Home | Links | Contact Us | Bookmark
Financial Forum Search :
   Homepage      News      Financial Topics     Finance Directories      Financial Forum      Dictionary  
Financial Forum    Insurance
Finance Discussion Forum

 What is the better long term investment saving money in the bank or put your money in the insurance company?
...


 How difficult is it to start an insurance agency?
I am currently an independent agent & do it part time to suppliment my regular income. I have been toying with the idea of starting an agency & contract/employ others so I can also suppliment....


 Who is the best provider for home owners insurance?
I am about a month away from closing on a house in the north eastern US and i would like some advice on insurance providers. Who is the best? Any i should stay away from?...


 Has anyone had a claim for Pemanent Health Insurance rejected unreasonably?
...


 I am being charged by my doctor because insurance do not want to pay them because he is out of network.?
I verified with the doctors office before bringing my son for his eye check-up that they are in network and they said yes. I paid the patient part, the health insurance does not want to pay them ...


 Which life insurance company is best for you? And why?
...


 Pregnant, denied medicaid quailfy for income with net pay but not gross.?
I am pregnant, applied for medicaid and got denied. The website says it is net income but when filling out application it ask for income before taxes. If it was net pay we qualify. I am so ...


 Insurance suggestions for an apartment building?
I'm about to close on a apartment building in Houston TX. It's a bit bigger that I've bought in the past (75 units).

Does anyone have any suggestions as to good insurance ...


 What does a person credit score have to do with rates on car insurance rates?
It should be against the law since everyone must carry car insurance. Also, what does my low credit score got to with my great driving record? Sounds like another reason to raise rates because most ...


 Should i worry about health insurance?
i work a minimum wage job (not enough hours to qualify for benefits) i go to school full time, im 20 years old and im married. neither my husband or i get sick very often, should i put off health ...


 How can I find out whether a business has "hidden" liability insurance?
...


 Do I have to pay the copay if they put me with the wrong doctor?
There's this government contracted public pdoc services center that put me with a pdoc who wasn't in my insurance plan - twice - and charged me the full amounts plus co-pay. They took off ...


 Allstate vs Nationwide Insurance?
I am looking at purchasing new auto and homeowners insurance. Both Nationwide and Allstate will be saving me money in my current situation with Farmers Insurance. I have final quotes from both N...


 Can you find my policy from Pennsylvania term Life insurance?
...


 Can an insurance agent write and charge your mortage co without your permission??
HARRISON INSURANCE OF DALLAS WROTE AND CHARGED MY MORTAGE COMPANY FOR INSURANCE EVENTHOUGH HE WAS TOLD BEFORE AND AFTER CLOSING SCROW THAT HIS SERVICES WEREN'T WELCOMED,IS THIS LEGAL???...


 Cheap Family Insurance?
I am looking for an affordable insurance for my whole family. We dont qualify for medi-cal or healthy families. In our family its my husband and I and 2 young children. If you have any suggestions, ...


 When applying for insurance coverage, why do the agents always want to know?
WHO you've had coverage with? I can see them asking If you've had coverage but why is it so important WHO you've had it with? It is so irritating when they do that....


 In india which is the better company for mediclaim policy ?
...


 How do elderly people coming for permanent residence to US get health insurance?
My parents who are approx. 70 years old are considering coming to live with my family to US. My main concern is how they are going to get the health insurance. Any pointers? Thanks in ...


 How to get insurance to pay for rhinoplasty?
A surgery was performed on the deviated septum a couple of years ago - turns out I STILL can't breath. And how will I go about getting coverage for a rhinoplasty....



Beth T
Whole life insurance policy?
My whole life insurance policy has been paid up? My mom borrowed money off of it in the past...how much are you allowed to borrow on that?
                     
 




KevK
Terrible advice Wide Awake.

If the policy does not have enough cash value to maintain it in force, and it collapses, the Owner will get a 1099 for all "borrowed" money since the policy was opened in day 1.

Be VERY careful about taking loans from a Whole Life policy. If you no longer need the insurance and want the values to grow, consider a 1035 exchange to a Variable Annuity. Just be careful about cancelling the policy with outstanding loans. They become taxable to YOU in the year of cancellation if you own the policy.

A possible alternative is to ask for an in-force illustration lowering the amount of insurance to the lowest possible amount to help preserve cash value and prevent the tax nightmare that might result of the policy lapse.


aaron p
If your mom borrowed from it, it is probably no longer paid up. Better get an "inforce illustration" and talk with an agent who can help you.


B .
Get the last statement and there should be an agent of record that you can contact, or call the company with the contract #, and they will answer all of those questions. Nobody here on Yahoo answers can tell you for sure with such limited info.


Makotto
Being a paid up policy, no more premoums are required. However since a loan existed, ask your agent for the balance on the loan and create a repayment schedule.
Loans on whole life policies are subject to interest (depends on your policy). The amount your mom was allowed to borrow changes every year, but if it is not a Universal LIfe policy is most likely that the borrowed money is less than her premium payments and won't be taxable.


Wide Awake
You can borrow up to the amount of the cash value of the policy. Ask the insurance company how much that is.

Note that there will be interest charged on the loan, but that you are not required to pay it off. However, if the insured dies and the loan is still in existence, it will be subtracted from the payout.


 Enter Your Message or Comment


User Name:  
User Email:   
Post a comment:







Archive: Forum -Forum -Finance - Links - 1 - 2 - RSS - All RSS Feeds
The Causes and the Results. 0.044
Copyright (c) 2011 Financial Crisis Monday, May 28, 2012 - Terms of use - Privacy Policy