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I presently have a whole life policy and want to pay off a…

Customer Question
I presently have a...

I presently have a whole life policy and want to pay off a loan with proceeds from the policy which will reduce the face value upon my dimise but the ins. co. will NOT let me do this.....do I have any right here????? Henry

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

Massachusetts

Lawyer's Assistant: Has anything been filed or reported?

No

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I have been told if I want to pay off the loan with the policy I can only do that if I pay up the remaining monthly payments to make it a 'paid up' policy. My policy is $100,000. The loan is now $30,000 and to make it a paid up policy I would need to give up another $32,000...to avoid any more monthly payments of $150/month.

Lawyer's Assistant: When we are ready I'll take you to the appropriate web page.

Thanks

Submitted: 2 months ago.Category: Legal
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Customer reply replied 2 months ago
As an aside, I am 79 years old and my policy expires at 100 years old. I just want to pay off the loan @ 5% interest so it stops reducing my death pay off value.
Answered in 2 days by:
3/11/2018
Lawyer: Phillips Esq., Attorney-at-Law replied 2 months ago
Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Legal
Satisfied Customers: 21,722
Experience: B.A.; M.B.A.; J.D.
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Hello: This isCustomer Welcome to JustAnswer! I am reviewing your post, and I will post my response very shortly. Thank you for your patience.

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Lawyer: Phillips Esq., Attorney-at-Law replied 2 months ago

I am so sorry to read about your difficulties.

Kindly note that I just came across your post. I do not have control over the question list or the promises made to you by the site as to the response time. I am just a site user just like you. Nonetheless, I apologize for the delay in response to your post.

Kindly give me a few minutes to prepare my response.

Thank you for your patience.

If you receive a phone call offer, kindly disregard the offer. The offer is being made to you automatically by the site and not by me. Also, I do not participate in the phone call program.

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Lawyer: Phillips Esq., Attorney-at-Law replied 2 months ago

Your Question:

I presently have a whole life policy and want to pay off a loan with proceeds from the policy which will reduce the face value upon my dimise but the ins. co. will NOT let me do this.....do I have any right here????? Henry

Response: Yes, you do have rights. You should file complaint against the insurer with Massachusetts Department of Insurance for unfair and deceptive act and practice for refusing to allow you to borrow against your policy, which you are entitled to do. Click here for the complaint form.

http://www.mass.gov/ocabr/docs/doi/consumer/css-complaint-form.pdf

Best wishes,

A 5-star positive rating to my response is appreciated so that I can receive credit for responding to your post. There is no additional cost to you for giving a positive rating. However, that is how I get paid for answering questions on this site.

Thank you for your cooperation.

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

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