One can sell their life insurance policy and this is called Viatical Settlement. An insurance company sells insurance policy to a person. This person (viator) sells his policy to another person (viatical settlement provider). When the first person dies, the second person will benefit and cash in the money.
A policy assignment provision in a life insurance contract is one that permits the owner of the policy to sell, give or to pledge the policy as collateral. It is a common, but not universal, provision in modern policies.
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.
No one is allowed to have a life insurance policy on you without your knowledge. You would have to sign off on the policy before they could get it.
One can find information on a life insurance policy on the website of official Insurance agencies. This is possible by visiting said website, and looking at what kind of life insurance plan one is planning on purchasing.
One way to find a lost or missing life insurance policy is with the help of The Center for Life Insurance Disputes. They can help you locate policies that have been lost or forgotten about.
Common questions about life insurance that one should ask the life insurance agents before buying a policy are if it is term or whole life insurance and how much it cost.
If someone chooses to sell their endowment policy, the policy is sold to the insurance company that one has the policy with. A person can, "cash out" a policy early and take an agreed upon amount instead.
A decreasing term life insurance policy is one that offers a steadily declinintg life insurance benefit as the years go by. This kind of policy is often called "mortgage protection" term life insurance and is often bought for a length of time that matches one's mortgage period.
There is no bar in having more than one life insurance policy. The policies may varie from endowment, whole life or unit linked insurance policy as per your choice and requirement.
A graded life insurance policy is a kind of whole life policy. Unlike the typical kind of whole life, a graded policy starts out with lower premiums, which increase, usually yearly. Therefore, in the early years of this kind of policy, they premiums are lower than in a customary whole life policy. This kind of policy is sometimes called a "graduated premium" whole life policy. Many life insurance companies sell this kind of policy, but this is not a forum in which to recommend one. You should go to a licensed life and health insurance agent or broker who can assess your needs and assist in finding an appropriate insurer. Be sure that the insurer is authorized (licensed) to conduct business in your state.
You can make life insurance loans through an insurance agent or bank. You probably first get a life insurance policy. You then fill out an application and the agent will process the application and give the loan. You can borrow up to $500,000 which will be subtracted from you death benefit. You then have to repay the loan off when you are done with it. Life insurance policies are forfeited when you sell you life insurance policy through settlement. Your beneficial will receive the portion of the money you paid back.
Return-of-premium life insurance is like an ordinary life insurance policy, but payments made on premiums are returned to the insured individual if the policy ends and they are still alive. Thus, return-of-premium life insurance policies do not punish one for outliving their life insurance. The average such policy might cost 25% to 50% more in premiums, compared to an ordinary life insurance policy.