can insurance co take cash value without consent to pay prem

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PostPosted: Sat May 30, 2009 5:29 pm   Post subject: insurance  

I thought someone posted if you DO have to skip payments, on a UL policy, that they ( the Insurance Co.) can make the payment up with whatever the 'cash value' is of the policy.

sdchargersfan
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sdchargersfan

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PostPosted: Sat May 30, 2009 5:32 pm   Post subject:   

Quote:




There's a heck of a lot more to it than this.




Sure there's more, but this is essentially what it boils down to. If you're worried about lapsing a policy as you get older, put in more money up front....and if you don't think you can afford the policy, don't buy it. If someone buys a no-lapse UL at age 45 and can afford the premiums, you think they won't be able to afford the same exact premium 25 years away when the "real" cost of that premium is significantly less due to inflation?
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PostPosted: Sat May 30, 2009 10:49 pm   Post subject:   

Quote:
you think they won't be able to afford the same exact premium 25 years away when the "real" cost of that premium is significantly less due to inflation?




I think that is precisely the case in many circumstances. Plenty of people who are 40 can afford lots of things and expect their retirement to be a certain way. The best laid plans of mice and men....
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PostPosted: Mon Jun 01, 2009 3:32 pm   Post subject:   

With the recent economical concerns, a lot of people are worrying about their retirement. I would be very nervous if I was in a position where I had been with the same company for 30 years and was just 5 years away from a nice pension, benefits, and comfy retirement.



Here in South Carolina, textile mills and plants are closing left and right...and unfortunately a lot of employees and retirees are losing their benefits. Then you have all the other things to worry about...company stock is great, but what if the company you worked for was Enron?

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PostPosted: Thu Jun 04, 2009 11:00 pm   Post subject: CASH VALUES  

If the applicant has selected "Automatic Premium Loan Request" the company has authority to do so. If not, you need to call the company and find out why the applicant's cash values were used.



Hope this helps.

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PostPosted: Fri Jun 05, 2009 6:18 am   Post subject:   

Hi Todayinsurance,



Quote:
If the applicant has selected "Automatic Premium Loan Request" the company has authority to do so




Never heard of "automatic premium loan request' before. Is it available only with UL policies? Has the insured have to elect for it separately?



Hope you would clarify it for me.
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PostPosted: Fri Jun 05, 2009 10:51 am   Post subject:   

An Automatic Premium Loan is when the insured gives permission to the insurance company to pay for the insurance by loaning the money for the premium. This can only be done in a policy that has a cash surrender value.

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