- quote -

Quite obviously, I am in no position to advise you as to whether or
not to retain the policy, as I do NOT have SUFFICIENT information
to make that determination. However, I will point out a few things:

a) using YOUR figures, it would appear that the NET COST of the
contract for the year amounts to $91.99. Not knowing the amount
of the Death benefit, nor your age, I do not know if that is good or bad.

b) Any insurance on your life "paid for by your employer", whether
charged back to you or not, is NOT directly under YOUR control.
That contract could be changed or eliminated on a moments notice.
Add to that the fact that YOU might leave the company, OR that the
company might leave you, then you would LOSE the coverage.

c) None of the accumulation "inside of the contract" is currently Income
Taxable to you. Should you DIE, it would not be taxable to your Heirs.
Should you someday decide to surrender the contract, then any GAIN
over and above ALL PREMIUMS PAID IN TO DATE, would result
in a taxable gain to you.

d) last but not least, should you surrender the contract (and I do NOT advise
that without a great deal of consideration), then you would receive the
Total Value of the Current Cash Value Account, LESS the applicable
Surrender Charge.

Cal Lester CLU

The redundant policy is the one through work.

The employer could cancel that policy tomorrow if it is deemed too expensive
and the conversion policies that are offered are usually not very good.

The OP needs to review his situation and get the right coverage. Term is
good for things that have a specific time frame, a mortgage for example.
Permanent insurance is good for covering long term issues that have no
definite time frame.


"John A. Weeks III" <john[at]johnweeks.com> wrote in message
news:john-DD2BD7.06583707112005[at]ip-lcc.supernews.net...
- quote -

In article <1131348396.041145.271270[at]g49g2000cwa.googlegroups.com> ,
"CM" <cscottm[at]gmail.com> wrote:

- quote -

In all of this, you never gave any indication that you needed
any kind of life insurance. Since you may or may not, and
you are already covered via work, then this policy is
redundant. I'd suggest cashing it out. You might not get
much of the balance back, but at least you would cut off the
monthly bleeding. If you do need additional insurance, look
at term. You can get it for about 1/10 what this policy is
costing you.

-john-

--
================================================== ====================
John A. Weeks III 952-432-2708 john[at]johnweeks.com
Newave Communications http://www.johnweeks.com
================================================== ====================

Hello all,

I currently have a Univ. Life policy w. my insurance co. Thru my work
I also have a life insurance policy that was part of the benefits
package. Reason why I am thinking about canceling is the fact that I
already have a policy thru my work

Here are some #'s

Balance frm 2004 $875.42
Payments $360.00
Interest Credited $ 42.94
Expense Chrgs $ 78.00
Cost of Insurance $ 61.32

Bal as of Sept 2005 $1139.04
Interest to be earned $ 4.39

Total $1143.43


My question is based upon the #'s is any of these amounts taxable?
Also if I was to surrender would I get back to me the total amount
minus any surrender fee or is that not how it works.


Thanks