Question in title. Is trading cash value for an increased death benefit a "thing" with USAA whole life policies? I don't need the cash now. My mother arranged each of these policies (on herself) for her 30-something kids when she was widowed 30 years ago. I know very little about life insurance and am not clear whether it should be straightforward to accomplish this type of trade or whether it's a long-shot / negotiation, etc. I had vague notes in my iPhone to take action on the policy now (as her 85th birthday approached) to drain & deploy the cash value.
Insured is my 84.9 year old mother. She's in good physical health but has mid stage 5 dementia.
Base policy 50,000 -- purchased 1993--about to make the 31st $1185 premium payment
Paid-up additional insurance $27,245
Net Death Benefit $77,245
Cash Value $54,858
Dividend $1438.94
Current Primary Dividend option: Premium Reduction
Next estimated dividend: $1409.11
Insured is my 84.9 year old mother. She's in good physical health but has mid stage 5 dementia.
Base policy 50,000 -- purchased 1993--about to make the 31st $1185 premium payment
Paid-up additional insurance $27,245
Net Death Benefit $77,245
Cash Value $54,858
Dividend $1438.94
Current Primary Dividend option: Premium Reduction
Next estimated dividend: $1409.11
Statistics: Posted by anders37 — Thu Jan 25, 2024 5:14 pm — Replies 2 — Views 211