |
| Q: Is it possible for an insurance salesperson to insure his elderly parent with Alzheimers? His ... A: The only kind of life insurance policy that would be available would be a graded benefit guaranteed ... | |
| Life Insurance for elderly | 9/2/2004 |
| Q: Any suggestions on finding a reasonable life insurance policy for a man 54 about to turn 55 in a ... A: First, as a young man of 63. I take exception to your referencing age 55 as elderly. The argument ... | |
| LIFE INSURANCES | 5/25/2004 |
| Q: I NEED TO KNOW THE DIFFERANCE BETWEEN WHOLE LIFE INSURANCE AND TERM LIFE INSURANCE, WHICH IS THE ... A: I will answer from simple to detailed. Globe Life is NOT your best choice. In fact there is only ... | |
| Whole Life Insurance Profit | 5/17/2004 |
| Q: I have a whole life policy for $100,000 starting from age 20 to 100. I pay $100 per month. After ... A: Follow-up information I applied that $100 per month to my primary carrier's Special 11 Whole Life ... | |
| Insurance | 5/7/2004 |
| Q: I am sorry. I made a mistake of the cash value in my original question that I sent to you. The ... A: It appears that you have a traditional Participating Whole Life Policy with dividends accumulating ... | |
| Straight Life Insurance | 5/6/2004 |
| Q: I have a question. I can not figure out what to do regarding my life insurance policy. I am 63 ... A: Mischke, I am surprised at the low insurance fund value of your policy. Can you tell me more about ... | |
| Life Insurance Benefits taxes? | 4/12/2004 |
| Q: My husband passed away last year. I know I have to file his 1040 jointly; but do I have to claim ... A: I'm sorry for your loss. If the life insurance policy was one that you or he owned, there usually ... | |
| life insurance | 4/2/2004 |
| Q: If I cash in my life insurance (whole) and receive a lump sum payment. What are the tax ... A: I will give you more answer than you have asked for. If you were to cash out your policy, you would ... | |
| life insurance | 2/4/2004 |
| Q: 1)I already have term life, I now have an opportunity to get a small whole life policy. I wanted a ... A: While I agree with you that a Whole Life policy in the long run is better than Term life insurance, ... | |
| Whole Life Insurance | 1/3/2004 |
| Q: I have a whole life policy, through the Nights of Columbus. There is a respected financial advisor, ... A: Ms Orman proves that you can't believe everything that you read. It is obvious to me that she has ... | |
| Life insurance | 7/1/2003 |
| Q: I am been meeting with a financial planner and he is pushing me to buy 2 whole life insurance ... A: You are right; the amount of death benefit that he is suggesting does seem high in your current ... | |
| variable annuities | 3/16/2003 |
| Q: I've been approached by a company called World Financial Group to sell their variable annuities ... A: I am not familiar with World Financial Group, but I certainly understand the concept. Financial ... | |
| Gerber insurance plan | 3/11/2003 |
| Q: and thank you for your willingness to help out. I recently got a brochure from the Gerber Life ... A: This is a distressingly good offer. I say this because it is the only direct marketing life ... | |
Life & Health Insurance
Answers by Expert:
Willard R. Brumbaugh, LUTCF, CSFP
Top Expert on this page
Expertise
I can handle questions concerning life insurance, it`s tax implications, how to determine what is appropriate, and how it fits in one`s estate and retirement planning.
Experience
For 2 1/2 years I was an expert on AskMe.com, where for most of that time I was ranked #1. I have been a moderator (instructor) for the Life Underwriters Training Council. I have been licensed since 1969. Organizations I belong to: National Association of Insurance and Financial Advisors - California and the Inland Empire Estate Planning Council. I hold the professional designation of Life Underwriters Training Council Fellow.
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