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If you have an old life insurance policy can you cash it in for cash value

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โˆ™ 2009-11-16 19:19:27
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Anonymous

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โˆ™ 2020-05-19 23:21:54

I would like to cash it in after change of ownership.

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Q: Can you cash in a life insurance policy that is paid up?
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How can you cash in a policy written by State Capital Life Insurance Co?

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Do you have to pay taxes on life insurance?

Life insurance death benefits are paid out tax-free as long as your premiums were paid with after-tax money. If you have a cash value life insurance policy and surrender the policy, you may be subject to a taxable gain if the total cash value exceeds the cost basis of the policy.


How do you contact Life of Georgia insurance company?

I have a term life insurance policy that was fully paid in 1980. This policy is through Security Life Insurance Company of Georgia. How do I cash this policy in? I am unable to find the company !


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How do you contact Security Life Insurance Company of Georgia?

I have a term life insurance policy that was fully paid in 1980. This policy is through Security Life Insurance Company of Georgia. How do I cash this policy in? I am unable to find the company !


Are cash values available on a paid-up insurance policy?

You can cash it in.


Do you get cash from your mother's life insurance policy when she dies or does your father get it all?

The named beneficiary on the life insurance policy gets it. It is a contract and specifies who gets paid, usually it will be the spouse.


If you cash in a life insurance policy do you have to pay taxes on it?

"Insurance and Taxes. No. All proceeds or withdrawals from any insurance policy are not taxable." This is not true. If you cancel a life insurance policy, the growth on the cash value IS TAXABLE. If you do not surrender your policy, the money is taken as a loan and therefore not taxable, but interest that has to be paid back to the insurance company grows.


What is a paid up insurance policy?

A paid up insurance policy is a life insurance policy under which all life insurance premiums have already been paid, with no further premium payments due on the policy.


Does your policy have cash value?

A life insurance policy may have cash value if it is a "whole life insurance policy". This is a kind of life insurance, distinguished from "term" life insurance, that accumulates cash value for the period that it is in force and premiums are paid. Each premium paid goes to pay the cost of "indemnity" (the death benefit), the administrative costs incurred by the insurer, with all or a portion of the remainder going into the cash value. The cash value element of the policy is SOMEWHAT like a savings account within the policy. It grows slowly at first but faster as the policy matures. When a sufficient amount of cash value has accumulated, policy loans from the cash value are usually allowed per the terms of the policy. The loans bear interest at a rate provided for by the policy. Term life insurance does not accumulate cash value.


What happens to my paidup additional life insurance if I cash in my policy?

The paid up life would have it's extra cash value too, so if you cashed it in for the cash value, there would be no more paid up life either.

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