I wanted to get opinions regarding my life insurance 800K which will be expiring in a couple of months. I have the option to roll it over to a universal policy but it’s going to cost me 2K a month.
I’m still Homone sensitive. And been on ADT and Nubeqa (daroludimide) for the last couple of years. Had chemo a year ago November. I have two spots in Lymph chest. My PSA is non detectable. I’m 62 years old. Going on 6 years since diagnosis. Originally Gleason 9 and PSA was 69 back then. Had Surgery radiation. Etc.
question… what is the typical life span I can expect? I know everyone is different. But even if I live 10 more years, that 250K spent but my wife would then Receive 550K. 2K a month is tough to do but certainly need to do this.. my fear is not being able to maintain the 2K payment every month….
I would like an honest opinion.
thank you
Jeff
Written by
JDKotter
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I would invest the 250k instead of converting to a UL policy, especially since it's going to cause you financial difficulties now. As "the fiend" suggested, get a fee on FA to assist.
I was thinking along the same lines but hate giving actual advice to anyone since I don't know the tolerance people have for investing. Marital assets transfer tax free since the estate is held in joint custody unless the beneficiary state otherwise.
I agree, in this case I just wanted to point out to OP that there are low risk conservative alternatives to banking on a complex insurance product that probably is a lot riskier and that includes a non-zero chance of a total loss. Can't say it enough, if the OP is trying to do estate planning and looking ahead to leaving a legacy for wife, get a fee only FA and do it right.
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In general, insurance is not an investment for most...it can be used in estate planning if considerable sums of money are involved, like traditional IRA, property, etc, where the beneficiary needs to pay taxes.... insurance proceeds can be used to pay the taxes instead of asset sales. But that's beyond the scope of this site.
Thank you. The issues for me is figuring out my life span probability. I was told 6 years ago that I had a 30% chance of being alive at 5 years. So naturally I’m weighing, keeping the policy active verse’s dropping the coverage. I guess what I’m looking for is what are my odds moving forward. I’m in good health other than the ADT burden.
In my opinion (I am based in the UK), it is not worth rolling over. The insurance company will know your prognosis and will have built in a significant profit margin. As others have said, it is better to invest the money in a good spread of cheap investments (such as ETFs). However, do look at your pensions to see how much she would receive.
So, if I pass away in two years from PC, then my wife would receive zero benefit (750K). It’s about more accurately predicting how much time I have left. That’s the dilemma.
I would say you have at least 10 years left on current treatments. But those treatments are improving all the time and in 10 years you might be looking at a cure. In the UK, between a half and 2/3 of pensions pass on to the widow(er) together with a lump sum if you are still working. Does the same happen in the US?
I'd agree with the suggestions to get an independent fee advisor to review all the conversion options under your policy; not your existing agent, who might have a commission conflict, just to make sure what they are. Shouldn't cost more than a couple hundred $$. If you can afford to spend $2K per month, and it's strictly a financial decision, it's simply whether your best-guess prognosis suggests you'll likely live well over 12 years more (in which case you don't convert the policy), or if you overall vistas are shorter, in which you'll probably want to keep it. I'd keep it if I think I'll see my long-lost loved ones in less than ten years, and dump it if I think I'll still be around in 15. (Assumes you'll be generating maybe 6% on investments over the timeframe. ) A lot depends on your other medical issues, family history, enjoyment of life, and hazardous lifestyle. My medical parameters are similar to yours: Gleason 9 and PSA 75 in 2015, now age 68, had radiation in 2015, but now have recent local recurrence treated by SBRT. With all the now modalities of treatment, I feel there's a fairly good chance I'll live as long as I enjoy myself, and PC ain't what's gonna get me. If you weigh 320, like fast cars , wild women, Jack Daniels and cigars, you might wanna convert that policy.....
Lester thanks for the input. I already have a policy that pays me 800K if I pass away tomorrow. If my life expectancy is 5 years, it’s a no brainer to roll the policy to the Universal life policy. When you and I were first diagnosed, my doctors said I had a 30% chance of being here at 5 years. I’m now on year 6. Unfortunately, I would be betting against my existence if I decide to roll over the policy. I guess my fear is that it f I were to drop the policy that I’ve had for 20 years and I don’t make it another 5, my wife would be out $680,000. That’s my dilemma…
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