My husband's father died suddenly and unexpectedly a few years ago; my husband began receiving quarterly bills on a policy his father opened for him as a child. It is not a large policy: $25,000 death benefit, appears to have been opened in 1984. Premiums now are only ~$30 quarterly. His dad worked in the insurance industry so assume he knew what he was doing. I have a few more letters from 1991 and then 2010. Guaranteed 4% interest although seems to have been better in the past and was adjusted. The product has changed hands from several different insurance companies: shelby life --> standard life --> madison national --> and now Guggenheim Life. The last statement is from 2016 and showed the account balance of $4,225, appears to have gotten 2.8% APR after cost of insurance that year.
My husband has requested the policy information from Guggenheim now multiple times. All we received was a letter asking us to sign that the original policy was lost and no other documents. No one over the phone can give him any details about the policy. We'd like to know more about the policy if we're going to pay premiums even if they're so low.
The oldest document I have from 1984 states $300 annual premiums, $25,000 insurance and policy loan rate: 8% in arrears (?) and shows projected account balances. My husband is now 37. The projected balance of guaranteed cash surrender value at age 25 is $8,134.
Can someone that understands universal life insurance explain what we have and what are our options with this policy?
Thanks!!!
My husband has requested the policy information from Guggenheim now multiple times. All we received was a letter asking us to sign that the original policy was lost and no other documents. No one over the phone can give him any details about the policy. We'd like to know more about the policy if we're going to pay premiums even if they're so low.
The oldest document I have from 1984 states $300 annual premiums, $25,000 insurance and policy loan rate: 8% in arrears (?) and shows projected account balances. My husband is now 37. The projected balance of guaranteed cash surrender value at age 25 is $8,134.
Can someone that understands universal life insurance explain what we have and what are our options with this policy?
Thanks!!!
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