On life insurance policies what can one do if 60% of the payments made is lsot?
On life insurance policies what can one do if 60% of the payments made is lsot?
I have taken out an insurance policy in Cyprus with Liberty Life and paid some 30,000 USD- now they inform me the total value of my policy is only 40% of this amount. And the next year is recession so it will be even worse. What can I do to recover my money ?
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4 Responses
1.31.2010
Best Answer – Chosen by Voters Lost WHERE? Payments don't get "lost". I think you severely misunderstand how life insurance works. The MAIN POINT, is to pay out, if you DIE.If you're using this life insurance policy as an INVESTMENT, well, life insurance is NOT a good investment. Usually, as an investment tool, you lose 90% of what you put in. The VALUE of your policy, is what they pay if you kick off. Any kind of "investment" or "cash value" is USUALLY going to cost you way, way, way more, than a jar under your bed.It's time to reassess your goals. What do you want the life insurance to DO for you? If you want it to pay when you die, great. If you want it as an INVESTMENT, then you need to cancel this, and buy some mutual funds, stocks, bonds, cd's, whatever. Life insurance is NOT a cost effective investment tool. As you discovered.Oh, and there's nothing to recover. The money wasn't LOST. It is what the policy COST for your year.
1.31.2010
Depends on the type of policy. It sounds like a variable like policy. You still have the death benefit and presumably that is why you bought life insurance to begin with. All you can do is wait for the markets to recover.
1.31.2010
You def have variable and not much you can do at the moment. You have to think long term. within 5 years you will hopefully be back in the green. e-mail me with any questions patrickb360@yahoo
1.31.2010
that's why you get term insurance. its cheaper and even though you don't build up any cash reserves the money you save can be invested in what you want.