Can you have all or part of your life assurance money before you die?

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Julie1977

Can you have all or part of your life assurance money before you die?

Additional Details
Thank you for your answers they are very interesting...i like a few of you thought it was not possible to take out all or part of your assurance until after death.
It started with someone i know who was told they had a terminal illness and she said she was going to have her money from her life assurance...i didn't question her too much because it was a sensative subject but i just coulnd't see how she could get the money.
Now i see that from the terminal illness answers and the details of the assurance answers may make it possible...thank you :-)

Grampy

Yes it is possible to get at least part of the death benefit of a life insurance policy. Most, but not all, life insurance companies include an accelerated death benefit clause in the contract. This allows terminally ill insureds to receive up to 50% of the death benefit, if death is certified by a physician to occur within 12 to 24 months. The IRS has taken the position that this "advance payment" is not taxable as income.

A second option is a viatical or life settlement. These options allow the policyowner to sell the policy through a Viatical or Life Settlement Broker, to a buyer. This option should be considered if the accelerated benefit is not available. Brokers are available everywhere and you can find one by searching the net.

Good Luck,

Grampy

naaesweeden

You need to get the policy out and read it. If you purchased a critical illness rider, which is also know as an "accelerated death benefit" then some of the death benefit could be paid early if diagnosed with a certain illness as outlined in the policy. If you cannot understand the policy when you read it, get with an agent to help you read it to better understand exactly what is in the policy.

psych_78

As far as I know you cannot reclaim life insurance whilst still alive - once you sign up for life insurance you cannot reclaim money if you then decide you no longer want to contribute to your life insurance. You can stop contributing at any point if you wish but any money you paid into up until that point will only be paid out once you die.

It all depends what type of policy you have and what benefits you have under it. You really need to the read the policy or ask an IFA to help (some of them can be quite wordy).

alatoruk

the clue is in the name - LIFE assurance. car insurance pays out when something happens to you car, house insurance pays out when something happens to your house. guess what needs to be affected for LIFE assurance.

ben_m_g

You carn't have any, life insurance covers the cost of you dying, funerals future ills etc.

You might be thinking of health insurance? that would pay out in case of terminal illness, before you go.

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