I have a client that has an old State Farm Whole Life policy. He has had it since 1976. The statement says he has about $4,500 in cash value and slightly over 10,000 in dividends that accumulate interest.
His policy was originally 10,000 face amount but he called the local office and they told him it is now worth 15k in death benefit.
If he did a 1035 would the 10k in dividends be transferable to a new policy? If so, I can get him about 30k in a single premium at his age.
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His policy was originally 10,000 face amount but he called the local office and they told him it is now worth 15k in death benefit.
If he did a 1035 would the 10k in dividends be transferable to a new policy? If so, I can get him about 30k in a single premium at his age.
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