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Define your question better.

Think person's question is self explanatory: Evidently they have an "universal life"

style policy and they want to cash it in for the "cash value"

You first have to submit the correct forms for your Insurance company and might have to get it notorized if you do not have original paperwork: once the paper work is RECEIVED

by them it should take 7-10 days for them to process it. and add a couple days for check to get sent to you: I would ask the individual insurance company as some companies

only send them out the 1st and 15th and say it is due to the interest being credited at

those dates.

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โˆ™ 2010-05-10 01:42:16
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Q: How long does it take to cash out a life insurance policy?
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Can you collect cash from your life insurance?

If your policy has a cash value associated with it you can get money for surrendering the policy. Term Life has no cash value, but a whole life or universal life policy may have a cash value in it. That depends on what type of policy it is, how long it has been in force, and assuming the payments have been made.


Do you have to pay taxes on life insurance?

Life insurance death benefits are paid out tax-free as long as your premiums were paid with after-tax money. If you have a cash value life insurance policy and surrender the policy, you may be subject to a taxable gain if the total cash value exceeds the cost basis of the policy.


If you let a life insurance policy lapse and then later have it reinsted how long do you have to wait before you can sell that life insurance policy?

What do you mean "Sell" the life insurance policy? Once it is back in force and you are the owner, you can cash it in at any time if there is in fact a cash value. I guess you would have to better define what you mean by selling it.


What is a universal life insurance policy?

A universal life insurance policy is a cash value type of life insurance policy. With universal life insurance, you policy may build up cash values over time, similar to a whole life policy, but typically less expensive than whole life insurance. Another feature of some universal life insurance policies is called a "no lapse guarantee" With this feature, as long as you pay your premiums, the policy is guaranteed to last to age 100 and beyond depending on the specific carrier you choose. Compare this to a whole life insurance policy where the premium requirements may vary and depend on how dividends and interest rates perform.


What is a life insurance policy?

A universal life insurance policy is a cash value type of life insurance policy. With universal life insurance, you policy may build up cash values over time, similar to a whole life policy, but typically less expensive than whole life insurance. Another feature of some universal life insurance policies is called a "no lapse guarantee" With this feature, as long as you pay your premiums, the policy is guaranteed to last to age 100 and beyond depending on the specific carrier you choose. Compare this to a whole life insurance policy where the premium requirements may vary and depend on how dividends and interest rates perform.


What is the difference between term and whole life ins?

Term life insurance is temporary coverage that lasts for a specific number of years, usually 10, 15, 20, or 30 years. If you outlive the term of the policy, the life insurance expires. Term life does not build cash value within the policy. It is not an investment, but pure protection. Whole life insurance is permanent life insurance for your entire lifetime, as long as you pay the premiums. It builds cash value within the policy. You may be able to take a loan out from the cash that builds inside the policy.


Can a husband cash in a wifes life insurance if she is still alive?

Yes as long as he is the owner of the policy...he can do whatever he wishes.


What type of policy is not permanent life insurance?

Of the various types of life insurance that exist, "term" life insurance is not permanent. This is because it remains in force only as long as premiums are paid. In contrast, "whole life insurance" is frequently also referred to as "permanent insurance" That is because it accumulates cash value, which is sort of a saving account built into the policy. Therefore, once cash value reached a certain amount, in theory, no further premiums have to be paid because the policy can be maintained based upon the cash value.


Which type of insurance dose not build a cash value for the in sured?

Pure term life insurance. In this kind of policy, there is no cash value of the policy for the insured. The policy holder gets no tangible or monetary benefits as long as he/she is alive. Only the survivors of the insured can reap the benefits of this kind of policy. So, we can say that this type of policy has no cash value for the insured individual.


What if you forge your signature to cash an insurance policy?

If you do that you might have to spend a long vacation in the County Castle or a life vacation in the Amazon.


Can you repay a loan with a partial surrender on a life insurance policy?

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.


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.


What is whole life insurence?

Whole life insurance is a life insurance policy thast remains in full force and effect for the life of the insured, with premium payments being made for the same period. It gives you lifetime coverage as long as you pay the premiums. This type of policy may build cash value within the policy.


How long does it take for cash to accumulate in your life insurance policy?

You have to check the illustration or cash value table. Maybe 3 years. For more info see www.steveshorr.com/life.htm


Can you collect from a Gerber life insurance policy after you turn 21?

Yes, you can turn in the policy and receive the cash value. However, the amount of money you receive will depend upon your age, how long you have had your insurance and the policy's benefit amount.


What is the difference between a whole life insurance policy and a Term life insurance policy?

Whole life insurance provides lifetime protection and builds cash value within the policy. As long as you pay your premiums on time, your life insurance remains in effect. Term life insurance provides temporary protection for a specific number of years, usually 1-30 years. If you outlive your policy, the life insurance coverage expires. Term life insurance is less expensive than whole life insurance in most cases. Whole Life (WL) is considered "permanent" insurance; that is, it is intended to be kept for one's entire life. WL also builds "cash value", which may be borrowed or used to pay premiums . Term (T) is a non-cash value type of coverage, which runs for a term of time e.g. 10, 20 or 30 years. At the end of the policy term, the contract terminates, and coverage ends. Whole life insurance will cover you for your whole life, or up to the age of 100. Term life will cover you only for a specified term - 10, 15, 20 or 30 years. Whole life insurance is more expensive than term life insurance. This is because whole life insurance also acts as an investment and will accrue cash value over the years. These can be utilized by the policy owner whenever needs arise. In contrast, term life policies do not carry any cash/surrender value. If the policy holder survives the term, there are no returns on premiums paid, unless it is a ROP term policy. You can learn more about the differences between the two policies at Term vs. Whole Life Insurance.


What are the benefits in life insurance of universal life insurance?

Universal life insurance is a modified, flexible form of whole life insurance. Part of your premium goes toward insurance coverage, while the rest is invested to increase the policy's cash value.Benefits of Universal Life Insurance:Universal life insurance is the most flexible of all life insurance plans:* It lets you choose the amount of protection you want, increasing or decreasing your coverage as your needs change.* It lets you control the amount and frequency of your payments. If you have extra cash, you can pay more and the extra money grows tax-deferred. If you're short on cash, you can pay less and let the policy's accumulated cash value pay the remainder of the monthly charges.If you do decide to invest in a universal life insurance policy, be sure you plan to keep the policy for at least 15 years. It will usually take that long before you are eligible for any return on the policy.


What is the best life insurance to have?

The best type of life insurance to have is the one that meets your needs and fits your budget. First decide why you need life insurance, and what you want to accomplish with your life insurance? Who relies on you for financial support? How much life insurance do you need, and for how many years? Term life insurance provides temporary life insurance protection for a specific number of years, usually 1-30 years. If you outlive the term, your coverage expires. There is no cash value build up within the policy, it is pure protection. Permanent life insurance is lifetime protection, as long as you pay the premiums. Cash value may build up inside the policy. You may be able to take a loan from the cash value. Term life insurance usually costs less than permanent life insurance. The most popular type of life policy is term life insurance. If you're young, healthy, and running on a shoe-string budget then buying a term life insurance policy may make perfect sense for you. It is the most affordable type of life insurance and suits the most important purpose of a life insurance policy, which is to provide financial protection for your family in case of the death of the policy holder. Some term life insurance companies look more favorably on smokers, those with health impairments or the aged. Term life insurance is also very competitive and you can find the best policy with the most affordable rate though online insurance quote providers.


Are life insurance premiums deductible on year end taxes?

No. That's why the proceeds aren't taxed as income. Answer Correct...premiums are taxable. Death benefits are generally not taxed as income. Also if it is permanent life insurance policy and has some cash value built up and you take that cash out, the amount of cash less the premiums paid into the policy ("your gain") is taxable. Additional comment: Actually, if you take your cash value out as a loan, you do not have to pay taxes on "gains" as long as the life insurance is in place, hopefully until you die.


What is permanent life insurance?

Permanent life insurance is another name for whole life insurance. It provides permanent, lifelong protection. This distinguishes it from term life insurance. Click here for more about permanent life insurance including its advantages and disadvantages. A permanent life insurance policy remains in effect for the life of the insured, with premium payments being made for the same period. Permanent insurance consists of a premium and a cash value or savings component. Like term life insurance, it pays off in the event of your death, but unlike a term life policy, it operates differently. The premiums for a permanent policy are nearly five to ten times the amount of the term life rates. A portion of these premiums go into the cash value element of the policy, and over time, these savings can grow. As the name implies, permanent life insurance is permanent - the policy is applicable for your entire life as long as you keep paying the premiums. The most common permanent life insurance policies are whole life and universal life insurance.


Your mother had a life insurance policy in your name and passed in 1207 payments were still being made but for how long you are not sure what are the possibilites of you being able to cash out?

i did not receive an answer


what are the advantages of long term life insurance vs whole life insurance?

The basic difference between long term life insurance and whole life insurance is that a term policy is life coverage only and this is also considered an advantage. One can buy a long term life insurance for periods of one year to 30 years, whereas whole life insurance is a combination of a term policy with an investment component.


How long before you are vested for life insurance?

Your life insurance policy would pay out immediately after ratifying the contract


Is your old whole life insurance policy worth anything?

You should contact your agent or the life insurance company directly, who will be able to tell you exactly how much cash value and what death benefit your life insurance policy has. If you have continued to pay the scheduled premiums for a long time, chances are your whole life policy's cash value has increased significantly. If you cannot contact your agent, look in the first few pages of the policy for a contact address and possibly a phone number for the insurance company. Also, Universal is often mistaken for whole life. Depending on the policy you have, it may or may not have much cash value. Do not cancel the policy for its cash value until you have spoken to a reputable agent and made sure that you are sure that you no longer need it. And taking money from a policy's cash value may shorten its life span or may require higher premiums in the future to maintain it.


How long can Insurers delay payment of cash surrender values?

the MAXIMUM length of time a life insurance company may LEGALLY hold your payment of cash value on a SURRENDERED policy is 6 MONTHS.