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Yes, if you are the beneficiary, you can use the life insurance benefit for any purpose.

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โˆ™ 2012-04-02 14:23:37
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Which of these is the best description of cash surrender value

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Q: Can you use money from term life policy to purchase a home?
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Can you take money from term life insurance policy for a first home purchase?

Generally, no. Only whole life policies accumulate equity.


What happens when father purchase life insurance policy through funeral home dies and then funeral home discovers the policy has been cashed in and now sueing son for costs?

If you ordered the services then you will probably be responsible for the costs. Obviously the father had cashed in the policy and it's not the responsibility of the funeral home to make sure the policy is there. Funerals are mostly paid by people out of their policy and not by specific life policies.


Is there a clause in a life insurance policy that pays for a home if the owner dies?

It would be possible to write an insurance policy that way if you wanted to, however, normally a life insurance policy pays a fixed amount of money (known as the death benefit) to a chosen beneficiary. If the beneficiary then wished to use that money to pay for a home, that could be done.


Home friendly insurance company of Maryland?

my mom and dad has a home friendly life insurance policy and it is about 45 years old and i was told home benifical purchase these policies i need to know this


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 do you get your termination money in a lump sum for life insurance policy?

Send in your policy and ASK.


Does home owners insurance cover the mortgage if you die?

No. Homeowners insurance provides property and liability loss insurance. It is not life or disability insurance. You can purchase a term life insurance policy that decreases in coverage along with the mortgage balance on your home. You can even purchase a joint policy that would pay the house off when the first person (like and husband and wife) dies then the policy would cease. This type of policy is cheaper than purchasing two seperate life insurance policies and still does what you want it to do, that is not leave the surviving spouse with a large mortgage balance on the home if one of you dies before the other.


What is an unmatured life insurance policy?

The life insurance policy has a maturing date that determines the time it takes for a policy to accumulate the amount of money essential for the policy. An unmatured life insurance policy is one that hasn't yet reached the end of its policy.


How much money can you expect from a life insurance policy?

The amount of money paid out will be listed in the policy itself. Read the contract to find this out.


Person who receives money from a life insurance policy?

Beneficiary


How much money was George's life insurance policy worth in It's a Wonderful Life?

George Bailey has a life insurance policy worth $5,000.


When the cash surrender value of a life insurance policy is used to purchase a policy marketed by another insurer is?

External Replacement

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