I have a rider on my insurance that was supposed to drop off at age 60 but hasn't. What can I do?
And what will be the process to convert my policy to a retirement when I turn 62 in January?
Two questions. First, it will depend on the "rider" that you have. Some are baked in and do not come off. Others may be added on for a period of time and then drop off (I wonder if this is a rider at all and not a flat extra). If you want to dig into it, I suggest that you call your carrier and start asking questions. Second question: the term "conversion" in life insurance has a specific meaning - going from term to permanent with the same policy. I suspect that you mean to say, "How do I begin to withdraw money from my life insurance policy at a certain age?" but given the context here it is not possible to be sure. Same answer as before: check with your carrier after looking at your latest statement of cash accumulation. Then ask the questions that you are asking here. They have the details; no one without those details can give you very detailed and accurate info.
Kirby | 10.25.16 @ 02:39