It depends on the situation, the beneficiary set up, if he's dead or not, and what kind of life insurance you had. If he died and left the money to someone else, you don't have a claim on it at all.
What kind of insurance? Life? Yes, you can simply stop paying. If it is a cash value policy you can surrender it.
Paying cash you pay less since no interest & you do not have to have full coverage insurance which saves more money.
Some types of life insurance develop cash value; these are called whole life policies. Term insurance has no cash value. So it depends upon the kind of life insurance you have, and it may also depend upon how long you have been paying premiums.
This will cost thousands of dollars. If you have the money to pay cash you might as well purchase your own health insurance. You will end up paying less for the whole thing.
No. Although it may certqinly be advisable to get an insurance policy to protect your investment, there is no legal requirement that you do so.
Payment of insurance expense affects the balance sheet as it reduces the cash or bank balance which is part of balance sheet as well.
No. If you paid for a car in cash, there was no credit involved. Therefore, there is no information from that transaction to show on your credit report. Likewise, paying for insurance is not a credit-related transaction. So, once again, there would be no information to convey credit history.
If you have whole life insurance, there is probably a cash value if you have been paying for it for some years. Term insurance may be the ticket for you: cash out the whole life and pay for term. Go with a independent insurance agent and watch out for the fees. If you can prove a terminal illness, insurance may begin paying out early. Generally, if you are looking to borrow from any savings for bills, it would be better to go to a nonprofit consumer credit bureau and have an indepth look at your finances so that you can turn the situation around permanently rather than putting a bandaid on it.
Paying in person with cash.
If the policy that you have with United Investors is a whole life policy and has accumulated cash value then you can take a policy loan against it. And then you would pay that money back plus interest which is basically like paying yourself back. Or you can cash in the life insurance policy and take the cash value with you
A life insurance policy lapses when you stop paying premiums, or if cash value depletes and no more premiums are being able to be paid from the cash value. Usually, there are 30 or 60 days of grace period before lapsing.
There are some types of life insurance, known as whole life, which in addition to paying a benefit when the insured person dies, also develop a cash value over time, as you pay premiums, which you can withdraw if you like, so they are really a combination of a savings account and a life insurance policy.