I' am hoping that someone can translate these old NWM policies.
Background: I am 47. My dad bought these 3 policies for me back in the 80's and 90's. I took over the payments and just kept rolling with it. I also have a NWM disability policy (not shown), that I may need some help on. Dad is a conservative investor, and likes his insurance (still alive). He looked at these policies as an investment. There is a history of type 1 diabetes in the family, and his concern was that I would possibly be uninsurable. (I was not in his shoes, and am not going to trash the decision - it came from a good place). I also purchased whole life policies for my kids - keeping the tradition alive. (I will trash my own decision, the choice to surrender those policies is pretty easy, but I will post that data as well for comedic effect if the group so desires.)
So, if I could impose, any group input here? At this point, I am pretty much pot committed to going down with the Titanic on these policies. It just irritates me that I have been paying (and Dad before me) for SO LONG with so little benefit. Currently dividends are set to purchase additional benefit (I believe that is the correct terminology). I am thinking of using the dividend to reduce premium and ride these out. I only want to know when these will carry themselves, and frankly, do not want to talk with the agent.
(This is not my only life insurance - I have group policies through work that I will likely replace with term policies as well).
Let me know if anyone needs more data. Have a great weekend.
My policies:
Code: Select all
$10,000 65 Life
Annual Premium $103.80
Policy Date 8/16/1980
Annual Cash Surr Tot Prem Cash Surrender Value
Age Cal Insurance Dividend Premium Increase Outlay 2022 Tot Guarantee
46 2020-21 11,889 69 N/A N/A N/A 4,089 4,019
47 2021-22 12,073 74 104 240 104 4,330 4,183
48 2022-23 12,265 80 104 251 208 4,582 4,350
49 2023-24 12,465 86 104 263 311 4,845 4,520
50 2024-25 12,674 92 104 275 415 5,120 4,693
51 2025-26 12,893 99 104 287 519 5,408 4,868
52 2026-27 13,122 107 104 300 623 5,709 5,047
53 2027-28 13,361 115 104 314 727 6,023 5,228
54 2028-29 13,610 123 104 328 830 6,352 5,411
55 2029-30 13,870 132 104 343 934 6,695 5,597
56 2030-31 14,141 141 104 358 1,038 7,054 5,786
57 2031-32 14,423 151 104 374 1,142 7,428 5,977
58 2032-33 14,717 161 104 390 1,246 7,819 6,170
59 2033-34 15,023 172 104 407 1,349 8,227 6,365
60 2034-35 15,341 183 104 424 1,453 8,651 6,562
61 2035-36 15,671 194 104 442 1,557 9,094 6,761
62 2036-37 16,013 206 104 460 1,661 9,554 6,963
63 2037-38 16,367 218 104 479 1,765 10,033 7,166
64 2038-39 16,733 230 104 497 1,868 10,531 7,372
65 2039-40 17,062 211 0 432 1,868 10,964 7,526
65 2038-39 16,733 230 104 497 1,868 10,531 7,372
70 2043-44 18,505 264 0 488 1,868 12,833 8,122
79 2052-53 22,524 396 0 629 1,868 17,921 9,319
$10,000 65 Life
Annual Premium $113.80
Policy Date 6/12/1987
Annual Cash Surr Tot Prem Cash Surrender Value
Age Cal Insurance Dividend Premium Increase Outlay 2022 Tot Guarantee
47 2021-22 12,296 70 N/A N/A N/A 4,018 3,947
48 2022-23 12,488 75 114 246 114 4,264 4,116
49 2023-24 12,688 80 114 258 228 4,522 4,289
50 2024-25 12,895 86 114 270 341 4,793 4,466
51 2025-26 13,110 92 114 282 455 5,075 4,646
52 2026-27 13,334 98 114 295 569 5,371 4,831
53 2027-28 13,568 106 114 309 683 5,681 5,018
54 2028-29 13,812 113 114 323 797 6,004 5,209
55 2029-30 14,066 122 114 338 910 6,342 5,403
56 2030-31 14,331 130 114 353 1,024 6,696 5,600
57 2031-32 14,607 139 114 369 1,138 7,065 5,801
58 2032-33 14,893 148 114 386 1,252 7,452 6,005
59 2033-34 15,189 157 114 403 1,366 7,855 6,212
60 2034-35 15,495 167 114 421 1,479 8,277 6,424
61 2035-36 15,811 177 114 439 1,593 8,716 6,638
62 2036-37 16,138 188 114 457 1,707 9,173 6,857
63 2037-38 16,477 199 114 477 1,821 9,650 7,078
64 2038-39 16,828 211 114 496 1,935 10,147 7,302
65 2039-40 17,138 191 0 424 1,935 10,572 7,470
66 2040-41 17,459 202 0 439 1,935 11,011 7,638
65 2038-39 16,828 211 114 496 1,935 10,147 7,302
70 2043-44 18,485 236 0 485 1,935 12,423 8,138
79 2052-53 22,336 390 0 636 1,935 17,537 9,508
$20,000 65 Life
Annual Premium $252.60
Policy Date 6/13/1996
Annual Cash Surr Tot Prem Cash Surrender Value
Age Cal Insurance Dividend Premium Increase Outlay 2022 Tot Guarantee
47 2021-22 23,719 166 N/A N/A N/A 7,182 7,015
48 2022-23 24,169 176 253 530 253 7,713 7,365
49 2023-24 24,633 187 253 555 505 8,269 7,722
50 2024-25 25,110 198 253 581 758 8,850 8,088
51 2025-26 25,603 211 253 608 1,010 9,459 8,463
52 2026-27 26,113 225 253 636 1,263 10,095 8,845
53 2027-28 26,642 240 253 665 1,516 10,761 9,235
54 2028-29 27,191 256 253 696 1,768 11,458 9,631
55 2029-30 27,760 273 253 727 2,021 12,185 10,035
56 2030-31 28,350 291 253 761 2,273 12,946 10,446
57 2031-32 28,961 309 253 796 2,526 13,742 10,865
58 2032-33 29,591 327 253 831 2,779 14,574 11,292
59 2033-34 30,241 347 253 868 3,031 15,443 11,729
60 2034-35 30,911 366 253 907 3,284 16,350 12,173
61 2035-36 31,601 387 253 946 3,536 17,296 12,627
62 2036-37 32,313 409 253 987 3,789 18,284 13,089
63 2037-38 33,047 432 253 1,028 4,042 19,312 13,559
64 2038-39 33,804 456 253 1,071 4,294 20,384 14,038
65 2039-40 34,451 398 0 868 4,294 21,252 14,361
66 2040-41 35,123 423 0 900 4,294 22,152 14,683
65 2038-39 33,804 456 253 1,071 4,294 20,384 14,038
70 2043-44 37,290 501 0 1,004 4,294 25,061 15,646
79 2052-53 45,532 833 0 1,333 4,294 35,750 18,279