What would you like to do?
13 people found this useful
Was this answer useful?
Thanks for the feedback!
If someone dies with 10K in credit card debt and no assets but has life insurance does the credit company get the insurance or does it go to the beneficiary?
Answer Death benefits are generally not subject to attachment for creditor debt. States establish laws concerning property that is exempte…d from creditor seizure. Without knowing the state of residency it is not possible to be more specific. You can find out what property is exempt under the laws of the state where the person lives by searching "asset exemptions". (Example: Florida asset exemptions). Answer In many states the proceeds of life insurance are not part of the estate because they are proceeds of a contract to pay a third-party beneficiary, which promise of payment vests upon the death of the insured, so the insured (and the estate) do not receive any benefit. Since the estate has no beneficial interest in the proceeds of the insurance, the creditors would have no claim for this money (unless, perhaps, a surviving community property spouse is the beneficiary).
Check this out: These are the world's ten largest insurance company: 1. Generali Group - Italy (45th) 2. China Life Insurance - China (72nd) 3. Munich Re - Germany (75th) 4. M…etLife - United States (90th) 5. Zurich Financial Services - Switzerland (96th) 6. AXA Group - France (99th) 7. Travelers - United States (131st) 8. Ping An Insurance Group - China (141st) 9. Tokio Marine Insurance - Japan (148th) 10. CNP Assurances - France (181st)
Yes, if the insured is also the policy owner.
Only whole life insurance,not term life.
No. It cannot be taxed or attached.
MetLife and AIG are the two largest insurance companies in the world.
New York Life is the largest. Then its either Mass or NorthWestern 2nd or 3rd.
In a funny way of looking at it, I'd have to say yes. If you take a whole life policy, say from age 25 to age 65, at age 45 the cash value is about 1/4 of the face amount. At …age 65, the cash value is about half of the face amount. So, a $100,000 whole life at age 25 has about $25,000 and at 65 about $50,000. At expiration, "whole life" 96, the cash value is $100,000. If you calculate the amount of money you have paid into the policy at those 3 stop points, 25 45 n 65, you can see that it's really an asset for the issuer. Also, a few years ago I read that the insurance companies can invest YOUR CASH VALUES into investments that the insurance company deems viable and profitable. That money is not returned to you. Again, my first statement above. My opinion is that cash values are no more than an overcharge. Proof? compare $100,000 term and $100,000 whole life premiums and you'll see. Keep comparing $100,000 participating policy and you'll really see how the issuer profits. I reiterate: in a funny way (by design, actually) the answer has to be yes. Read Norman Dacey, Jane Bryant Quinn, Venita Van Caspel, and all the great financial geniuses and read what they say about BUY TERM AND INVEST THE REST.
Insurance companies controlled about $1.6 trillion in assets in 1992
Bank of America has $2.275 trillion in assets, followed closely by JP Morgan with $2.2 trillion in assets, and Citigroup with $1.95 trillion.
I believe you're asking if life insurance is considered an asset and I would say yes. Generally speaking there are cash value type life insurance policies and term life in…surance policies that tend to not have a cash value. Cash value policies; whole life insurance, universal life insurance, etc. have a quantifiable value to them considered to be equivalent to the cash surrender value if not more. This would be considered an asset in most instances. Although most term life policies do not carry a cash surrender value, you could potentially think of it as an asset as someone may be willing to purchase that policy from you. If you were to consider selling your life insurance, someone like a viatical company or life settlement company will likely pay you for it. The difficulty lies within valuing certain types of policies due to stricter IRS definitions, an ever changing life insurance industry, and more regulations. The value of a particular life insurance policy really depends on who is asking and what type of policy you hold. The value may be calculated differently for example if a policy is being given to a charity or if it being accounted for for Medicaid purposes.. "Is asset life insurance?" I would say yes to that question more times than no.