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What would the value be on a whole life insurance policy from globe life be if the person paid on the policy for 18 years before her death face amount was 10 thousand dollars?
Wiki User
∙ 15y ago
Face value and death benefit are essentially the same.
Commonly, the death benefit will be the same as when it was issued, regardless of the impact of changes in the economy ( inflation ) or the number of years since it was issued.
The face value may be increased if the policy earned dividends - this will be stated in the policy - and they chose to have them remain with the policy. If the dividends were paid out to the policyowner each year when earned, then the original face value remains as the death benefit.
The amount paid out as the death benefit will be decreased by any loan taken, plus interest, and any outstanding premium due.
Of course, if she stopped making premium payments, the policy may not have been inforce on the date she died. As many relatives find out when their loved one dies, simply having a copy of the policy doesn't guarantee that any benefit exists.
Again, with all insurance policies, a rep from the insurance company issuing the policy would be the best person to speak to on the policy.
Wiki User
∙ 15y ago
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