0
Add your answer:
Earn +20 pts
Do life insurance policies accrue interest?
Whole life insurance can accrue interest. However, look at the charges associated with that type of insurance, and your outcome may be less.
What is interest-sensitive life insurance?
Interest-sensitive life insurance is a type of whole life insurance where the cash value can increase beyond the stated guarantee if economic conditions warrant. This is also called current assumption whole life insurance.
Can i buy a life insurance policy on anyone?
No. You have to have an insurable interest in the person's life in order to take out an insurance policy on their life.
Why do you need to report interest paid or earned on life insurance?
Whole life insurance also has an investment component, so money made on the investment is taxed. If you have term insurance, then there is no interest earned, since it is strictly insurance.
Can you get life insurance on your mother?
Yes, you can get life insurance on your mother. A child and mother have insurable interest in each other. Insurable interest is required in order to purchase life insurance on another person. Spouse have insurable interest, siblings, and parents-and-children. Your mother may need to answer some health questions, sign a life insurance application, and take a physical exam to qualify for life insurance.
Can you get life insurance for your child's father if you are not married?
Yes you can. To get insurance, insurance companies, want to see an "insurable interest." Since he is the father of your child, you have an insurable interest on him.
Can a parent take out life insurance on their adult children?
Yes, an insured and a beneficiary have to have an insurable interest to be able to have a life insurance policy. Parents/children are considered to have insurable interest
What is Guaranteed minimum rate of interest Life Insurance?
fixed
Can my mother and I both have life insurance policies for me?
Yes, your mother can buy a life insurance policy on you because she has an insurable interest in you. And, you can buy a life insurance policy because everyone has an insurable interest in their own life. However, your mother may need your permission and your signature on the application for life insurance that she purchases with you as the insured person.
Can you buy life insurance on anyone?
Not anyone. You have to prove insurable interest on that person and they have to sign that it is alright for you to own life insurance on them.
What does it cost to borrow from a variable universal life insurance policy?
the interest rate is stipulated in writing in the life insurance policy
Can you take out life insurance on your parent?
Yes you can purchase life insurance on your parent. In order to buy life insurance on another person there must exist an Insurable Interest in that person. There does exist an insurable interest between siblings, spouses, and parents and children.
