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Can Adjustable whole life policies decrease in face value but premiums remain the same And in order to keep your face value you have to purchase a new policy?
By Adjustable Whole Life do you refer to a Universal Life policy??? When any policy is tied to interest rates (Not talking securities here) it can effect the longevity of the poilcy just like taking loans can. If the premium is adjustable and you don't pay the target premium, your policy will fall short. When you bought your policy interest rates may have been up. The recommended premium (target) may have been $75/mo but because of the interest rates or your finances at the time you may have only been paying $50/mo. You after time kept this up and adjusted your thinking to this being the required premium (Generally speaking here...this is what I see often). Now that you are older, interest rates are lower, and your mortality is higher, there is not enough cash value to draw on to offset the lower premiums you have been paying. Now the solution is...pay higher premiums to keep the policy going...or, you may be able to reduce the face to an amount that reflects the premiums you are accustomed to paying. I Strongly question the idea of buying a new policy!!!!! What reasons are given? If you do qualify, you are older now, premiums will be higher, you will need to be underwritten again and there will be another 2 year contestibility period. Is it all in your best interest or will it genertate new 1st year premiums for your agent? 4lifeguild (ignore spelling errors)
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