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Can you get money back from a lapsed life insurance policy?

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βˆ™ 2009-03-17 20:55:17

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== == * Whole Life Insurance policies lapse due to non-payment. Usually there is a provision that is called the Automatic Premium Loan that takes money out of the cash value to pay premiums if you stop. This is safety becasue most people do not conciously stop paying especialy when there is a cash value. Your policy lapsed which means you cash value is empty, sorry, no money for you.

== == * Was it term or whole (permanent) life insurance? Do you have a copy of the policy? Was there cash value in it? Did you get statements showing the amount of cash value?

2009-03-17 20:55:17
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Q: Can you get money back from a lapsed life insurance policy?
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Can you receive your money back on life policy that was cancelled for non pay?

You cannot receive money back on your life insurance policy because you used it for the period of time it was valid. You cannot receive money back on this policy.

How long does it take to cancel your life insurance policy?

I have a whole life insurance policy, how long does it take to cancel it, also can I get money back from it.

Under what conditions will an insurance company will issue life policy?

Lapsed policies can be re-instated if there have been no negative changes in your health or insurability status and if you pay back any money owed and past due premiums. If you owe to much or if your health has changed, you will need to look into a new policy.

Can you out live a life insurance policy?

Yes, you can out live your Insurance Policy. When the amount of the premium paid equals the face amount of the policy (the death benefit), the policy matures and you get all your money back.

Can you drawn funds from life insurance policy with United Investors Insurance Company?

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

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.

I have a question about auto insurance Would the policy holder get their money back be reimbursed if they added 1 person to their insurance policy and then took them off right away?

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This depends on the policy. The best thing to do is to call the life insurance agent to ask about the specific policy in question.

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If you choose Term Insurance Policy for you, your premia is bound to be low compared with the premias of Endowment, money back policies.

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Check out your States department of insurance found on line. I imagine you would have to sit for the exam again.

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If a person goes missing and the insurance brokers give away his insurance what happens when he comes back?

How could they have 'given away' any insurane? I don't think that is possible, if you mean the policy lapsed due to lack of payment that of course had to happen. Please explain or expand your question.

If you had life Insurance on a loan and it was paid off is the life insurance still in effect?

May need more info. But, if the owner took a loan from a cash value policy, then paid the loan back without the policy lapsing, then policy would still be in affect provided that any premiums due were paid and the policy has not lapsed. I would be happy to help you figure this out if you don't have a current agent. Brian Lombardo, CPA, Agent

Can you get money back for cancelling a life insurance policy?

If your life insurance policy has a cash value, you will receive that amount back minus any surrender fees. Term insurance does not normally have cash value, so you won't get anything back at cancellation. Some term insurance policies have a Return of Premium feature, that will return a portion of premiums paid back, if you cancel before age 65.

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If you cancel your life insurance policy can you get any of your money back?

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What is a health insurance rider?

A provision in an insurance policy allowing for amendments to its terms and/or coverage. Usually riders are placed on health insurance companies to exclude specific pre-existing conditions. The insurance rider is an added feature to a policy. An example is a money back rider on a term policy which would return the premiums at the end of the policy term. You generally pay extra for a rider as it is an additional benefit.

Where can you get home insurance when you've had your policy cancelled due to a missed payment?

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Can a person cancel an home insurance policy at any time from the date the policy is effective?

Yes...and you should get back the amount of premium you have not yet used for the rest of the policy. This is only if you paid in full. If you pay monthly, you may cancel but will get back less money, if any.

What should I know before buying affordable life insurance?

Read ALL of the fine print. Check to see how long the policy lasts and if there are any conditions that would allow the insurance company to not have to pay out the money if you were to die. Make sure you also check to see if you can renew your policy after it expires or if you get money back if you are still alive at the end of the policy.

Do you have to pay back loans with life insureance?

Not necessarily. The insurance company will deduct the loan from any benefits at death. However, please be careful to watch the cash value and insurance costs on your policy. If you have outstanding loans that are racking up interest you may find that there is not enough money in the policy to pay for the insurance benefit and the policy may lapse.

What are the ratings and certificates for Money Back Policy - 2013?

Money Back Policy - 2013 is rated/received certificates of: India:U

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