 Cheapest home insurers in the UK? |
| I am renting a place in Central London with 2 other guys, wondered how much insurance would be? and what's the best ... |
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 Someone help us, my boyfriends home burnt down about 3 weeks ago and it was a total loss, the insurnce people |
| said they dont know how it started, my boyfriend was at my house.so he does not no what happened, you cant get any one with the ins co to call us ... |
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 Medical insurance? |
| my husband's job of 19 years has closed and the insurance he had with the company has days left to be active' my question is we both need to go to the doc because we feel there may be some ... |
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 What are you supposed to do when your kids have no health insurance? |
| I just got married in February and although we have been together a long time DSHS never took my "boyfriends" income into consideration, so my kids had insurance through the state of W... |
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 Insurance agent? |
| A friend of mine is planning on becoming an insurance agent, he is trying to decide whether he should represent just one insurance company, or several companies. Can you help me think of some of the ... |
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 Do I need insurance for my $2000 engagement ring? |
| I just bought an engagement ring and was wondering if I need to insure it? The place I bought it will back up any damage that is had to the ring. I don't really feel like paying a monthly fee ... |
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 Which is a reputable life insurance company to get whole life insurance without a physical exam.? |
| Can you name a few companies where I can take out a life insurance policy against myself, my husband without take a lenthly physical exam.... |
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 Term Life insurance? |
| If I choose to get a term life insurance policy for say...20 years..and I die before those years are up, will my beneficeries be able to get the money-or will I just have paid that money for nothing? ... |
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 Do I need to pay this medical bill if I suppose to be 100% covered inside a network hospital? |
| I rushed to emergency room and be admitted inpatient. My family called the insurance company and got approval right next morning. The hospital is inside network and service over there will be fully ... |
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 What to do if i have a life insurance policy that is matured? |
| the insurance co is american family life assurance company out of georgia . i dont know what to do with it can i cash it in.... |
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 I was in the emergency room and now i need a way to pay off the bill; what do i do? |
| I'm a college student without a job. I'm on my parents insurance but it doesn't cover all of the bill. Is there anything that I could do to get assistance? The hospital is Blanchard V... |
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 Will I still have insurance benefits from my company? |
| I had benefits (insurance) from the company I work for this year. I was sick recently and missed the open enrollment period which ended on Friday. Will I still have the same benefits I had this year ... |
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 Personal life insurance, taken out by employer? |
| Has anyone ever heard of such a thing? My late husband worked for a company, for 7 years before he was killed in an auto accident. He had no life insurance, privatly, and no policy at work that I was ... |
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 When should you buy a long term care insurance policy? |
| I am considering buying one for my parents, but I was just wondering what is the ideal ... |
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Neal G | Is it possible to borrow against my life insurance policy? How much could I ask for with a $100,000 policy? |
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aaron p
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You CAN if it is a permanent policy and it has cash value built up in it. The rest is just speculation and you provide too few details to go beyond that.
But here's some food for thought... You may want to withdraw an amount up to your premium payments first before you consider borrowing from it. This probably still isn't a good idea because I have seen very few policies that were truly over-funded, but at least you could avoid paying interest on the money.
If you make any type of big material change to your policy like this, make sure you order an "inforce illustration" from customer service so you can see how it will effect things down the road. G*d forbid you need the policy for at least another 30 years and it collapses in 10 because you pulled out the cash value. |
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Doing the Right Thing
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It depends on the type of life insurance you have. It doesn't matter how much coverage you have, it only matters how much cash value you have in there.
If its term insurance, there is nothing you can borrow since it doesn't build cash value.
If its universal life or whole life, you can borrow 100% of the cash value.
If its variable life, you can borrow 75%-90% of the cash value.
Keep in mind, if you borrow the cash value, your death benefit may decrease. Interest will be charged on the loan. Check your life policy and read the fine prints. The facts may surprise you. |
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trish
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It depends on whether or not your life insurance policy is a term policy or whole life. If it's whole life, you may have cash value accumulation. If you have cash value, you may be able to take a loan or withdrawal. The amount available would depend upon the amount of cash value you've built up. Call your insurance company to find out. |
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Financial JUSTICE
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You can borrow the cash value, but as you already see, its not even worth keeping it since the money is not even yours to have. |
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Burr
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I THINK IT DEPENDS ON HOW MUCH EQUITY YOU HAVE ON IT BUT I AM NOT SURE |
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mbrcatz
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You can ask for the cash value - which is about 10% of the premium you've paid into it, IF you've held it at least five years.
it's not about FACE value, it's about how much you've paid into it. And it's ONLY for whole life policies - where you get overcharged in the first place.
And then you pay interest to the insurance company, for YOUR loan of YOUR money. And if you die before you pay it back, they take the interest and loan out of the face value. |
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avaldreteiv
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If your policy is a Cash Value policy and has Cash Value in it you can borrow against it. How much you can borrow against depends on the company who is insurring you so you want to look at your policy or contact your agent to see how much is available.
Also make sure that when you "borrow" against your policy that you don't surrender the policy, if you surrender the policy and you have had it for a while any portion of the cash value that is above and beyond the total premiums you have paid into the policy can be taxed at your ordinary income level. Make sure that when you go to borrow against the policy you talk to your agent to make sure it done in the correct manner, the last thing you want is extra tax liability next year. |
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