AMP Whole of Life Plan

[matty77]

Does someone have some info on what exactly this is? My wife has one which we pay $ into every year but its got me stuffed what it is actually for. Not much on AMP website as it seems you cant get Whole of Life Plans anymore and they have removed any info on it.

I understand the death benefit component, but what about the rest? Is there any advantages in putting money into it or am I better to just see if we can take it out? (I think she has had for longer than 10 years so no tax applies?)

 

[nioka]

Does someone have some info on what exactly this is? My wife has one which we pay $ into every year but its got me stuffed what it is actually for. Not much on AMP website as it seems you cant get Whole of Life Plans anymore and they have removed any info on it.

I understand the death benefit component, but what about the rest? Is there any advantages in putting money into it or am I better to just see if we can take it out? (I think she has had for longer than 10 years so no tax applies?)

When I was born my father took out a whole of life policy for me. It was a strange one. He had to pay premiums until I was 21 then it was a fully paid up policy on my life which would some security to my family late on at very little cost. He died when I was three and because of the policy conditions there was no further payments required. The policy was for 5,000 pounds which was a lot of money in those days,1932. I cashed in the policy after my own children had started work and I no longer needed the security of insurance on my life. My father died young, leaving my mother with three young children. Insurance definitely saved us from extreme poverty as there was very little social security in those days.

If you have family or if you count on having family, keep up the payments.

 

[merlinnn]

I would contact AMP and enquire as to the surrender value of the policy. Most companies do not offer whole life policies anymore as the premiums are too expensive when compared to term policies.