How Do I Find Out Where My Old Life Insurance Policy is Now?

Question: Dear Steve, In 1982 I bought a Life Insurance term policy and Bankcard Holders was the policyholder. Since then I have divorced and remarried and wish to change my beneficiary. However, it appears this company is now out of business. Would you know how I would find out who purchased their existing accounts at … Read more

Does Life Insurance Cover Coronavirus?

Life insurance offers financial protection for your loved ones in the event that you die unexpectedly. When a pandemic becomes world news, you may start to consider the necessity of purchasing a policy or wonder how news of an outbreak might shape the policy you already have. A global health crisis like the widespread COVID-19 … Read more

Are You Ever Too Old to Need Life Insurance?

As you get older, it may seem less and less prudent to carry life insurance. You could be retired, own your home outright and have kids who are self-sufficient. While for most people insurance is intended to protect you and your loved ones if you die prematurely, there are some financial situations where you may still need … Read more

We’ve Borrowed From Life Insurance and Profit Sharing and Still Underwater. – Julie

Three years ago, my husband lost his job. He spent about 8 months on unemployment at which point a friend of his offered to train him in the field of Medical Recruiting. He was led to believe it would be easy money and one placement would equal 2 months salary or more in other fields. … Read more

Should We Borrow From 401k and Life Insurance to Settle Our Debt? – Moke

“Dear Steve, My wife and I are 81K in unsecured debt and 5K in back taxes. All the unsecured debt is now reflected as judgements. We are now both facing garnishments. We are both working and have a yearly combined gross income of about 110K. We own a home and are paying off two cars. … Read more

A&O Resource Management Executives Sentenced To Jail Time

A&O Resource Management Ltd ‘s co-founder and part-owner were sentenced this past week in federal court for their roles in a $100 million life-settlement fraud scheme. Part-owner, Adley Abdulwahab (pictured below), was sentenced to 60 years while co-founder, Christian Allmendinger got a 45 year sentence. Apparently, the two men took place in selling “bonded life … Read more

Will My Family Have to Pay My Debts From My Life Insurance After My Death? – John

“Dear Steve, I have $152,000 in student loan principal, down from $163,000 after 6 years of payment. $77,000 are at a fixed rate of 2.625%. $6000 are at 5% fixed, and $69,000 are at a variable rate, which currently averages 2.5%. I also have $22,000 in credit card debt, which is at fixed rates of … Read more

My Husband Died of Cancer and I’m Trying to Settle My Debt. – Dana

Dana “Dear Steve, My husband died 2 months ago from cancer, so loss of income from social security of $1400 a month. Had over $100,000 in CC debt due to business. Business now in Chapter 11, so it can’t be repaid. Credit card debt w/ Bank of America settled for 27%, Chase settled for 35%. … Read more

Is It Wise to Take Cash Value Out of a Life Insurance Policy to Pay Off Credit Card Debt? – Tess

Tess “Dear Steve, Is it wise to take cash value out of whole life policy to pay off credit card debt? Tess” Dear Tess, Now there is a tip that I often forget about. I just run into few people that have significant cash value in life insurance these days. The answer to your question … Read more

Do I Need Term Life Insurance or Whole Life Insurance? – Amy

Amy “Dear Steve, Do I need term life insurance or whole life insurance? I have both and I have cash value in my whole life policy that I am considering cashing in to pay off my credit card debt. Is it a good idea to cancel my whole life policy to pay off my credit … Read more

I’ve Been Unemployed And Behind on My Discover Card. They Are Suing Me. – Liz

Liz “Dear Steve, I have been unemployed due to downsizing since June 2008. I fell behind on my Discover card payments, and now they are suing me for $10,000 plus court costs and interest. I can’t make ends meet on my unemployment check, and even that is due to run out in May. I am … Read more