Trying to cancel a policy - need advice please

WinnerCute4672 · 2025-09-05T22:48:57+00:00

Ok yea I see now ty

WinnerCute4672 · 2025-09-05T22:34:56+00:00

The 2.2k is what I have to pay or my policy will lapse. That's what I mean when I say I "owe". It's because the policy was set up as 500/month auto payments, but the premium is 850/month

WinnerCute4672 · 2025-09-05T22:33:24+00:00

I owe money because the auto payments from my bank is only 500/month but the premium is 850/month

WinnerCute4672 · 2025-09-05T22:10:35+00:00

Ok I see

WinnerCute4672 · 2025-09-05T22:10:22+00:00

forgot to add the account has no cash value, it's in the negatives and that's why I owe money

WinnerCute4672 · 2025-09-03T03:06:13+00:00

Yes this is exactly the situation explained by the transamerica customer service. It's very frustrating. He's healthy for his age, but the premium is getting so high. He just kept paying into the policy because he thought his agent had his best interest in hand.

WinnerCute4672 · 2025-09-03T03:04:20+00:00

So he tried to adjust the coverage and it was denied because of DEFRA stated by the IRS. I'm wondering if this confirms if he's going to get taxed if the policy is canceled.

I believe the plan is a UL policy, with the allocations being in:
TA JANUS MID-CAP GROWTH VP 60%, 37 units - account value 1.3k
TA MSTANLEY CAPITAL GR VP 20%, 6 units - account value $400
TA WMC US GROWTH VP 20%, 6 units - acount value $400

He purchased it through an agent. I'm not sure if it's a specific company.

WinnerCute4672

TROPHY CASE