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Answered 2008-10-15 02:02:44

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.

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You call the life insurance company and get the present cash value out of the policy. The policy will then be divested.


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




How do I cash in an old gulf insurance policy


If you have a permanent type of policy such as whole life or universal life there may be some cash value to recover.If it is a term insurance policy there is no cash value so there is nothing to "cash out".


Can you sell a 20 year term life insurance policy which has no cash value


Legally, only if your husband endorsed the check first. Having said that, it has been known to happen [that] a local bank will cash/deposit such a check without properly scrutinizing the check, for a "regular" customer. Good luck.


Your dad can withdraw the cash value of your life insurance policy if he is the policy owner of your policy. If you have obtained adulthood, you dad cannot withdraw the cash value of your life insurance policy without your consent. If you are minor life assured, your dad as proposer can draw cash value on maturity,provided you will not be adult then.


No. Term Life insurance does not have any cash value and expires at the end of the term, usually age 70.You can borrow against a permanent or whole life insurance policy however, but whatever amount is borrowed may reduce its cash value.


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



"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.


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.


No, because Term Life insurance policy has NO cash value.


The cash value is the amount of money your insurance policy is worth to the owner of the policy if the insurance is cancelled and the policy terminated. The insurance company will mail a check to the to the policy owner upon policy termination or cancellation by request of the owner. I would strongly encourage you to consult a professional in your area before cancelling an existing policy. There may be other options and alternatives to access the value of the policy without cancelling the insurance policy.


There is generally not a special form used for a life insurance policy issued to a physician. That said, if you are concerned with the cash surrender value, a whole life insurance policy (rather than a term life insurance policy) is implicated. The cash surrender value changes (usually increases) as the policy matures. The amount of the cash surrender value is shown on a schedule on the declarations page of the policy. The declarations page is one of the first pages of the policy which identifies the insured, the policy number, the amount of policy benefits and other information.


Whether lost cash is covered by insurance depends onwhether the insurance policy either says it covered, or says it is not covered.



It depends on what policy it is. If it was a whole life policy for which all premiums were paid promptly as agreed in the policy document, then Yes, you can cash it in after the death of the policy holder. For any other type of insurance policy, I would assume the policy has expired or lapsed by now since we are nearly 25 years ahead from 1987. So, in that case you cannot cash in the policy.



No. Only whole life insurance policies (sometimes called "permanent insurance") accumulate cash value. Policy loans are generally available from the accrued cash value. Since term insurance does not gather cash value, policy loans are unavailable.


It means you want to cancel the policy. If there is cash value in the policy, surrender charges will be deducted from the cash value and you will get the remaining balance.



No, generally speaking, no term life insurance policies have cash value.



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