1. Welcome to Tacoma World!

    You are currently viewing as a guest! To get full-access, you need to register for a FREE account.

    As a registered member, you’ll be able to:
    • Participate in all Tacoma discussion topics
    • Communicate privately with other Tacoma owners from around the world
    • Post your own photos in our Members Gallery
    • Access all special features of the site

Selling an insurance policy for $

Discussion in 'Stocks & Investments' started by DBTaco, Aug 4, 2014.

  1. DBTaco

    DBTaco [OP] Well-Known Member

    Joined:
    Oct 20, 2012
    Member:
    #89420
    Messages:
    841
    Gender:
    Male
    NC
    Vehicle:
    '08 4x4 TRD off road
    I've got a question and I'm wondering your opinion. My wife was took in by a friend of her immediate family when she was about 15 and that lady took out a life insurance policy on her. The other week she asked my wife if she wanted to cash it in since it was of age or leave it the way it is. My wife is thinking about cashing it in b/c she's not sure why she would still need the insurance policy since we are married and have been for 8 years. I'm not sure how that works, do you get full face value, do you get a % of it, or would we need to pay taxes on it or how does that work in NC?
     
  2. nealkas

    nealkas Well-Known Member

    Joined:
    Feb 23, 2014
    Member:
    #123801
    Messages:
    421
    Gender:
    Male
    First Name:
    nealkas
    Pee-Ay
    Vehicle:
    08 Superwhite DCSB 4x4, stock.
    Take over the policy and keep up the payments.
    Always a handy source of loan money.

    How old is she? Have kids? Are your funerals preplanned?
    So much is situational.
     
  3. DBTaco

    DBTaco [OP] Well-Known Member

    Joined:
    Oct 20, 2012
    Member:
    #89420
    Messages:
    841
    Gender:
    Male
    NC
    Vehicle:
    '08 4x4 TRD off road
    WE've been having some trouble with our A/C unit freezing up and my wife was thinking about cashing it in so we can get another unit and not have to deplete our savings. She is 31 and we have a 2 year old. No funeral plans that we've made.
     
  4. coffeesnob

    coffeesnob Well-Known Member

    Joined:
    Feb 7, 2010
    Member:
    #30892
    Messages:
    5,940
    Gender:
    Male
    VA
    Vehicle:
    2010 access 4 cyl 2 wd
    I guess if you need the money you need the money
     
To Top