 Life Insurance .... Need help deciding how to destribute? |
I am 25 years old and currently looking for life insurance
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perfectlybaked | A dumb question; can insurance experts answer? |
I heard about something years back about being able to cash out a life insurance policy after so many years, after you have put so many thousands into it. Is there anything like this? I want to know before asking my policy. It was something my grandma was able to do. She got like a few thousand dollars after putting in for so many years.
Additional Details
Gosh I love all of these positive answers. I happen to be in a financial bind right now but these answers are encouraging. Perhaps a few strands of hair will be left on my head when the stress of all this has come to pass... |
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Tan D
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In general, there are two ways you can "cash out" from your life insurance. One is to take up a policy loan, where you will have to pay interest, and the other is to cash out the "cash value" of your policy.
Cash out the "cash value" will affect the final payout upon death. |
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Insurance
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Yes !, It is called the wholelife insurance cash value. The amount may be lesser than what you have put in, as most of your premium will cover the cost of insurance. The return is usually compounded over a period of time.
If you happened to own a term life, than the cash value =0 |
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natethenorsk
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The previous answer is not necessarily correct. It depends very much upon the type of policy you own, and what options that policy has attached to it. A universal life policy will allow you to surrender or "cash out" for an amount that varies upon several factors. You may also make a partial cash withdrawal or borrow against the equity. With whole life you can borrow against the cash value, take a full cash surrender, or withdraw dividends the policy has accumulated, if not already taken by another option. The last option will reduce the death benefit. If you have term insurance, you won't see a penny back, just like Allstate will not refund your premiums if you decided to switch to Progressive.
Your grandma almost certainly owned a whole life policy. |
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cassidy j
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Yes there are term and whole life policies. When you buy a whole life insurance policy you are betting on your longevity, the insurance company is betting on your early demise. Te way insurance companies win is by you dying before the policy has accrued substantial value |
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Credit Expert
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Two types of life policies:
Term
&
Whole Life
Check yours out see which one it is.
You can only take the cash value out of the Whole Life policy. |
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mbrcatz
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Yes, if you have a whole life policy, about 10% of what you pay in each year in premiums goes into your "cash value". So if you cancel the policy, you get the "cash value" less the surrender value.
If you put $10,000 into it, cash value might be as high as $2,000. But you'll have to call the company to find out. |
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kikidismom
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Yes there is. Actually you borrow against what you would get if you died. For instance, if I were to get $1,000,000 when I die, I can take an advance for $200K and then if I die my hiers get $800K. I think it's a whole life policy that allows that after you have put enough in, though I am not sure if that's the right one. |
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