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09-28-2006, 12:04 PM
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How to cash out mutual fund?
My husband and I are planning on switching from whole life to term life insurance, and want to use the cash in the mutual fund for something else. How do we go about cashing out a mutual fund? Neither one of us has ever done it before.
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09-28-2006, 12:58 PM
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Re: How to cash out mutual fund?
Our whole life insurance has a mutual fund associated with it. Part of our premiums are invested every month. However, we have decided to use the mutual fund to pay part of the down payment on a house (advice from David Bach). But, I don't know if there are any special things you have to do to cash out the fund.
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09-28-2006, 01:18 PM
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Re: How to cash out mutual fund?
Where is the paperwork from when you purchased this product? Can you call your agent/broker and find out what the procedure is?
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09-28-2006, 02:05 PM
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Re: How to cash out mutual fund?
By the way, be ready for a full-on sales pitch. "You don't want to cash out now... You're building up cash for your future! Getting out now would be a huge mistake... Yadda yadda yadda."
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09-28-2006, 04:27 PM
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Re: How to cash out mutual fund?
I'll be ready for the sales pitch. Its not gonna work. My hubby had this policy before we were married. I finally got around to looking at what the pay out would be if god forbid something happened to him. A measly 31,000 bucks! For 300 a year! Insane...
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09-28-2006, 05:37 PM
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Re: How to cash out mutual fund?
When you cancel the policy, you will get whatever money has accumulated in the investment portion of the account (minus any surrender fee or other fees). You don't need to do anything special other than cancel the policy.
__________________
Steve * Despite the high cost of living, it remains very popular. * Why should I pay for my daughter's education when she already knows everything? * There are no shortcuts to anywhere worth going.
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