Should i get rid of my modied whole life insurance

[ygbodybuilder10]

I guarantee you that a salesman (which is exactly what she is) knows her commission better than you know your pay rate...

they sad thing is its a lot of us correctional officers around the state walking around with stuff we signed up for when we first started and was young, that was just a waste

[scfr]

as far as i know they dont, your family just get your pension etc, but i will look into that

Great plan. Start with finding out what you already have, then figure out what you "need." Then you'll know if you need to look for an alternative policy if you decide to get rid of the "modified whole life insurance" plan.

On another note, don't waste time beating yourself up for mistakes you may have made when you were younger and didn't know better. Been there, done that (and a lot of us here have). Right now you are working to educate yourself and improve your financial situation!

[ygbodybuilder10]

Great plan. Start with finding out what you already have, then figure out what you "need." Then you'll know if you need to look for an alternative policy if you decide to get rid of the "modified whole life insurance" plan.

On another note, don't waste time beating yourself up for mistakes you may have made when you were younger and didn't know better. Been there, done that (and a lot of us here have). Right now you are working to educate yourself and improve your financial situation!

thanks man just trying to make better moves now financially and fix the broken ones.

[Nutria]

as far as i know they dont, your family just get your pension etc, but i will look into that

That's surprising, since most companies offer discounted group term life policies.

[Captain Save]

i got this policy back in 2011 when i started working for corrections at the age of 23 and my LT was a agent for the insurance company SF&C Insurance Associates, , she sold everyone this or some other type of crap. its through Colorado Bankers Life Insurance Company

I never said i needed the annuity, it just came with it

yes this makes no sense. It doesn't sound like they were looking out for you.

[Captain Save]

Welcome to SA. I wish we had the opportunity to talk about your various insurance options 6 years ago. Did your sales rep tell you how much commission you pay? All annuities are padded with fees for the agent.
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Doesn't matter if the commission rate was negative.. this is a bad application of annuity. The guy does not even know why he has the annuity. I know the commission is a popular talking point, but this is a bad product for the need of the client no matter what the commission is.

If the commission rate was 99% and the client was getting a great benefit they need... it really wouldn't matter what the commission is as long as the benefit made sense for the client.

[ygbodybuilder10]

Doesn't matter if the commission rate was negative.. this is a bad application of annuity. The guy does not even know why he has the annuity. I know the commission is a popular talking point, but this is a bad product for the need of the client no matter what the commission is.

If the commission rate was 99% and the client was getting a great benefit they need... it really wouldn't matter what the commission is as long as the benefit made sense for the client.

What i know now about the annuity is i rather have that 86 dollars im paying every month into it, go somewhere is more valuable. it came with the modified insurance i signed up for, I had no idea about this type of stuff when i got it

[ygbodybuilder10]

here is attachement of what my job offers

[scfr]

here is attachement of what my job offers

Sorry - I can't read the numbers (old eyes).

Does this mean that you don't have any coverage from your employer that is free?

Have you decided how much coverage you need? Is $25K going to be enough?

Clark Howard, a finance/consumer expert and advocate, recommends using the website Policy Genius to get quotes. https://www.policygenius.com/

If I were in your shoes, I'd compare what I could get from the employer vs. buying on my own (using Policy Genius to get quotes) and then decide where to get my policy.

One thing to keep in mind when comparing costs is this: If you buy through your employer, do the payments come out pre-tax? If so, tax savings might bring your net cost down a little bit if you take the plan your employer offers.

[Nutria]

Sorry - I can't read the numbers (old eyes).

Ditto. It's a really small image!