by Guest » Fri Jun 25, 2010 10:29 pm
are their loan companies that accept collateral
assignment. i have a term insurance from
sunlife. they sent me a form for collateral
assigment. i need banks or loan companies
that will accept collateral assignment
assignment. i have a term insurance from
sunlife. they sent me a form for collateral
assigment. i need banks or loan companies
that will accept collateral assignment
Posted: Fri Jun 25, 2010 10:31 pm Post Subject: collateral assignment
are their banks and loan companies that accept
collateral assignment.
Posted: Sat Jun 26, 2010 09:35 am Post Subject:
Yes, they will accept a collateral assignment. However, I'm guessing that really isn't the question that you are asking. I'm guessing that you are asking whether you can use your policy to obtain a loan. The answer to that question is going to be "no".
A collateral assignment is needed to make sure that they will get the money if you die. How will they get your money if live? I'm assuming that the question is coming up because you don't have good credit.
Posted: Sat Jun 26, 2010 02:51 pm Post Subject: insurance
If you have 'cash value' built up, on a Life Insurance policy, then you CAN barrow aqainst that 'value'. I think this is for Whole Life Insurance, however.
Posted: Sat Jun 26, 2010 04:29 pm Post Subject:
If you have 'cash value' built up, on a Life Insurance policy, then you CAN barrow aqainst that 'value'. I think this is for Whole Life Insurance, however
You can, but you shouldn't be giving that advice without knowing all the details or someone could end up with a really screwed up policy.
Posted: Sat Jun 26, 2010 05:25 pm Post Subject: insurance
It's just 'general' advice I was giving. I don't think it really matters what the "details" were, in the issue, that the OP was talking about.
Posted: Sat Jun 26, 2010 09:51 pm Post Subject:
I will disagree. The OP says they have term insurance with Sun Life. Sun Life does not sell term insurance unless this person is outside the US. If they are in the US and in fact have a permanent policy, borrowing against it could cause the policy to lapse. Reading an internet forum, OP may take such advice without knowing the potential consequences. This is why people need agents.
Posted: Sun Jun 27, 2010 03:36 am Post Subject: insurance
Oh, I see. I suppose there were things that I missed in the OP posts. Did the OP say he/she lived outside the US? How is it different getting Insurance here and outside of the US?
Posted: Sun Jun 27, 2010 03:55 am Post Subject:
No, they didn't say where they lived....Sun Life is a Canadian company. The products they sell in Canada and other countries could be very different from what they sell in the US.
Posted: Sun Jun 27, 2010 06:36 am Post Subject: imsurance
Ok..I get it now. Now I understand why things could get confusing with an 'outside' Insurance company.
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