blastAway
Well thanks much to many on this board I was able to transfer assets from one insurance policy to another.
My canada life insurance policy just stopped performing. It was ok for the first couple of years but then completely tapped out.
So, I was able to start one major policy for 1/3 of the cost. It starts out with a little less coverage but then grows into something quite nice. If dividends don't happen this policy will also return 2.5% tax free. If dividends pay out the policy will pay out about 6%.
In fact for another 1/3 of the original policy I was able to buy another policy that has the options that many have been talking about. The actual cost is $3000 per year but we can front load up to an additional 3K a year more for 15 years. This policy also has a nice growth rate and the benefit also grows nicely over time. What's nice is that the additional 3K is optional so if we don't have the cash we don't have to pay it.
A lot of information from this board helped to fuel the proper questions and even help with the investigations into canada life. When speaking to them they just couldn't give an answer as to why the policy stopped performing or why their dividends were staying flat. So now I'm with Mass Mutual and Ohio National. My wife's policy is also with Ohio National and has been performing quite nicely.
My canada life insurance policy just stopped performing. It was ok for the first couple of years but then completely tapped out.
So, I was able to start one major policy for 1/3 of the cost. It starts out with a little less coverage but then grows into something quite nice. If dividends don't happen this policy will also return 2.5% tax free. If dividends pay out the policy will pay out about 6%.
In fact for another 1/3 of the original policy I was able to buy another policy that has the options that many have been talking about. The actual cost is $3000 per year but we can front load up to an additional 3K a year more for 15 years. This policy also has a nice growth rate and the benefit also grows nicely over time. What's nice is that the additional 3K is optional so if we don't have the cash we don't have to pay it.
A lot of information from this board helped to fuel the proper questions and even help with the investigations into canada life. When speaking to them they just couldn't give an answer as to why the policy stopped performing or why their dividends were staying flat. So now I'm with Mass Mutual and Ohio National. My wife's policy is also with Ohio National and has been performing quite nicely.