How can I estimate the cash value of a Variable Life Insurance Policy that I purchased in 1985 and have paid up?
I have a John Hancock Variable Life Insurance Policy with a face value of $50,000. I purchased the policy in 1985 and it is paid up. How can I estimate its cash value?
There's no reason to estimate the cash value. Simply call the carrier and ask them what is the current value.
I assume that you didn't buy a product that has both a guaranteed cash value as well as a non- guaranteed value. If you did, then get both numbers.
If you are concerned about the future value of the policy, ask them for an in-force illustration showing current and future values, assuming no future premiums are paid. I stipulate that because I assume that when you say “paid up,” you mean you have stopped paying into the policy.
This is a good time to evaluate your need for life insurance going forward. Make sure you cover all the possible bases, because there could be a number of reasons for why you need coverage.
There is no need to estimate the cash value. Instead just call the 800 number and ask them to run an inforce illustration for you. You can see your death benefit, cash value, and how long everything will last. They are great little reports that should give you quite frankly everything you need. For me to guess what your value would be would end up being a wild guess. You are better off spending the 15 minutes on with a rep to get the exact answer.