I just learned you don't have to die to collect a life insurance policy. My pop is getting paid off on one he has before his 100th birthday in April.

[txramfan]

My dad just called and told me he's getting the full amount of a policy he got 70+ years ago. He didn't request anything, insurance company contacted him and wanted to payoff the policy .

I asked if he wanted to get another muzzleloader or more silver n gold with his money.

He wants more shiny stuff.

 

[Kevin]

Wow! A 70 year old policy? 1953????

I hope he gets in picture in their monthly newsletter or some advertising! That would make for some great PR.

 

[hittman]

Wonder if there will be a tax obligation on it since it’s paid to the policy holder and not the beneficiary.

Congrats on his milestone and God sure smiled on you allowing you to have him this long!

 

[blume357]

what the heck could he do with silver and gold?

 

[Johnnu2]

what the heck could he do with silver and gold?

He's probably saving for his old age... !

God Bless him....

J.

 

[sceva]

Wonder if there will be a tax obligation on it since it’s paid to the policy holder and not the beneficiary.

Congrats on his milestone and God sure smiled on you allowing you to have him this long!

Not an expert but I doubt it, If it is anything like my old policy he got a 1099 each year for interest and dividends and paid taxes.

 

[txramfan]

Wonder if there will be a tax obligation on it since it’s paid to the policy holder and not the beneficiary.

Congrats on his milestone and God sure smiled on you allowing you to have him this long!

Pop mentioned he has a small tax bill , so its another 1099 to keep track of for his 2024 taxes.

 

[txramfan]

what the heck could he do with silver and gold?

My parents like to have some on hand in case things go bad .Their grandkids will get the shiny stuff someday.

 

[KIR]

He paid the insurance company all those years and finally paid it off. Of course the insurance company got a share of the monthly payments to administer the policy. Sometimes one gets interest on the monies that the company is using to invest in more lucrative ventures.

 

[Dan in MI]

My wife has a policy her father bought when she was a child. It was paid off decades ago. The insurance company pushes hard every year or two to sell it and get a new policy. I suspect that is because of the high guaranteed interest rate. The interest rate is above 5%.

Makes we wonder if they wanted the op’s policy off the books due to what it was costing them.