Anyone know or work in life insurance?

IamRalpho · 03-15-2025, 03:42 PM

My dad has 2 policies, neither of which he knows about since its been 30+ years since he signed these policies. He wants to potentially cash one out or combine them. I literally know nothing about these, looking for some help before I do anything with them.

hairysasquatch · 03-15-2025, 07:33 PM

Call the agency that issued the policies - someone can walk you through the options. Not sure you can "cash one out" prior to death without taking a massive hit. Also want to consider the tax implications. You might be able to have any dividends pay some/all of the premiums if these are whole life policies.

chippv · 03-16-2025, 11:12 PM

I own a agency. He should contact the agent or company he wrote the policy he has. Depending if it is permanent or term insurance

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mulhall777 · 03-17-2025, 09:27 PM

I have been in the insurance game for two decades. PM me if you need help.

03-15-2025, 03:42 PM	#1
IamRalpho Member Join Date: Dec 2010 Location: Boston Posts: 17,692 IamSilly	Anyone know or work in life insurance? My dad has 2 policies, neither of which he knows about since its been 30+ years since he signed these policies. He wants to potentially cash one out or combine them. I literally know nothing about these, looking for some help before I do anything with them. __________________ If you have under 25 iTrader feedback or any negative, I will ask you to send first I do not ask for much, but please leave feedback if everything goes well with our deal.

03-15-2025, 07:33 PM	#2
hairysasquatch Member Join Date: Dec 2008 Location: In the Woods, Central NY Posts: 35,343	Call the agency that issued the policies - someone can walk you through the options. Not sure you can "cash one out" prior to death without taking a massive hit. Also want to consider the tax implications. You might be able to have any dividends pay some/all of the premiums if these are whole life policies. __________________ I am going signature-free

03-16-2025, 11:12 PM	#3
chippv Member Join Date: Feb 2012 Posts: 7,351	I own a agency. He should contact the agent or company he wrote the policy he has. Depending if it is permanent or term insurance Sent from my iPhone using Tapatalk __________________ Always looking for Steelers, penguin and some pirate rookies

03-17-2025, 09:27 PM	#4
mulhall777 Member Join Date: Nov 2017 Location: Arizona, USA Posts: 168 theretroalley	I have been in the insurance game for two decades. PM me if you need help.