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The paid up life would have it's extra cash value too, so if you cashed it in for the cash value, there would be no more paid up life either.

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โˆ™ 2008-11-04 16:24:24
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23 cards

If you were laid off and apply for insurance coverage on your wife's group policy do you have to answer a medical questionnaire

How many grams of cholesterol should you eat each day to maintain a healthy diet

What would cause a fluttering inside the ear canal

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Q: What happens to my paidup additional life insurance if I cash in my policy?
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Related questions

If a life insurance policy owner dies what happens to the policy?

if the owner of a life insurance policy dies and the policy is on her son. What happens to the ppolicy and is it part of the estate.


What is paid up contract in Insurance?

A paid-up policy is a whole life insurance policy for which no additional premium / payments are required to keep it in force.


Can you borrow on a life insurance policy if you already have a loan on that same policy?

If the policy has additional cash value, an additional loan is usally permitted, up to a certain % of the total cash value.


What happens if you are named a benificiary in an insurance policy but the will says different?

The will has no relationship to the insurance policy. The Policy is a contract between the insurance company and the insured and does not become a part of the estate.


Why might a medical assistant purchase a professional liability insurance policy separate from the employer's policy?

In order to provide themselves with additional (supplemental) coverage in case the employers insurance policy is insufficient. When the assistant wants an additional layer of coverage beyond the limits provided by the employers policy.


What is Supplemental Insurance?

Supplemental insurance is an additional insurance which provides coverage in excess of your primary insurance policy. For example, Flood Insurance is a supplemental insurance to your homeowners policy which does not cover damage from floods. Or, you might have an Umbrella Liability policy which provides coverage to a higher dollar limit above your auto policy or business policy.


If insurance policy states one beeficary what happens with multiple people on a will?

Benefits paid from an insurance policy are separate from property that is left in a will. With an insurance policy, it is paid to the named beneficiary. That is not controlled by the wording of a will.


Using the policy dividends as a single premium to buy additional life insurance is called?

The term you are looking for is "paid-up additions" or "paid-up additional life insurance"


Should a cosigner be named as additional insured on auto insurance policy?

Yes


Does homeowner insurance cover damage to pool?

It really just depends on your insurance policy and the nature of the damage. Check you homeowners insurance policy declarations page for the term "Other Structures" or "Additional Structures". A pool is usually considered an additional structure. If the damage was caused by a covered peril under your policy you may have coverage for repairs.


What is a single pay whole life insurance policy?

A single pay whole life insurance policy is a permanent life insurance policy that requires a one time payment/premium. The policy is guaranteed to stay in force until age 121 (in USA) and no additional premiums need to be paid.


What are the disadvantages of a Modified whole life insurance policy?

A major disadvantage of a modified whole life insurance policy is that you can never change the face value on your policy. Additional coverage would require the purchase of an another policy. Also the growth potential on your policy is limited.


Does your insurance provide some form of truck towing?

This depends on what insurance company and what policy you have. Not all insurance companies include towing on their policy. Many times, you will have to pay for this service for an additional fee each month/year.


What are Dividends that are used to purchase more fully paidup life insurance coverage?

Mutual insurance companies (companies owned by their policy holders) pay dividends. Some companies may allow you to elect to use the dividend to purchase a small amount (usually around 1-2K) of "paid-up" insurance instead of receiving a check. The paid-up insurance will never require another payment and (assuming it isn't "paid-up term ins.") will be in force for the rest of your life regardless of whether your original policy is in force.


What happens when your car insurance is cancelled by the insurance company?

What happens is that you get a new insurance policy, possibly with another insurer. Any unearned premium will be returned to you by your insurer.


Does insurance cover pool damage due to falling trees in a hurricane?

It depends on the insurance policy you bought. You should contact your insurance agent and ask if you have coverage for additional structures and if your Pool is scheduled as an additional structure.


What is a Additional named insured?

Individual added to a life insurance policy other than the insured named in the policy. For example, an insured father can have a dependent son and daughter added to the policy as additional insureds. In many instances, adding an additional insured to an existing policy is less expensive than purchasing a separate policy for that insured. In property and liability insurance: another person, firm, or other entity enjoying the same protection as the named insured.


Will multiple life insurances policies pay off when the policy holder dies?

Yes. Why not? Most insurance companies will check to see if any additional insurance policies exists for a policy holders. If so, they make sure that only one policy pays off. This is especially true (for example) if you are covered by two different life insurance policies one as part of your automobile insurance and another as a straight term insurance policy. In the event that one policy pays off in full the other policy is prorated by the other so that the beneficiary doesn't receive the full payout amount for the second ploicy. I've never heard of this in life insurance, I'd like to see some documentation on that. Sure, it happens in medical insurance, not life.


What happens if a life insurance policy fails to meet the federal definition of life insurance?

loss of tax treatment


Why would one need to consider an umbrella insurance policy?

An umbrella policy was created to provide additional coverage when a lawsuit brought over injuries and/or property damage that you cause exceeds the liability limits on your car insurance, home insurance, boat insurance, etc.


What happens when your homeowners insurance gets cancelled?

Most people just buy another insurance policy somewhere else. That is usually what happens.


My wife got into an accident in her car and insurance policy under both of us can the insurance company come after me for additional money if my insurance company does not cover all damage?

If the automobile policy contract is in both names (husband and wife) then the insurance company will look to both of you for compensation of any losses that are not covered under your own policy.


In Tennessee a girl got a speeding ticket in her mom's car and cannot find her mom's insurance card so also got a ticket for no insurance can she use her mom's insurance to eliminate that charge?

She can if she listed as an additional driver on the policy or the insurance policy allows for a permissive user.


What is guaranteed insurability?

Guaranteed Insurability refers to a person who is insured on a life insurance policy. Guaranteed Insurability guarantees the insured person to purchase additional life insurance coverage without having to take a physical examination or showing any other evidence of insurability. Additional life insurance coverage may be purchased at a stated time in the future. Some life insurance policies offer the opportunity to purchase additional guaranteed life insurance coverage on certain anniversary dates of their life insurance policy, such as, every fifth year of the policy up to a maximum age of 40, 45, or 50. In addition, the insured person may be able to purchase additional guaranteed life insurance coverage upon the birth of a child in the insured's family.


What is excess insurance mean on an subcontractors insurance?

The term 'excess' insurance is usually for liability coverage. An excess liability policy is also commonly referred to as an 'umbrella' policy because it offers additional coverage over other liability coverages. In the case of a subcontractors insurance, it would be a policy which would extend higher limits than the base policy on general liability and auto liability.