 How much do you pay for health insurance? |
| I have BCBS of Michigan. I pay $135.00 PER WK. Is this out of the ordinary? This covers me and my daughter.I am divorced and have to carry health insurance on my daughter. I only make $18.00 an hr. I... |
|
 Can you have an insurance license in more than one state? |
| I am trying to sell insurance in more than one state. is this allowed? Can you have more than one license?... |
|
 How to find a life insurance co. that was bought by another? |
| need to file claim but can not find who bought out this ... |
|
 How can my friend find out if her late father has a life insurance policy? |
| My friend's father died recently. Twenty years ago, her father took out a small life insurance policy to pay for his funeral expenses. The beneficiary is my friend's stepmother. The ... |
|
 Insurance rates cause of accident? |
| my insurance is 55.00 a month currently...I had an accident today(my fault) how much will my insurance go up a month?... |
|
 Can a leave of absence due to cosmetic surgery be covered by FMLA? |
Additional Details
To the first answerer to my question:
You wouldn't be paying for anything. As long as I've been at my job for over one year, which I have, I am ... |
|
 Any one know which life insurance company paid the most Non-Guaranteed dividend in whole life policy? |
Farmer? New yoke Life? State Farm? Prudential?AIG? AAA? AXA?........
Additional Details
-Ben s, thanks to let me know the company, but how do I the dividend history without contact with ... |
|
 How much do you pay for auto insurance? What company do you like best? |
I currently have State Farm for my auto and homeowners insurance but I'm trying to get a lower payment. I have heard that SF is one of the more expensive companies... is this true?
T... |
|
 Can my health insurance do this? |
| I was notified of my health insurance cancellation 23 days after the cancellation. Am I still responsible for the amounts that were not covered even though I was not notified on time that I was no ... |
|
| Does car insurance decrease as you get older? |
Which companies offer the best rate and protection?
When do rate go down? (when you turn 18, 21, and 25?)
any other useful info will be welcomed!... |
|
 Does anyone knows how long a life insurance can take to process on a claim....It has been over 5 months ...... |
| I know I asked this question before. However, that was probably 2 months ago.....and still no payment. The insurance says the police have not cleared me, the beneficiary, of any involvement of the ... |
|
 When a business goes under, like an automaker, do retirees lose their benefits too? |
| I think if a person has worked for a company for so many years, then their retirement should be secure. I put a lot of money into mine each year and I feel that I am entitiled to that money.... |
|
 My father died and I am having a hard time finding out, where and who all he had insurance with. How can I? |
| One of the siblings has all the info and refused to provide the rest of use with this info. I don't have time to take off from work chasing this sibling and the rest are looking to me for ... |
|
 How can I become an insurance agent? |
I'm thinking about getting in this field (probably Property & Casualty).
Can someone please tell me about the Pros and Cons?... |
|
 What would be the benefits and losses of a ICICI Prudential(3yr Maximiser plan ) policy holder? |
| As the ICICI Bank is facing a big threat in the market, what are the best options for a ICICI Prudential policy holder?... |
|
 Which insurance company would be a better choice USAA or Farmers? |
| Which insurance company would be a better choice USAA or Farmers considering all things being relative to each persons situation; although USAA does seem to rate better financially and in overall ... |
|
|  |
jeffery d | Does any one know how a cash value life insurance policy work? |
My aunt has a whole life policy $10k on her and one for her husband for $10k - $25/month with $4k in the cash value account
They are in their early 50's
Additional Details
When they die how does the money sent to the family coverage is as it is unless a loan is out how about the cash value account and how do i know what it is is one its stated in the policy and we called and asked |
 |
 
Mark S
|
Read the articles at the bottom.
There are five rules to whole life insurance:
1) In first couple years, there is NO cash in the cash account. At least at a bank, there is money in the account(to begin accruing interest) at first deposit.
2) When it does start to make interest, it will do so at 1-4% interest, sounds as good as a bank savings. Most of the premiums go to the agent who sold you the policy and the rest goes to the company.
3) Should you decide to take your money out of the cash account, the company stipulates that this is a loan. HHHMMM, I thought this was your money? You could do better at a bank. There would be NO loan. The loan is how you can withdraw tax free. But if what you withdraw is more than the premiums you have paid up to date, everything over the amountof premiums IS TAXABLE. A bank savings still sounds better. The company will charge you between 6-8% interest on your money.
4) Prepare in advance your emergencies- the company can make you wait up to six months to receive YOUR money. Stop here, go to the bank and get a savings account you can access the money when you want and don't have to take a loan out.
5) When you pass, your family gets to CHOOSE either face value OR cash value. But I thought you were paying for both? I can't get both? Nope. They get to CHOOSE. Unless you pay EXTRA for them to be able to get both.
Say after 25 years you have $50,000 in cash account. You want to take some money out. If you take all, there is no more insurance. Usually you can takeup to 75%. So,that would be $37,500. If your premiums equal or are lower than 37,5 you will notpay taxes on the withdrawal. If, however, 37,5 is greater than the amount paid in premiums, say premiums equalled 30k, you would then pay taxes on $7,500. |
|
Mr. Prefect
|
When your aunt dies, the beneficiary will get $10,000, minus any outstanding loans. She may take out any monies due her from the cash value, which will close her account, or wait til death by keeping it in force. You don't get both cash value and policy value.
This type of policy is an expensive joke, for one's lifetime. |
|
cwag
|
This can be a long answer so please bear with me.
There are several types of cash value policies. The older style is the dividend type and many are still if force. (Pru's, Met's, NYL, NWM, Mass, to name a few) Most companies have dropped this type of contract as well as changed from a mutual company to a stock company. They can be good policies and have a growing dividend each year that can pay or help pay for the annual premium.
Two other types of cash value policies are universal contracts and are tied to an internal company floating rate based on the company's investments and its costs.
Next is a variable policy and it can have several to many sub accounts (or funds) to choose based on the risk the insured wants to bear. The costs associated with this can be high.
In these last two contracts the insured and/or owner can add additional monies throughout the policy life, whereas in the older whole life (dividend paying or not) no additional monies can be added.
Usually the least expensive permanent policy is the universal contract and be guaranteed for specific time periods.
It is important to remember that over the life of any policy mortality costs (based on life expectances), age, health, and accounting costs have to be part of the formula for determining the premium.
If your question is what to do with the cash value behind these policies; ask the agent or the company which issued these policies to send the owners a values statement or extended (to the future) values statement to determine if the growth in these polices is sufficient to pay the premiums or partially pay. The Ins. Co. should be glad to do this.
This will give a better picture of what you have and what choices can be made.
Hope this helps. CWW |
|
bonnieram1962
|
Although this will vary company to company, basically, it allows you to borrow against the cash value amount in your policy. However, when you do this, if something happens before the loan is repaid, it is deducted from the amount of insurance before payout plus any interest charges.
My parents did this and when my Dad passed away, most of the benefits were used to repay the loan. Look over the policy and any fine print very carefully.
Some companies even let you cash the policy in for this amount. In this case, the insurance is completely sold and is no longer in effect.
Best of luck to you!
Bonnie Ramsey |
|
mbrcatz
 |
Yep, lots of people know how they work.
How do you know that the cash value is $4K?
Well, I answered the question. You're obviously implying a second question, but I can't read minds over the internet. Sorry. |
|
aaron p
 |
I'm not exactly sure what your goal is with the question. They should consider meeting with a financial planner or qualified insurance professional to answer their specific questions. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
6 | 29 minutes(s) ago
| | | |
6 | 41 minutes(s) ago
| | | |
6 | 51 minutes(s) ago
| | | |
6 | 3 hour(s) ago
| | | |
5 | 5 hour(s) ago
| | | |
6 | 8 hour(s) ago
| | | |
6 | 11 hour(s) ago
| | | |
6 | 2 day(s) ago
| | | |
6 | 3 day(s) ago
| | | |
6 | 6 day(s) ago
| |
|
Homepage 
Financial
Forum 
Insurance 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
