Footprints1973
08-19-2008, 11:25 AM
surrender a life insurance policy in order to get cash that the trustee is asking if we want to keep our 2nd car?
My DH is now considering this. He has a Life Ins Policy worth 10k, cash surrender value is 3k. He is 39 years old, in ok health, has high blood pressure controlled by medication.
The trustee wants 4k from us if we want to keep our car. If my DH surrenders his LI policy, he'll get 3k, and we could get the other 1k
from elsewhere (paid out over 6 mo).
My DH does have a LI through his employer, but of course this is only
good as long as he works there.
We are just going nuts because we really don't know how we are going to manage commuting to 2 separate jobs and our daughters daycare with one car.
Sorry for all the venting and questions...
My DH is now considering this. He has a Life Ins Policy worth 10k, cash surrender value is 3k. He is 39 years old, in ok health, has high blood pressure controlled by medication.
The trustee wants 4k from us if we want to keep our car. If my DH surrenders his LI policy, he'll get 3k, and we could get the other 1k
from elsewhere (paid out over 6 mo).
My DH does have a LI through his employer, but of course this is only
good as long as he works there.
We are just going nuts because we really don't know how we are going to manage commuting to 2 separate jobs and our daughters daycare with one car.
Sorry for all the venting and questions...
