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 Posted: Mon Mar 29, 2010 10:59 am Post subject: Life insurance non-recourse plan |
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I'm 66, and now my agent has come up with a life insurance non-recourse offer. Do I get a better view of such plans over here?
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Plaintiff46
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dgoldenz
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| Posted: Tue Mar 30, 2010 4:37 am Post subject: |
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I didn't really have the time to do a lot of talking with my agent that day. I didn't hide anything from him..mentioned things like my fast recovery from cancer and that I'm financially stable these days. But, he seemed a bit skeptical about what he said to be my 'life expectancy'.
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Plaintiff46
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| Posted: Tue Mar 30, 2010 4:51 am Post subject: |
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Did he mention this with the idea of selling the policy in two years after the contestability period expires? Do you have any coverage currently in force now? What are your goals for your coverage?
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dgoldenz
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| Posted: Wed Mar 31, 2010 5:23 am Post subject: |
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| Quote: | | Did he mention this with the idea of selling the policy in two years after the contestability period expires? |
Actually, I'd shared my friend's views with him regarding the possibility of obtaining a loan from a finance company in order to buy a better life insurance policy.
| Quote: | | Do you have any coverage currently in force now? |
I do have a traditional policy.
| Quote: | | What are your goals for your coverage? |
Just wish to leave more for my beneficiaries!
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Plaintiff46
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| Posted: Wed Mar 31, 2010 3:21 pm Post subject: |
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Would loan payments to cover a single premium policy be less than the annual (or other modal) payments that the insurance company normally makes available? And what about the collateral interest the PF company would hold for the balance of unpaid loan principal/interest in the event of your death? Will that amount be added to the death benefit or subtracted from it? The answer makes a huge difference in what your beneficiaries receive.
Too much is still unsaid, unexplored, unknown to provide truly beneficial advice.
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MaxHerr
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| Posted: Thu Apr 01, 2010 5:53 am Post subject: |
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| There are certain features that make non-recourse life insurance very important. You could pay-off your loan and retain the policy if you survive beyond the loan term. This could be a good option if you're surviving for a short period. |
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steven
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| Posted: Fri Apr 02, 2010 6:25 am Post subject: |
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| Quote: | | You could pay-off your loan and retain the policy if you survive beyond the loan term. |
Even when you're surviving beyond the loan term and intend not to bear the monthly premium, you may transfer your policy to your lender. That's also a good option under such circumstances. |
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roddick
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