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Answered 2009-05-06 10:42:51

If you are left to make a choice between term life and insurance and whole life insurance, it comes down to how much you are willing and able to pay for your premiums and how much coverage you are looking for. If you can afford to pay a higher premium for your entire life, a whole life policy is the one for you as it also brings with it a cash value along with the death benefits. If you have a young growing family and want to protect it from hardship after your death, a term life policy comes highly recommended. The death benefits can be used to pay for funeral expenses, mortgage bills, education loans and help maintain your family's standard of living even in your absence. But whatever you choose at the end of the day depending on your individual requirements, ensure that buying a policy - any type - is non-negotiable.

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Can you cancel insurance?

What kind of insurance? Life? Yes, you can simply stop paying. If it is a cash value policy you can surrender it.

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.

Does your policy have cash value?

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.

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.

What kind of insurance provides replacement value for personal possessions?

Renter's insurance Renter's insurance

How much would you get back from life insurance after 33 years?

Assuming that you are speaking of whole life insurance. the answer depends upon the rate of accumulation of cash value. Cash value is the "savings" element that is built into a whole life policy. That is, a portion of each premium is applied to the cost of the insurance protection, and a portion is credited to cash value. Depending upon the kind of whole life policy that is involved, the "savings" portion of the premium can be invested in a mutual fund or some other sort of investment vehicle. Therefore, the growth of that amount can depend upon market forces such as the stock market. If the market flourishes, cash value can increase quickly; if it does not, cash value will suffer. Other kinds of whole life policies exist that promise only a minimum cash value accumulation that are specified in the policy. In those, cash value usually accumulates more slowly. The answer also depends upon whether premiums were paid all during the life of the policy. Again, using a whole life policy as an example, it may provide that if premium payments stop, the insurance company may keep the policy "alive" by taking future premium payments from the cash value. This would reduce the cash value proportionately, depending upon for how log it is done. If you are referring to term insurance, no cash value accumulates at all. It provides a death benefit only, which is payable when the insured dies. The premiums paid are lower than those for whole life insurance because there is no savings element built into the policy.

What kind of insurance should you ask your tenant to carry?

Renters insurance .

Why would a life insurance policy started 25 years ago decrease by half or more?

Without seeing the policy, it is hard to say. However, there are at least a couple of possibilities: 1. It is a "decreasing term" policy. This is a variety of life insurance that has a high face value at the beginning of the policy, but that decreases over the life of the policy. This kind of policy is often sold to a fairly young head of household, whose life insurance needs are high. The need arises, for example, because in the event of premature death, funds are required to raise children. As the policy ages, and therefore the theoretical need for life insurance protection decreases, the amount of life benefits decrease. 2. It is a whole life policy. This is otherwise called "permanent insurance". It builds cash value, which is a kind of savings account built into the policy. A part of the monthly premium is applied to the cost of insurance, and a part is applied to the cash value. Although cash value accumulates slowly at first, over the life of the policy, it can build substantially. Additionally, some policies allow the policyholder to divert what would otherwise be held by the insurer and applied to cash value, to mutual funds or other investments. While there is a risk to doing this, such as the stock market declining, there is also the potential of the market rising and the cash value increasing more quickly. Over a period of time that cash value has accumulated, the policyholder may have decided, or neglected, to pay premiums. For at least some of the time that premiums were not paid by the policyholder, the insurance company may have deducted premiums from the cash value, thereby keeping the policy in force. All of that said, it is conceivable, but unlikely, that a policy could have survived on its cash value for 25 years

What kind of insurance determines the value of what was destroyed or damaged by fire or other events causing loss?

This would be either your homeowners insurance or your renters insurance.

Should homeowner insurance be the same amount as the assessed value of a condo apartment?

No. The assessed value is for tax purposes and it is based on what should be the real estate value based on sales in your county. Depending on what kind of policy you have as your homeowner's policy you probably need the replacement cost value and not the real estate price.

What is the best description of term insurance?

Term life is a kind of life insurance that remains in force for the amount of time (the "term") stated in the policy. At the end of the term, coverage of the policy ends. In its usual form, term insurance does not accumulate cash value, like whole life insurance. Cash value can be likened to a "savings account" within the policy into which a small part of every premium dollar is deposited. Unlike this, the premium for a term policy is tied more directly to the actual cost of providing the death protection. Therefore, term insurance is generally less costly than whole life insurance. purchased for a certain time period with a specific premium cost a+ ^

What kind of health insurance do Supreme Court justices have?

Rubbish health insurance, you should check out NHS!

What can Life insurance can be used to pay off?

If you mean, can you use an insurance policy itself to pay for something, that would be unusual, although you can make any kind of deal that you want, if the other party agrees. Some kinds of insurance policies have cash value and can be cashed in even while the insured person is still alive; these are called "whole life" policies, as distinct from term policies. Cash it in, then spend the cash, however you like. Otherwise, the insurance policy will eventually pay a death benefit. That may, of course, be too late to be useful to you, especially if you are the insured. You can't spend money after you die.

Is life insurance an investment?

The is more than one kind of life insurance. Term life insurance expires at the end of its term period and is not an investment. Its sole purpose to provide protection for your dependents against the possibility that you will die and no longer provide support for them. Whole life insurance is an investment and provides the benefits of term insurance along with a savings plan, at an added cost. Eventually it is paid off , provides insurance and has a cash value. There are many options available.

Should most factories carry pollution liability insurance?

yes most factories should protect themselves with any kind of insurance even pollution liability insurance. If they ever get sued they wont legally be upheld for any kind of medical damages.

How do you find out what your car is worth after being total out by insurance company?

Actually, that determination should have been made before the insurer determined that the car was a total loss. The law of many states require that an insurer total a vehicle if the cost of repair exceeds a stated percentage of the vehicle's actual cash value immediately prior to the loss. Therefore, if you wish to keep the car, you will want to determine the value of the car to compare with the cost of repair to determine if the stated percentage has been reached. If it has not, the car should not be totaled, but repaired instead. The actual cash value of the car is determined in a variety of ways. Among them are insurance industry manuals, such as The Blue Book. Insurance adjusters also consult classified advertisements and dealer ads to determine a range of amounts for which vehicles of like kind and quality sell.

What kind of professional should I seek out for advice on a probate cash advance?

You should talk with a lawyer if you are interested in a probate cash advance. They will determine if you are legally eligible to receive the advance.

What kind of insurance should I get for my employees?

At the very least, that required by the laws of your country.

What is In-kind contributions refers to?

An in-kind contribution is a non-cash input which can be given a cash value. In business, a partner or investor may offer property or something of value to the company in lieu of cash. For example, the owner of an automobile dealership wishes to invest in a local construction company. His cash-on-hand is low, so he offers ten pickup trucks to the owners of the construction company in exchange for a part ownership in the company.

Does homeowners insurance pay off your mortgage if one of the homeowners dies?

No. For that kind of benefit you need mortgage insurance or a life insurance policy.No. For that kind of benefit you need mortgage insurance or a life insurance policy.No. For that kind of benefit you need mortgage insurance or a life insurance policy.No. For that kind of benefit you need mortgage insurance or a life insurance policy.

What kind of questions and answers can be found on the Term Life Insurance FAQ?

Term life insurance does not have an FAQ - it is a type of life insurance. This life insurance is sold to cover a certain period of time. It does not have a cash savings component to it, and thus is usually quite a bit less expensive that other types of life insurance.

What is the different between whole life and flexible universal policy?

Both whole life and universal life have cash values. For Whole Life -Picture a rectangle/box with a line from the bottom left corner going up to the top right corner. Everything under the line is your cash value or savings in your life insurance. The entire box is equal to your coverage amount. When you die, your beneficiary gets the box. It doesn't matter how much cash you have, they get the amount of the box. So if you have $50,000 of coverage, and you have $2000 of cash value, when you die they get $50,000 ($2000 of your cash value and the insurance company only has to pay $48,000) If you want to borrow your money, you have to pay it back at a 6-8% interest rate TO THE COMPANY. You borrow your own savings. If you die, they keep your money. And for the first 2-4 years you have your policy, you don't accumulate any cash. Your premiums cover insuance and fees. Universal life is annual renewable term plus a cash value. This gives you an option if your beneficiaries get to collect both your life insuance amount plus the cash or just the life insurance amount. Obviously, no one would choose to NOT get their money, but most don't see the choice. It is made for them. The cost of insurance goes up every year, but your premiums may stay level. Or you can increase them, it's up to you. However, there is a level term where your premiums are locked in and you don't have to worry about the cost going up every year. Eventually with flexible premium universal life, the cost of insurance is so expensive, people can't afford to keep it. The cash value will pay the premiums for only so long before there is no cash left. You're much better off to find a level term, and invest the difference (which you may increase or decrease at will). Once you have enough money saved, and little or no financial obligations (kids, mortgage, debt, etc) get rid of the life insurance. Why pay for life insurance if you have money saved and no responsibilites? Whole life insurance is a permanent life insurance. Premiums for whole life insurance are generally high and remain status quo throughout the life of the policy owner. Whole life insurance is often seen as an investment as it develops cash value over time. Whole life insurance allows the owner to dip into his insurance through loans or surrender, in times of need. A flexible universal policy is almost the same as whole life insurance but offers more flexibility for the policy holder. This kind of policy gives the policy owner flexibility to modify the insured amount, or the premiums according to changing circumstances in life.

What is guaranteed cash value life insurance?

Certain insurance policies are designed to be a kind of combination of life insurance and savings account. For every insurance premium you pay, some of the money pays for life insurance and some of it is kept as an investment. The more premiums you pay, the more money will be accumulated. The owner of the policy can obtain this money at any time, just as if it were an actual savings account at a bank. The only advantage of saving your money by means of this kind of insurance policy, as compared to saving your money by putting it in the bank, is that you have to keep paying the insurance premiums if you want to continue to be insured, therefore it becomes a kind of mandatory savings. It is a form of fiscal discipline that you can choose to impose on yourself. Of course, if your fiscal discipline is poor, you can still withdraw the money.

What kind of service does Swinton insurance UK offer?

Swinton Insurance UK is an insurance broker which offers a wide range of insurance products. To do this, it compares the prices and products on offer from a large number of insurance companies, and offers the cheapest and/or best value option to its clients.

Can you cash in your brother life insurance that you been paying for?

It depends on the situation, the beneficiary set up, if he's dead or not, and what kind of life insurance you had. If he died and left the money to someone else, you don't have a claim on it at all.