If you have a permanent life insurance policy that has accumulated a significant amount of funds in its cash value, you can use that money while you’re alive to pay premiums, take out a loan, or withdraw cash permanently. If you withdraw enough, you’ll surrender the policy. You may al...
an extended family member, or a nonprofit. Some policies, such aswhole or universal life insurance, allow you to access your life insurance funds while you are alive. You may be able to borrow against your policy as long as you continue to pay premiums, and then ...
Restrictions on how much money minors can access via a life insurance policy vary from state to state so the transfer won't be as clean and simple as it would be with an adult. In some cases, the court may even have to appoint a guardian to administer the funds. Again, you don't ...
Some people want to invest in a life insurance policy with cash value so that they can access it when needed or use it to fund retirement. It’s also worth weighing the costs. While younger people may not have as many financial obligations, taking out a policy while young can mean better...
If your policy has cash value, you can access the money for whatever you need, but taking cash out of your life insurance policy is a serious decision. Details differ from one policy to the next, so be sure to read your contract or check with your agent before you take action. Here ...
From determining how much coverage you need to signing your policy, we’ve simplified the life insurance shopping process with a step-by-step guide.
Selling your life insurance policy can give you access to extra cash, but it’s important to understand the tax implications. Depending on the type of settlement you choose, whether a viatical settlement or a life settlement, the tax treatment differs and can affect how much money you actually...
All of thesesituationscan be tied to changing life insurance needs. Make time: It’s not always easy to find a chunk of time when you can sit down without any distractions. Setting aside even an hour or so to discuss your insurance needs — first with your spouse and then with an insur...
Bankrate created this guide to help you understand the complexities of life insurance: the types of coverage available, the factors that go into your premium quote and the ways you can save money on your policy. Knowing this can help you make the best decision for a life insurance policy tha...
Term life insurance usually covers a 10, 20, or 30-year period, depending on the policy.3 Usually, life insurance beneficiaries are not required to pay income tax on the money they receive from the policy.4 Guaranteed vs. Non-Guaranteed Policies ...