Need Advice on What to do with Policy Loan Against my Whole Life Insurance Policy

Hi All,

Bottom line is I was foolish, and many years ago, I took out a loan on my whole life insurance policy, and the policy is now in danger of being terminated, because the loan on the policy is more than policy's cash surrender value.

Pertinent information.

I am a male 55, with no dependents, so really have no one to leave any life insurance money to upon my death.

Now I am being asked to pay $1,025.35 within a few days, to keep the policy active.

Now my question is, keeping in mind that the loan is over $43k, is it even worth it to pump money into this? Should I just let the policy lapse?

Thanks for any advice/help anyone can offer.

Policy details (from Sept 2023 statement)

Basic insurance – $100,000.00

plus
Insurance purchased by dividend – $23,179.00
Special maturity dividends – death benefit – $32,149.72

less

Outstanding loans – $43,086.66
Outstanding premiums – $118.00
Total death benefit on September7, 2023 – $112,124.06

Cash Surrender value of policy

Guaranteed cash surrender value – $33,728.00

plus

Special maturity dividends – cash value – $6,857.46
Cash surrender value of insurance purchased by dividends – $10,801.41

less

Outstanding premiums – $118.00
Outstanding loans – $43,086.66

Your total cash surrender value on September 7, 2023 $8,182.21

submitted by /u/Maverick2030
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