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Additional Details
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steven h | Can someone explain to me the principle of cashing in a life inurance policy that one takes out on oneself??? |
how is this possible and how long does it take??? |
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mbrcatz
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Well, it takes about two weeks to turn in all the paperwork.
On a whole life policy, about 10% of what you pay in, goes to "cash value". After you've held the policy a few years, you get a couple hundred dollars in "cash value", which grows every year, as you keep paying into it.
Cash value isn't like buying a $100,000 policy for $100, then taking out $5,000. It's getting back a small amount of what you've paid in over the years. A VERY small amount. You can't even get back HALF of what you've paid in. That's why it's NOT a good savings tool. |
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David M
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First, I would not do it... unless you are very rich or have more money than you know what to do with. or the policy is very bad. do you still want to keep the polciy or do you just need the cash? most policies have a loan on them that decreases the payout. Is it a increasing or level policy? Also, how long have you had it? There is usually a early termionation fee if under 15 years of the start of the policy. If all it fails ask the company who underwrites it for more details. |
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bud68
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This is only possible with whole life policies with an accrued cash value. |
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Mark S
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You MUST send the company, in writing, your request to cancel the insurance and send you all funds currently in "savings." Once you do so, it will take up to six months for the company to send you anything. Check in your policy about cancelling, it will say how long they can take. Go to another agent before sending the request in so that a tax free transfer into a mutual fund. This is best option. |
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Steve S
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The principle would not be a very sound one. The main reason someone may do this is that they don't see the need of having permanent coverage. The only policies that build cash value are Whole Life or Universal Life, Life insurance by some companies is sold as an investment which it is not. If you had that mind set that is the reason someone may make the mistake of cashing it in. I think grown children who have a paid up policy and the cash value sometime undervalue the life insurance and are just hungry for the money leads to the reason a majority of these policies would be cashed in. Depends on companies, contact them directly, but they usually process with in 2-6 weeks. |
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Blue Eyes
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you call ins co. and have them send you the money...in order to re-instate the full borrowed amount you can make monthly payments back to the ins.co. |
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