Can I Cash In My Term Life Insurance?
- 0 POINTSview profileFred SpagatPresident, Financial Health Solutions, IllinoisTerm insurance typically gives you only life insurance protection,and no cash benefits,but one can purchase a plan that gives back,known as ROP,or return of premium. There is a vesting period,and you need to check with your carrier as to the specifics as to how it works. Also,some companies offer dividends on their plans.Although,a rarity,again check with your company.Answered on January 11, 2014flag this answer
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63333 POINTSview profilePeggy MaceMost of the U.S.If by asking if you can cash in your term life insurance, you are asking if you can drop your term life insurance policy, the answer is yes. But there will usually be no cash to collect. Term life insurance will end, or lapse, on its own when premiums go unpaid for longer than two months.Answered on January 11, 2014flag this answer
3998 POINTSview profileMatt BenoreFounder, DenverWest Insurance Professionals, Inc.,Adding to the other comments, if your term insurance was purchased in the last few years, it is possible you have a term policy that is built on a Universal Life platform. These type of term policy do have some all cash value built into them. You may or may not get any cash back. Talk to your broker or contact the company for more details if your not sure.Answered on January 11, 2014flag this answer
11783 POINTSContact Meview profileLarry GilmorePROAgent Owner, Gilmore Insurance Services, Marysville, Washington StateCan you cash in your term policy? Yes you can, if your term policy has any cash values (some older ones do, as well as return of premium policies) and or any premiums paid in advance. You would do this by contacting the company in writing and signing off on the date you request.Answered on January 13, 2014+01+1 this answer
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37376 POINTSview profileDavid G. Pipes, CLU®, RICP®Business Development Officer, T.D. McNeil Insurance Services, Fresno, CaliforniaOnly a few term insurance policies develop cash value. A whole life policy develops cash value to offset the increasing premiums in the later years of life. Those term policies that do have cash value often set rigid requirements on receiving the cash. Read your policy carefully and contact an agent who represents the company that issued the policy.Answered on August 18, 2014flag this answer
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