Life Insurance

A policy loan is available only against a whole life policy, not a term life policy. Whole life accumulates cash value and a term life policy does not. The insurance policy will specify the interest rate that will accrue on the loan. The loan does not have to be repaid, but interest will continue to accrue if it does not. The insurance company will permit only a specified percentage of the cash value to be borrowed, and there must be a sufficient accumulation of cash value to a policy loan to be made. You should contact the insurance company directly to make arrangements for the loan.

A very common kind of term life insurance is called "level term life insurance". There also exists "decreasing term life insurance". Ordinarily the premium remains the sale but the face value of the insurance decreases over time. This is quite common in the context of mortgages where the amount of coverage is designed to correlate with the amount owing on the mortgage. The object is that upon the death of the insured/borrower, there will be funds available to pay off the mortgage.

Most cash value life insurance policies allow for loans by the policy owner even if it is "paid off".

Whether the policy is paid off or not is less important. What is important is the current cash surrender value of the policy, available loan amount, interest rate on said loan, type of policy you own, and your future plans to either pay back the loan or not.

Where some folks run into issues is when they borrow from a policy without the ability or thought to pay back the loan. Generally, when you borrow against your life insurance policy it will reduce your cash surrender value as well as the current death benefit. You will also begin to be charged an interest rate on your loan that should you not pay will accrue and further reduce your death benefit and cash values or at least slow down the growth of your cash value and death benefits. If the loan isn't substantial and you have enough cash value in reserve this may not pose a long term issue. But, if ignored for too long the cash value may be depleted rendering your life insurance obsolete due to a lapse for insufficient value. And, to make matters worse may produce a taxable event to the policy owner.

So, Can you borrow from a paid up life insurance policy?

Generally, yes. But it obviously depends. You should be able to request an "in-force illustration" from your life insurance agent/carrier illustrating the impact of a loan based on if you pay it back or not. This is a simplified answer but generally yes you have the option to borrow from a policy IF there is value to borrow against and IF that carrier will allow it. Is it wise to borrow is another question.

Contact the company and ask for such proof

No, Globe Life And Accident Insurance Company is one of the most financially stable companies out there. Globe has been in business since 1951 and has been rated A+ (Superior) for many years by A.M. Best.

A life annuity is an investment which converts the lump sum of your RRSP's or non registered funds into an income for the rest of your life.

When it comes time to consider buying a life annuity, you have a number of choices.

Retirement Income Planning

Most companies have a long history of providing a range of options to secure your income in retirement. You can select the most competitive ways to make the best use of your pension funds, whether registered or non registered.

Factors That Influence Life Annuities

Interest Rates

- Life Annuities are influenced by interest rates and other market factors.

Mortality

- Your life expectancy and that of your spouse affects the life annuity income. The older you are the higher the income you will receive.

Life Annuity Options

- The options you choose from the start will affect your life annuity income. Choosing a longer guarantee period will reduce the amount of income.

Gender

- The starting income is higher for a man than a woman as, on average, women live longer.

LIFE ANNUITY OPTIONS

Single life annuity

- Pays you an income for the rest of your life.

Joint Life Annuity

- Pays you an income for your lifetime. Upon death, your surviving partner will continue to receive an income at a level agreed upon.

The level is a percentage of your income, normally 100%, rarely another figure.

The partner's life annuity pension will continue for their lifetime.

Level Income

- Pays you a fixed income, which is agreed upon at issue.

Increasing Income

- Pays you a life annuity income that increases each year by a fixed percentage.

Guarantee Period

- Your life annuity income will continue to the beneficiary of your estate on your death if you die within the guarantee period.

No Guarantee Period

- Your life annuity income will cease on death unless a joint life plan, where the income will cease at the second death.

Payment Frequency

- Monthly or Annually

Most term life policies do not have the option of becoming paid up as do whole life polices

AJH

I just found a policy for my deceased father. the certificate number is 0070-w-s-245. Effective date is January 1, 1948. What do I do to find out more on this policy?

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.

Very basically, insurance is a contract (called an insurance policy) between one party (the insurance company) and another (the insured).

In the case of life insurance, it is a life that is being insured. In return for the periodic payment of money (called a premium) to the insurance company, the insurance company agrees to pay a sum of money when the insured (whose life is insured) dies. The money is generally paid to the person (or sometimes an entity, such as a charity) that is designated in the insurance policy as the beneficiary. The beneficiary is designated by the insured when the insured buys the insurance but can usually be changed up until the time of death.

There is typically a period of time, often 2 years, from the inception of the policy, that suicide as a cause of death is specifically excluded; that is, no benefits will be payable. Once that period has passed, all other things being equal, if a persion dies by suicide, benefits will be paid according to the terms of the policy.

Contact the company and ask them.

A "cash loan", as you have called it, is a loan based upon the cash value of a whole life insurance policy. Only whole life insurance policies (not term policies) accumulate cash value. Each premium payment is allocated between the cost of providing the indemnity protection (the "pure" protection), the administrative costs of the company, and what may be considered a "savings" element that is built into the policy. But do not confuse the "savings" element with a real savings account, because it is not; insurance is protection, not an investment. The cash value builds slowly at first but more rapidly as the policy matures.

All of that said, whole life policies generally allow for policy loans against the cash value of the policy. The loans bear interest at a rate stated in the policy. They need not be repaid, but if they are not, the accumulting interest eats away at the indemnity benefit. Likewise, if the loan is not repaid at all, upon the insured's death, the principal amount of the loan plus accrued interest is deducted from the indemnity benefit paid to the beneficiary(ies).

Part of the process of buying life insurance involves the designation of a beneficiary-the person(s) or entity(ies) that will receive the proceeds of the policy upon the insured's death. The beneficiary(ies) can be changed during the insured's lifetime, but as of the time of death, the designated beneficiary is entitled to the proceeds. If no beneficiary has been designated in the policy, proceeds are usually paid to the estate of the insured.

Contact the policy provider

It all depends upon the intake of your alcohol and whether you declared the same while filling up proposal form for your life insurance policy. It's at the discretion of the insurer to accept the claim of accidental death due to choking for alcohol intake.

American Equity Investment Life Holding Company (AEL)had its IPO in 2003.

As of July 2014, the market cap for American Equity Investment Life Holding Company (AEL) is $1,743,059,487.75.

The symbol for China Life Insurance Company Limited in the NYSE is: LFC.

Home State Life Insurance Company ended in 1958.

Home State Life Insurance Company was created in 1929.

actually i started reliance life insurance(cash flow plan) at 14th june 2011 and after i paid two premiums yearly, and i now i want stop my insurance due to some financial problems

so please give me suggestion , how can i collect my previous amount and what is the procedure

The motto of New York Life Insurance Company is 'The Company You Keep'.