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 Posted: Wed Nov 04, 2009 1:13 pm Post subject: my husband has been diagnoise terminal can his whole life in |
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| My husband has been diagnoise terminal with the doctor and hospice and is in a n. home. Can his whole life ins. policy be cashed in? |
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ms693444
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Joined: 04 Nov 2009
Posts: 1
1.29 Dollars($)
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| Posted: Thu Nov 05, 2009 3:20 am Post subject: |
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You can. in order to cash in policy, you have to contact your agent to begin the process. It is the duty of the agent to explain the risks associated with cashing out the policy and ensure that the you understand he will not be getting the full value of the policy when he cashes it out.
Assume that a policy holder has a whole life policy with a death benefit of $100,000. If the policy holder never cashes out the policy during their lifetime, upon their death, the beneficiary will receive the full $100,000. A policy holder who decides to cash out their entire policy or part of the policy won't be getting the full $100,000 regardless of how many years they have been paying on the policy. The only money the policy holder has access to is the part of her premium that was put toward the savings plan. If the policy holder cashes out the full cash value of the policy, the coverage is canceled, and the amount of the premium that went toward the policy will not be returned to the covered individual. |
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Trench
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Joined: 16 Sep 2009
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Location: Kansas City
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| Posted: Thu Nov 05, 2009 2:01 pm Post subject: INS. |
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THANKS! GLAD TO KNOW THAT. VERY HELPFUL 
_________________
Register Now to have your Insurance queries solved. |
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MIDGE
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| Posted: Wed Nov 11, 2009 5:47 am Post subject: |
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it can also depend on the terms of the policy. i think there are those that give consideration for terminal illness.
but i agree. the best way to know everything about your husband's policy is to talk to the insurance agent. |
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choco
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Joined: 07 Jul 2009
Posts: 61
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