Originally Posted by
172skychicken
This is what I'm hung up on. I don't plan on using the investment option. So does this mean you would get the premiums Delta paid returned to you if you elect to surrender the plan at retirement? What exactly is the cash value if you aren't using the investment option?
I don’t know if this applies to GVUL … so take with a grain of salt.
with other whole life plans … the premiums build some cash value. There are lots of options on how you can use that cash value. One way is to pay the premiums on the insurance policy.
for example …
(I’m making all these numbers up)
let’s say I have a whole life
policy that I bought at age 20. The monthly cost of the policy doesn’t change, and let’s say it’s $100 a month. At age 60,
after paying in for 40 years, my policy has a cash value of $10,000. I can stop paying the premium out of pocket and use the cash value to pay the premium for 100 months (ish…). So I can stop paying at 60, but keep the insurance until 68 ish.
would be interested to know if that’s an option with GVUL. Not particular useful if deltas only paying the premium for 2-3
years. But could be something if they’re paying for 35 years ….