I am a 74-year-old man with a $40,000 life insurance policy. I have been paying on it for 21 years and it has been building surrender value as well. My current annual report reveals “guaranteed assumptions” of a death benefit of $40,000 for nine more years and a current surrender value of $13,000 — declining to zero at the end of the nine years.
In addition to the “guaranteed assumptions,” there is another column labeled “current non-guaranteed assumptions” (these may be changed by the insurance company). It shows the death benefit of $40,000 running through age 84 and a current surrender value of $14,100 that will increase to $22,000 at the age of 84 and $44,000 at age 94.
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