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Woot! Found an old life insurance policy I don't need!

Fritzo

Fritzo

Lifer
I suddenly remembered taking out a life insurance policy when I was 18 (17 years ago), and haven't made any payments on it since 1991. I called about it, and found out I can cash it in for $3000 😀 How about that for free money! We have $200k of coverage through another company, so who needs a lousy $10000 policy.
 
Originally posted by: ViviTheMage
haha, life insurance at 18....
Click to expand...

If you have any sort of debt that involves someone co-signing with you, it is a very smart idea to take out a policy. Even then, funeral costs are up there.
 
Originally posted by: BigJ
Originally posted by: ViviTheMage
haha, life insurance at 18....
Click to expand...

If you have any sort of debt that involves someone co-signing with you, it is a very smart idea to take out a policy. Even then, funeral costs are up there.
Click to expand...


I know, I worked at a cemetery for a year or so.

the cost of everything should be double/triple in the next few years, at least thats how the last ten years have gone.
 
Originally posted by: Fritzo
I suddenly remembered taking out a life insurance policy when I was 18 (17 years ago), and haven't made any payments on it since 1991. I called about it, and found out I can cash it in for $3000 😀 How about that for free money! We have $200k of coverage through another company, so who needs a lousy $10000 policy.
Click to expand...


Woo hoo!

That new guitar gets a new amp.
 
heh i have a 10k policy that is about 8 years old. i really do not need it anymore since i have a $500k one now.

to bad it really is not worht cashing out.
 
Man, that's like the upper echelon of finding money around the house. Usually it's small things like a 20 in your pocket or somethin', but you hit the jackpot with that.

Hmm, maybe I should take out a policy and then have it erased from my memory only to be found at a later date. Possible, anyone?
 
Originally posted by: ViviTheMage
Originally posted by: BigJ
Originally posted by: ViviTheMage
haha, life insurance at 18....
Click to expand...

If you have any sort of debt that involves someone co-signing with you, it is a very smart idea to take out a policy. Even then, funeral costs are up there.
Click to expand...


I know, I worked at a cemetery for a year or so.

the cost of everything should be double/triple in the next few years, at least thats how the last ten years have gone.
Click to expand...

What did you do at the cemetary?

 
Originally posted by: waggy
heh i have a 10k policy that is about 8 years old. i really do not need it anymore since i have a $500k one now.

to bad it really is not worht cashing out.
Click to expand...

They usually mature after 10 years. You could probably get a good $800-$1000 out of it.
 
Originally posted by: lokiju
So what are you going to buy?

I say get a Plasma TV!
Click to expand...

I have a 40" LCD already 😉 Think I'm going to put in in my HSBC account and then pay off a few "same as cash" accounts when they come due.

Then again- I REALLY need a ride-on lawn mower. 2/3 of an acre with a push mower sucks :|
 
I got mine because it lowered my car insurance payments to the point it was cheaper to have the life policy than not to. I can also borrow against the account if I want to while still earning interest on the amount giving me an effective 2% loan (which changes based on current interst rates).
 
Review the policy before you cash it out. The interest and dividends it pays per year may be more attractive than any savings account you might have. Plus, it's a nice tax dodge in case you die.
 
Originally posted by: Blazin Trav
Why'd you take out a life insurance policy when you were 18?

:Q:laugh:😀:cookie::beer::wine:😎:thumbsup:
Click to expand...

It's actually a smart thing to do. I had the intent to cash it in after I graduated, but forgot. This is better than finding a $20 bill in your winter coat 😉
 
Nice find. I've got a return of premium policy through AIG that's 2 years old. It can be cashed in at 5 years for a crappy amount or I can keep it for the 20 years I set up and get like $4,000 back from it.
 
Life Insurance is the biggest waste of $$$ unless your company provides it for you or you plan on knocking someone off
 
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