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How can I pay my Globe Life Insurance Premiums online?

Is the best way to use my cash value, with my whole life insurance, to pay the premiums?

  • It is a small policy not an investment. I have enough cash value to pay premiums for 8 years. I was thinking to run it down to about a 2 year buffer against hard times.

  • Answer:

    you are better off replacing it with term life insurance.

Ray at Yahoo! Answers Visit the source

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If it's a whole life policy then you cant do that. You can borrow the cash value to pay the premiums, but that creates loan interest. If it's a universal life then you're not thinking about it properly, because if you let the cash value decline then you insurance costs will increase. And, with each year that passes they'll get more expensive AND you'll be buying more. So, when you dwindle it down to 2 years you'd be lucky if that was enough to cover one. Call your life insurance broker or financial advisor and get some advice specific to the policy you have.

Insurance Pickle.com

If you don't have to then don't. It completely defeats the purpose of the policy. Besides, isn't an 8 year buffer better than 2?

Lynn

No.

mbrcatz

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